Bengaluru-based security management app for gated communities, MyGate, on Thursday, announced that it has raised $56 Mn Series B funding from marquee investors, including US-based Tiger Global Management. Other investors who participated in the round were JS Capital LLC, China’s Tencent Holdings and MyGate’s former investor Prime Venture Partners.
Speaking on the recent round of funding, Abhishek Kumar, cofounder, MyGate said to liveMint, “We will use this investment towards building our product and tech teams, marketing initiatives and business development so as to expand our reach to 15 Mn homes across 40 cities in the next 15-18 months.”
Reportedly, the company plans to invest the new funds in building innovative solutions for residents living in gated communities and also increase the efficiency of other stakeholders — security guards, local service providers and e-commerce companies.
CEO and cofounder MyGate, Vijay Arisetty, shared that they started MyGate to solve the real problem of security and inconvenience faced by households every day. “We are thankful to our customers and investors who believed in our solution, gave feedback and guided us in our journey. Our mission of simplifying urban living has just started and we’re delighted to welcome marquee investors and business partners to be part of our journey,” he added.
Meanwhile, Sanjay Swamy, Managing Partner, Prime Venture Partners said that has been impressed by the functioning of MyGate since he was a customer himself. “Right from the first time I experienced MyGate as a customer just two years ago, it’s been great to see a fledgling startup execute consistently and holistically, and grow into a category-creating market-leader. We’re delighted by the progress of MyGate and welcome these marquee investors, as the company prepares for the next wave of growth,” he added.
Kumar also shared that MyGate provides employment to close to 700 employees and is planning for a threefold growth in the next two quarters.
How Is MyGate Making Apartments Secure?
With urban Indian lifestyles becoming exceedingly hectic and erratic, people in Tier 1 and Tier 2 cities are increasingly opting for the facilities and convenience of managed living in gated communities. Security is one of the most appealing features of such residential complexes. Fuelled by this demand, the number of gated communities in India is rapidly increasing, resulting in the need for digital, managed security services.
Since its launch in 2016, MyGate has made apartment living more secure for over 1,200 gated communities across Tier 1 and Tier 2 cities. The company has been building technology to enhance security and convenience for residents living in gated premises.
According to the company website, MyGate app is used by residents living in close to 1.2 Mn homes across 11 cities. The app is used by society members to communicate with neighbours, check visitor entry, track attendance and remuneration of daily helpers and paying society bills on time. The company also claims that it processes over 60,000 requests per minute and handles more than 45 Mn check-in requests from its users every month.
The company also assists residents welfare associations (RWAs) in managing their society accounting, payments from residents, help desk, and other value add. It also enables visitor car parking management without compromising on the space reserved for other residents.
According to a GrantThornton and FICCI 2015 report, the private security services market in India was $5.6 Bn (INR 40K Cr) in 2014 and is expected to reach $11 Bn (INR 80K Cr) by the year 2020, providing employment to more than 70 Lakh people.
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