ParkMate Raises $1.2 Mn In Funding Led By Cactus Partners

Smart parking solutions provider ParkMate has raised $ 1.2 million in a funding round led by Cactus Partners, an early growth-stage venture fund, along with existing investors like Venture Catalysts and the Marwah Group Family Office also saw participation in the round.

The startup plans to use the funds to grow its operations, expand the business development team and speed up innovation in advanced parking solutions.

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Dhananjaya Bharadwaj, co-founder of ParkMate, said, “So far, we have been passively building our tech and business to achieve an established and stable position in the market. With this funding round, we are going to go aggressively in expanding our services to new territories while strengthening our position in the existing markets. With partners like Cactus partners, MeITY, VCats and Amity, Marwah group, along with the support of our existing investors like WFC and Bajaj VC, we are going to redefine the parking industry soon."

ParkMate says it works with major companies like DLF, Phoenix Malls, the Indian Army, Ansals API, Unitech Group, Shalby Group and M3M. It also has partnerships with the Uttar Pradesh and Telangana governments.

For Cactus Partners, this is its eighth investment since 2021, showing its continued focus on startups that solve real-world problems with innovative solutions.

About ParkMate 

The Noida-based ParkMate was founded in 2021 by Abhimanyu Singh and Dhananjaya Bharadwaj, it is a parking management solution provider that makes it easier to find, reserve and pay for parking spaces. Usually available as a mobile app or platform, it gives users real-time updates on parking availability in specific areas.

The startup's main service, DaSH (Drop & Shop), guarantees parking at locations like shopping malls, office buildings and entertainment centers.

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