MyGate Secures INR 100 Cr Funding From Urban Company, Acko

Community and security management startup MyGate has secured $12.2 Mn (INR 100 Cr) in a fresh funding round led by Urban Company and Acko. 

According to regulatory filings, MyGate issued two equity shares and 2,38,122 Series B1 compulsory convertible preference shares (CCPS) at an issuance price of INR Rs 4,199.52 per share to raise the aforementioned amount.  

As part of the transaction, both Urban Company and Acko invested INR 50 Cr each in MyGate.

The investment comes three years after MyGate raised $56 Mn in Series B funding from Tiger Global Management, JS Capital LLC, China’s Tencent Holdings, and its existing investor Prime Venture Partners. So far, MyGate has raised $67.18 Mn from its investors. 

Founded in 2016 by Vijay Arisetty, Vivaik Bharadwaj, Shreyans Daga and Abhishek Kumar, MyGate offers security solutions for apartment complexes at entry and exit gates. It replaces other security-related systems such as RFID cards, biometrics and vehicle stickers, among others.

MyGate, through its mobile app, offers various services such as visitor, delivery and daily help management along with child security to individual residents. Meanwhile, it provides daily staff attendance, complaint management, communications and an accounting toolkit service to its members.

According to its founder Vijay Arisetty, the startup is also working on developing a full stack of home services for its customers. The startup is presently managing more than 25,000 communities in over 20 Indian cities.

As per Tofler, it earned a revenue of INR 23 Cr versus losses of INR 57 Cr in financial year 2019-20, compared to revenue of INR 8 Cr and losses of up to INR 25.3 Cr in the last year.

In India’s security management space, it competes with the likes of Gate Keeper and JioGate. 

The development was first reported by Entrackr.