ParkMate, a leading provider of smart car parking solutions, has secured $1.2 million in its latest funding round, led by early growth-stage venture fund Cactus Partners. This round also saw participation from existing investors, including Venture Catalysts and the Marwah Group Family Office.

The company plans to use the funds to accelerate its growth trajectory, enhance its operational efficiency, and strengthen its team to secure more business opportunities. ParkMate is also committed to continuous innovation to expand its suite of smart parking solutions.

Founded by Dhananjaya Bharadwaj, ParkMate specializes in providing cutting-edge parking solutions for shopping malls, office complexes, hotels, and government parking spaces. Among its flagship services is DaSH (Drop & Shop), which guarantees parking within just two minutes for car owners at shopping malls, arcades, and business complexes.

The company has built a strong portfolio, working with high-profile clients such as DLF, Phoenix Mills, Fun Republic, and government agencies in Uttar Pradesh and Telangana. With smart cities emerging as a key target market, ParkMate is positioning itself for further expansion in the sector.

ParkMate competes with notable players in the space, including Park+, Get My Parking, Park Smart, and Parky. The company faces stiff competition from Park+, the largest player in the segment. In June, Park+ expanded into the on-demand driver services sector with the launch of Drive+, aiming to rival services like DriveU, Drivers4Me, and PickMyCar.

Cactus Partners’ investment in ParkMate marks the eighth investment it has made since January 2021. The fund has also backed companies like Lohum Cleantech, Kapture CX, and Vitraya Technologies, reinforcing its focus on backing innovative startups with high growth potential.