ParkMate, a smart parking solutions provider, has raised $1.2 million in a funding round led by early growth-stage venture fund Cactus Partners.
Existing investors, including Venture Catalysts and the Marwah Group Family Office, also participated in the round.
The funds will be utilized to accelerate the company’s growth, enhance its team, streamline operations, and continue innovating its parking solutions, ParkMate said.
Founded in 2021 by Dhananjaya Bharadwaj, ParkMate specializes in offering smart parking services to shopping malls, office complexes, hotels, and government-operated parking spaces. It provides an app-based, hyperlocal valet parking service catering to car owners.
One of its standout features is the DaSH (Drop & Shop) service, which enables users to secure parking within two minutes at shopping malls, arcades, and business hubs. ParkMate counts prominent clients such as DLF, Phoenix Mills, Fun Republic, and government projects in Uttar Pradesh and Telangana among its customers.
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ParkMate aims to tap into opportunities in smart cities and urban parking infrastructures, competing with established players such as ValetEZ, Valefy, and Ska.
