Parking Solution Start-up ParkMate Raises Undisclosed Funding
Smart parking solutions providing start-up, ParkMate has secured undisclosed funding in a seed round led by an early-stage start-up investment platform, We Founder Circle.
ParkMate parking solution eliminates the need to find or even visit a parking lot. The end user only needs to enter the destination credentials they want to visit and at the parking arrival, ParkMate’s dedicated parking attendant waits for assistance. The ParkMate attendant not only drives the car to the nearest available parking lot but also parks it for the client.
On the investment in ParkMate, Bhawna Bhatnagar, Co-founder of We Founder Circle said, “We are delighted to have invested in ParkMate, which has demonstrated the ability to solve the saturation problem of parking spaces due to disproportionate demand and supply. Most Indian cities have unmanaged and haphazard parking, forcing citizens to park any type of vehicle in any location and in any direction.”
“We are confident that this investment will pay off and contribute to our mission and help us scale quickly” said Dhananjaya Bharadwaj, Co-founder and CEO of ParkMate.
Dhananjaya further added, “While some surface parking remains overcrowded while most Multi-level car parking remains under-utilised. Also, most car parkings are at owners’ risk. Theft from cars including theft of valuables left in the car has remained a significant concern of vehicle owners. With ParkMate, the attendants are OTP verified and the cars are GPS-tagged so that users can track the car’s live movement. When the customer needs his car, he/she simply has to click on ‘Get my car’ and we have it delivered wherever they want. The great thing is when the users park their car with ParkMate, it is parked at ParkMate’s risk, not at the responsibility of the owner,”
The company plans to exhaust funds in expanding its team and acquiring talent under different profiles. It also intends to use a part of the fresh investment in strengthening the technology backbone of the solution.
