ParkMate, a smart parking management startup, has raised $1.2 million in a funding round led by Cactus Partners, an early growth-stage venture fund. Existing investors like Venture Catalysts and the Marwah Group Family Office were also part of the funding round.
Previously in November 2024, the Noida-based company had raised $1.2 million in a funding round led by Cactus Partners and participation from existing investors Venture Catalysts and the Marwah Group Family Office. This funding round also marks Cactus Partners’ eighth investment since 2021.
The fresh capital will be used to expand ParkMate’s operations, boost its business development team, and accelerate innovation in its cutting-edge parking solutions.
“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,” said, Dhananjaya Bharadwaj, co-founder of ParkMate.
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.
The company’s flagship service, DaSH (Drop & Shop) offers guaranteed parking at any location like shopping malls, office complexes, and entertainment hubs.
ParkMate’s clients include industry giants such as DLF, Phoenix Malls, Indian Army, Ansals API, Unitech group, Shalby Group, and M3M alongside strategic partnerships with the Uttar Pradesh and Telangana governments.
