ParkMate, a provider of advanced car parking solutions, has successfully raised $1.2 million in a fresh funding round, led by the early growth-stage venture fund Cactus Partners. Other investors, including Venture Catalysts and Marwah Group Family Office, have also contributed to the funding.
The company plans to use the funds to accelerate its growth, enhance its team, optimize operational efficiency, and innovate further in its smart parking services.
Founded by Dhananjaya Bharadwaj, ParkMate offers smart parking solutions targeting shopping malls, office complexes, hotels, and government-managed parking spaces. One of its key offerings, DaSH (Drop & Shop), guarantees parking within two minutes for car owners at shopping centers, malls, and business hubs. ParkMate has established relationships with leading brands like DLF, Phoenix Mills, and Fun Republic, as well as state governments of Uttar Pradesh and Telangana. The growing trend of smart cities is also a significant market for the company.
ParkMate faces competition from other players like Park+, Get My Parking, Park Smart, and Parky. Among these, Park+ is the market leader. Earlier this year, Park+ expanded into the on-demand driver services market with its new offering, Drive+, which positions it to rival services such as DriveU, Drivers4Me, and Cars24.
This investment by Cactus Partners marks its eighth funding commitment since January 2021. The firm’s portfolio includes companies like Lohum Cleantech, Kapture CX, Vitraya Technologies, and AMPM Fashions, with several notable exits in the tech and cleantech sectors.
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