ParkMate raises $1.2 Mn led by Cactus Partners

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 firm’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).