SUMMARY
The funding was led by existing investor Prime Venture Partners
myGate is looking to expand to 10 more cities
It claims to be adopted by more than 250K homes
Bengaluru-based myGate, a mobile-based security management solution for gated premises, has raised Series A funds of $8.7 Mn (INR 65 Cr). The round was led by existing investor Prime Venture Partners, who earlier invested $2.5 Mn in the company in January this year.
Within the first 18 months of its commercial launch, myGate claims to be adopted by more than 250,000 homes across 1000+ communities in Bengaluru, Hyderabad and Pune.
With the latest fundraise, it is now looking to expand to 10 cities including Chennai, Mumbai and Delhi/NCR and is targeting 10x growth in 2019.
Vijay Arisetty, co-founder & CEO, myGate said, “We believe in innovation, quality service and trust and will use the funds to invest in technology to further enhance our state-of-art, cost-effective security solutions. We will also expand the myGate team across all cities to offer the best possible service to our customers.”
At most residential premises in urban cities, hardware still forms a major part of the traditional security system in the form of access cards, biometrics, car stickers and so on. These solutions are capital intensive, work in isolation and the benefits tend to wane over time.
myGate solves security and visitor problems with an intelligent app-based solution in gated premises. The company was founded in 2015 by Vijay Arisetty, an ex- IAF pilot (Shaurya Chakra awardee), Abhishek, former VP at Goldman Sachs, Shreyans Daga, an IIT-ISB alumnus and Vivaik Bhardwaj, also an ex-IAF Pilot and former Director at Google. It launched its commercial operations in 2016.
The company offers a comprehensive solution for gated communities to manage operations at the entry and exit gates. It also saves cost for deploying any other isolated systems like RFID cards, fingerprint biometrics, access cards, vehicle stickers, etc.
With myGate, gated communities have the option to optimise on security guards and make them more effective. The company takes the complete responsibility of training the guards any time and any number of times as needed through the life of the contract.
myGate is available at zero hardware/infrastructure cost. Few product features of myGate include child safety alert, e-intercom for visitor authentication, parcel management, real-time domestic help management, complete staff attendance management, multi-home management, digital validation of all staff and residents, & multi-tiered access system.
As per a Grant Thornton report, the security services market in India is a $6 Bn industry of which the gated-premise security market, comprising of manual guards and security equipment, is estimated at $2 Bn.
