ParkMate, a leading parking management platform based in Noida, has successfully raised $1.2 million in a funding round led by Cactus Partners, with notable participation from existing investors such as Venture Catalysts and the Marwah Group Family Office. This fresh capital marks an additional milestone for the company, which had previously secured an identical amount from its current investors.

The funding will enable ParkMate to scale its operations, bolster its business development team, and fuel the innovation of advanced parking solutions aimed at streamlining parking experiences in crowded urban spaces.

Founded in 2021 by Abhimanyu Singh and Dhananjaya Bharadwaj, ParkMate offers a mobile app and platform designed to simplify the parking process for users. The platform enables individuals to easily find, reserve, and pay for parking spaces with real-time updates on parking availability in specific areas. Key features include GPS integration, cashless payments, and advanced parking analytics, all designed to minimize the hassle of urban parking.

In addition to its user-friendly features, ParkMate is also focused on sustainability by guiding users to parking spots that help reduce fuel consumption. The app also offers services like parking duration reminders and secure access to private parking spaces, further enhancing the convenience for users.

A standout feature of ParkMate is its flagship service, DaSH (Drop & Shop), which guarantees parking spots at high-demand locations such as shopping malls, office complexes, and entertainment hubs. ParkMate has established partnerships with several prominent clients, including DLF, Phoenix Malls, the Indian Army, Ansals API, Unitech Group, Shalby Group, and M3M. Additionally, the company has secured strategic collaborations with the Uttar Pradesh and Telangana state governments.

With this new round of funding, ParkMate is well-positioned to continue innovating and expanding its services, bringing smart parking solutions to urban areas across India.