Cactus Partners is an early growth-stage fund, is leading a fresh round of $1.2 million funding. The financing also included participation from current backers including the Marwah Group Family Office and Venture Catalysts.
Funding Utilisation
ParkMate claims that the money will be utilized to accelerate its growth trajectory, make investments in its workforce to attract clients, simplify its business processes, and keep coming up with new ideas.
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ParkMate, which was founded by Dhananjaya Bharadwaj, provides intelligent parking solutions to government parking contractors as well as corporate hotels, office buildings, and retail centers.
Car owners who use the company's unique DaSH (Drop & Shop) service may park their vehicles at shopping centers, arcades, and business buildings in less than two minutes. It is recognized by the Telangana, UP, Fun Republic, Phoenix Mills, and DLF governments. Another big market for ParkMate is smart cities.
Among its immediate rivals are Park+, Get My Parking, Park Smart, and Parky.
The biggest participant in this market is Park+. The business launched Drive+ in June, establishing itself as a possible rival to DriveU, Drivers4Me, Driverzz, PickMyCar, Namma Driver, and Cars24 in the on-demand driver services market.
Since January 2021, this is Cactus Partners' ninth investment. The company has made investments in businesses including Rubix Data Science, AMPM Fashions, Auric, Indigrid Technology, Lohum Cleantech, Kapture CX, and Vitraya Technologies.
About ParkMate
ParkMate, the ultimate hassle-free parking solution. Our app-based platform offers a seamless experience by allowing you to 'Order a Valet' at any location. Simply arrive at your destination, and ParkMate takes care of the rest. Our professional valets pick up and drop off your vehicle at the nearest parking facility, while you track its location in real time through the user-friendly app.
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