Cactus Partners led $1.2 M funding raised by parking management platform ParkMate
In a funding round headed by Cactus Partners, parking management platform ParkMate has raised $1.2 million, with participation from previous investors such as Venture Catalysts and the Marwah Group Family Office.
The company, which is based in Noida, had previously raised $1.2 million from its current investors.
ParkMate stated in a press release that the money will be utilized to grow its business, strengthen the business development team, and spur innovation in innovative parking solutions.
The parking management system ParkMate, which was co-founded in 2021 by Abhimanyu Singh and Dhananjaya Bharadwaj, was created to make it easier to locate, reserve, and pay for parking spots. Frequently offered as a mobile application or platform, it gives users up-to-date information on parking availability in particular locations.
ParkMate claims that it offers features like cashless payments, GPS integration, and advanced parking with the goal of easing the burden of parking in congested urban areas. It also provides additional services like secure access to private parking areas, reminders for parking durations, and environmentally friendly programs like directing users to locations that use less fuel.
DaSH (Drop & Shop), ParkMate’s flagship service, claims to provide guaranteed parking anywhere, including shopping centers, office buildings, and entertainment venues. Along with strategic alliances with the governments of Telangana and Uttar Pradesh, it serves clients like DLF, Phoenix Malls, the Indian Army, Ansals API, Unitech Group, Shalby Group, and M3M.
