After earning early success in metros, MyGate, the Bengaluru-based community management and security app, is now expanding to Kolkata as well as Tier 2 cities in India. MyGate is now looking to gain an edge over rivals such as JioGate and NoBroker’s NoBrokerHood in the increasingly crowded community management space.
Vijay Arisetty, the CEO and cofounder of MyGate, said that the strong acceptance of its offering across Kolkata for over a year now has ushered them to scale their business operations across eastern India. The company aims to secure 800K homes across 2,100 gated communities in the coming years, of which Kolkata would account for around 30%.
The company will soon be launching its state-of-the-art technology platform in eight Tier 2 and Tier 3 cities including Cuttack, Raipur, Guwahati, Bhubaneswar and Ranchi among others by mid-2020.
MyGate Looks To Outpace Competition
According to MarketsandMarkets report, the global home security software and systems market is expected to reach $74.75 Bn, growing at a CAGR of 10.40% till 2023. The growth is set to fuelled by the integration of artificial intelligence (AI) and deep learning in home security systems and platforms.
After the launch of JioGate in September 2019, the competition in the house security market seems to have gotten tougher each passing day. In July 2018, real estate tech startup NoBroker also launched the NoBrokerHood app, where the company had planned to secure 100K housing societies in Gurugram, Mumbai and Bengaluru.
With over 5K downloads, JioGate is currently seeing bad reviews on Play Store and will be looking to improve its products as MyGate expands.
On the other hand, NoBrokerHood is doing slightly better than JioGate in terms of customer reviews, but the community management vertical is not the Bengaluru-based real estate tech company’s core focus. Last month, NoBroker expanded to Delhi. At the time, it said that it gained 62K customers over 27K listings on the platform. With the recent expansion, the market opportunity is immense and NoBrokerHood will be looking to catch up in 2020.
MyGate has raised $67.2 Mn till date with a $56 Mn Series B in October 2019 from marquee investors Tiger Global Management, JS Capital, Tencent Holdings and Prime Venture Partners. Before this, in January 2018, MyGate had raised INR 16 Cr ($2.5 Mn) in its first round of funding and again, in September 2018, had raised INR 65 Cr ($8.7 Mn) from Prime Venture Partners.
While gated community security and management is MyGate’s core focus, that is not the case for Jio and NoBroker. At the same time, Jio Fiber is expanding and JioGate is a part of the Jio Fiber offering to communities and campuses. Now the question remains, will MyGate be able to stand up to the Jio juggernaut on the back of its sector focus?