ParkMate receives $1.2 million funding led by growth-stage venture fund Cactus Partners

Smart parking solutions provider ParkMate has raised $ 1.2 million in a funding round led by Cactus Partners, an early growth-stage venture fund, according to a company's statement. 

In the fresh round, existing investors like Venture Catalysts and the Marwah Group Family Office also participated. 

ParkMate plans to use the funds to expand its operations, boosting its business development team, and accelerate innovation in its cutting-edge parking solutions. 

Founded by Abhimanyu Singh and Dhananjaya Bharadwaj, ParkMate is at the forefront of transforming the parking experience with advanced technology. The company’s flagship service - DaSH (Drop & Shop) offers guaranteed parking at any location like shopping malls, office complexes, and entertainment hubs. By addressing the age-old problem of parking congestion.

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The company's clientele portfolio includes DLF, Phoenix Malls, Indian Army, Ansals API, Unitech group, Shalby Group, M3M alongside strategic partnerships with the Uttar Pradesh and Telangana governments. 

"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.

This funding round also marks Cactus Partners’ eighth investment since 2021, reinforcing their dedication to supporting innovative and impactful ventures across industries.

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