ParkMate, a car parking solutions provider has raised $1.2 million in a fresh funding round led by Cactus Partners (CPL), an early growth-stage venture fund. Existing investors Venture Catalysts and the Marwah Group Family Office also participated in the round.
The fresh funds will be used to accelerate its growth trajectory. The company will invest in its team to win business, streamline its operations and continue to innovate new solutions.
Amit Sharma, General Partner at Cactus Partners, said, “We are excited to invest in ParkMate as parking is becoming a growing pain point, not only in metros but in smaller towns as well. ParkMate has developed innovative and pragmatic solutions to solve this problem. What we particularly liked is the company’s economic discipline to build the business sensibly. We believe it is the right time to accelerate as the PMF is visible and there is significant market opportunity. We are proud to back the company originating from a Tier 2 city of Moradabad and building a high-potential pan-India business. CPL, as per our stated strategy, will support the company with all our strategic resources in addition to the capital infusion.”
Dhananjaya Bharadwaj, Co-Founder of ParkMate, said, “We couldn’t be more excited to welcome Cactus Partners into the ParkMate team! Their rich experience and alignment with our vision will be game-changing. We’re on a mission to solve the everyday parking dilemma, and the Cactus team was impressed by our vision of offering guaranteed parking within just 2 minutes, powered by cutting-edge, homegrown technology. With this investment, we’ll turbocharge our efforts, enhancing our tech game, expanding our reach, and creating a parking experience that feels almost magical for car owners. Our laser focus on delivering exceptional customer satisfaction will be supercharged by this partnership, propelling us to new heights in our quest for parking perfection!”
Founded in 2021 by Abhimanyu Singh and 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.
