Parking management platform ParkMate has secured $1.2 million in a funding round led by Cactus Partners, with additional support from existing investors, including Venture Catalysts and the Marwah Group Family Office. The Noida-based company had previously raised $1.2 million from its current investors.

ParkMate plans to utilize the fresh capital to expand its operations, strengthen its business development team, and drive innovation in advanced parking solutions, according to a company statement.

The platform boasts features such as GPS integration, cashless payments, and advanced parking services, focusing on reducing parking hassles in congested urban areas.

Additional offerings include parking duration reminders, secure access to private parking spaces, and eco-friendly initiatives that help guide users to fuel-saving parking spots.

Founded in 2021 by Abhimanyu Singh and Dhananjaya Bharadwaj, ParkMate aims to simplify parking management by offering a comprehensive solution for locating, reserving, and paying for parking spaces. Available as a mobile app or online platform, it provides users with real-time information on parking availability.

ParkMate’s flagship service, DaSH (Drop & Shop), guarantees parking at popular destinations like shopping malls, office complexes, and entertainment centers. The company’s clientele includes prominent names such as DLF, Phoenix Malls, Indian Army, Ansals API, Unitech Group, Shalby Group, and M3M. It has also formed strategic partnerships with the governments of Uttar Pradesh and Telangana.

With this funding, ParkMate is set to further enhance its technology-driven parking solutions, catering to the growing demand for efficient parking management in India’s bustling urban landscapes.