ParkMate Secures $1.2 Million Investment to Enhance Urban Parking Solutions The investment is aimed at expanding the company's operations, strengthening its business development, and advancing its technological offerings
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ParkMate, a company specializing in smart parking technology, has raised USD1.2 million in a funding round led by venture capital firm Cactus Partners. Existing backers, including Venture Catalysts and the Marwah Group Family Office, also contributed to the round. The investment is aimed at expanding the company's operations, strengthening its business development, and advancing its technological offerings.
Founded by Abhimanyu Singh and Dhananjaya Bharadwaj, ParkMate focuses on improving urban parking systems. Its flagship service, DaSH (Drop & Shop), guarantees parking at high-demand locations such as malls, offices, and entertainment venues, addressing widespread parking congestion issues in cities.
ParkMate's clientele includes major organizations such as DLF, Phoenix Malls, and the Indian Army. It also works in partnership with the governments of Uttar Pradesh and Telangana, aligning with broader efforts to modernize urban infrastructure under India's smart city initiatives.
Commenting on the funding, Bharadwaj said, "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"Bharadwaj explained.
For Cactus Partners, this marks its eighth investment since 2021—reflecting its ongoing focus on startups addressing real-world challenges with innovative solutions.
