ParkMate has lately secured a funding of $1.2 million led by Cactus Partners as well as backed by Venture Catalysts and the Marwah Group Family Office. The fresh investment highlights growing interest of investors in smart urban solutions. It definitely positions the startup in growth accelerating model in the urban parking segment.

ParkMate was founded by Abhimanyu Singh and Dhananjaya Bharadwaj. The company is redefining parking in the cities with its innovative services. Its flagship solution is called DaSH (Drop & Shop) that promises hassle-free parking experience at shopping malls and business complexes. The service reduces parking time to just two minutes. It is steadily building reputation in the market with clients like DLF, Phoenix Mills and state government partnerships.

Cities are becoming more crowded gradually and smart city initiatives are gaining momentum. Efficient parking is no longer a luxury now, but it has become a necessity. ParkMate is currently focusing on creating solutions for shopping malls, office complexes and some government parking spaces. The fresh funding will help it in strengthening team and streamlining operations.

Also Read: Smart Parking Solution for better Experience – Parkmate

Competition is fierce in the segment and established players like Park+ have already set a high bar equipped with expansion in their services with features like on-demand drivers. ParkMate need to bring its A-game to carve out a larger share of the market. The company so far has unique approach combined with its existing partnerships and all these suggests that it is ready to take on the challenge.

The funding is timely as there is a good rise in e-mobility and smart infrastructure. Solutions like that of ParkMate are becoming important for urban planning. The backing by Cactus Partners further adds credibility to its growth potential.