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Cactus Partners leads $1.2 Mn round in ParkMate

EntrackrEntrackr ยท 7m ago
Cactus Partners leads $1.2 Mn round in ParkMate
Medial

Parking management platform ParkMate has raised $1.2 million in a funding round led by Cactus Partners, along with participation from existing investors like Venture Catalysts and the Marwah Group Family Office. The Noida-based company had previously raised $1.2 million from its existing investors. The proceeds will be used to expand its operations, boost the business development team, and accelerate innovation in cutting-edge parking solutions, ParkMate said in a press release. Co-founded in 2021 by Abhimanyu Singh and Dhananjaya Bharadwaj, ParkMate is a parking management solution designed to simplify the process of finding, reserving, and paying for parking spaces. It is often available as a mobile app or platform, providing users with real-time updates on parking availability in specific areas. According to ParkMate, it provides features such as GPS integration, cashless payments, and advanced parking and aims to reduce the hassle of parking in crowded urban environments. Additionally, it offers other services such as reminders for parking durations, secure access to private parking spaces, and eco-friendly initiatives like guiding users to spots that reduce fuel consumption. ParkMate says that its flagship service, DaSH (Drop & Shop), offers guaranteed parking at any location like shopping malls, office complexes, and entertainment hubs. It serves clients including industry giants such as DLF, Phoenix Malls, Indian Army, Ansals API, Unitech Group, Shalby Group, M3M, alongside strategic partnerships with the Uttar Pradesh and Telangana governments.

ParkMate raises $1.2 Mn led by Cactus Partners

EntrackrEntrackr ยท 9m ago
ParkMate raises $1.2 Mn led by Cactus Partners
Medial

Car parking solutions provider ParkMate has raised $1.2 million in a new round led by early growth-stage venture fund Cactus Partners. Existing backers such as Venture Catalysts and the Marwah Group Family Office have also participated in the round. According to ParkMate, the funds will be used to ramp up its growth trajectory, invest in its team to win business, streamline its operations, and continue to innovate new solutions. Founded by Dhananjaya Bharadwaj, ParkMate offers smart parking solutions to shopping malls, office complexes, and Hotels in the corporate segment and to parking contractors for government parking spaces. The firmโ€™s exclusive DaSH (Drop & Shop) service claims parking within 2 minutes for car owners at shopping malls, arcades, and business complexes. It counts as DLF, Phoenix Mills, Fun Republic, the UP, and Telangana Governments. Smart cities are another sizeable market for ParkMate. It directly competes with Park+, Get My Parking, Park Smart, and Parky, among others. Park+ is the largest player in this segment. In June, the company ventured into the on-demand driver services segment with Drive+, positioning it as a potential competitor to DriveU, Drivers4Me, Driverzz, PickMyCar, Namma Driver, and Cars24. This marks the eighth investment by Cactus Partners since January 2021. The firm has invested in companies such as Lohum Cleantech, Kapture CX, Vitraya Technologies, AMPM Fashions, Auric, Indigrid Technology, and Rubix Data Sciences (exited).

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