Cactus Partners, an early growth-stage venture fund, is leading a new round of $1.2 million raised by ParkMate, a provider of parking solutions. The round also included participation from current backers like the Marwah Group Family Office and Venture Catalysts.
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.
ParkMate, which was co-founded by Abhimanyu Singh and Dhananjaya Bharadwaj, provides smart parking solutions to government parking contractors as well as corporate clients like shopping centers, office buildings, and hotels.
Car owners who use the company’s unique DaSH (Drop & Shop) service can park their vehicles in shopping centers, arcades, and business complexes in less than two minutes. It is recognized by the Telangana, UP, Fun Republic, Phoenix Mills, and DLF governments. Another sizable market for ParkMate is smart cities.
Among its direct rivals are Park+, Get My Parking, Park Smart, and Parky.
The biggest player 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’ eighth investment. The company has made investments in businesses like Rubix, AMPM Fashions, Auric, Indigrid Technology, Lohum Cleantech, Kapture CX, and Vitraya Technologies.
