ParkMate is a Delhi-based startup founded in 2021 by Dhananjaya Bharadwaj and Abhimanyu Singh, offering valet parking services through a tech-enabled SaaS solution. The platform charges a fee of Rs 49 for pick and drop per vehicle and an additional parking ticket is charged depending on the location. The company aggregates existing municipal and private parking operators on the platform as valets and shares the revenue with them. Available in Delhi NCR and Lucknow, ParkMate has more than 72,000 paying users out of which 59.7 % users are repeat customers. The company has managed to raise an undisclosed amount from We Founder Circle last year and has a valuation of $2.1 million. It is looking to extend its services to Mumbai and is in talks with VCs to close its current funding round by May. The global smart parking systems market was valued at $6.49 billion in 2022 and is expected to grow at a CAGR of 22.1% by 2030.
It seems that ParkMate, a tech-enabled SaaS solution offering valet parking services, has been able to secure funding from We Founder Circle last year and is currently in talks with other venture capital firms to close its current funding round by May. The exact amount of funding raised has not been disclosed, but the company’s valuation is said to be $2.1 million.