Investors: Tencent Holdings, JS Capital LLC, Tiger Global and Prime Venture Partners
MyGate on track to add over 15 million homes across 40 cities in the next 18 months
Bengaluru, October 17, 2019: MyGate, a company focused on enhancing convenience and security in gated premises, has raised $56 million in series B funding. The investment comes from Chinese internet giant Tencent Holdings, US-based JS Capital LLC, Tiger Global Management alongside existing investor, Prime Venture Partners.
MyGate has seen 5x growth over the past year and is now present in 1.2 million homes across 11 cities in India. Residents of these homes use the app to communicate with neighbours, manage visitors (guests, deliveries, cabs etc), maintain attendance record and salary payments for daily help, discover services, pay society maintenance bills, among much else. MyGate processes over 60,000 requests per minute and facilitates over 45 million check-in requests every month.
Since its launch in 2016, MyGate has been building technology to enhance security and convenience for residents in gated premises. New solutions have been launched to benefit the residents, management/builders and other stakeholders of the gated premises, such as Community Management tools and a system for eCommerce players to better manage their deliveries. Additionally, with over 1.7 lakh guards trained on its platform and successful implementation of artificial intelligence to speed up authentication procedures, MyGate is uniquely positioned to enable the digital transformation of the $20 billion private security industry.
MyGate offers a simple yet comprehensive solution for gated communities to manage their operations by digitizing and automating their manual tasks. With MyGate, all entries and exits are approved and logged digitally, with complete visibility and control to the residents. MyGate offers several advanced capabilities such as e-intercom (automatic visitor authentication), child safety alerts, staff management, infrastructure-free vehicle management, touchless resident identification, clubhouse access management and admin dashboards/reporting. Apart from all these, MyGate also helps RWAs to manage their society accounting, payments from residents, help desk and other value adds.
MyGate’s success and rapid uptake can be attributed to the dire need of a security solution that is robust, innovative and easy to use. Currently, over 45 million people reside in gated communities, a number that is growing at 13% year-on-year. For this demographic, the importance of a solution to manage interactions with the home is increasing rapidly, particularly as greater number of goods and services arrive at the doorstep.
With this fresh funding, MyGate plans to solidify its leadership position by building innovative solutions for eliminating friction in interactions between the home and the outside world, providing convenience and security to its users. The company is also focussing on increasing the efficiency of other stakeholders such as security personnel, local service providers and eCommerce companies.
The startup has over 700 employees spread across all of India’s metros. To power its growth, the company is planning to triple its workforce over the next two quarters. MyGate has earlier raised $11.5M over two rounds of funding. In May 2019, the company also announced partnerships with several major eCommerce brands, including Swiggy, Zomato, Grofers and Dunzo, to make possible a silent and secure delivery experience for its users.
Salil Seshadri, Chief Investment Officer, JS Capital LLC
MyGate is a company with the rare ability to innovate for all of urban India on a single platform. We believe that their deep product focus and technological prowess will enable them to build solutions that bring positive gains to the entire ecosystem.
Sanjay Swamy, Managing Partner, Prime Venture Partners
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.
Vijay Arisetty, CEO & Co-founder, MyGate
We started MyGate to solve for the real problem of security and inconvenience faced by households everyday. 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 in Tencent, Tiger and JSoros to be part of our journey.
Founded in 2016, MyGate is a technology-forward app that's now simplifying the daily lives of over a million homes in 11 cities across the country. It was named one of India’s most innovative start-ups by Inc 42 in 2018 and one of India’s coolest start-ups by Business Today in 2019. MyGate was founded by Vijay Arisetty, an ex- IAF pilot (Shaurya Chakra awardee), Abhishek K, former VP at Goldman Sachs, and Shreyans Daga, former project head at Oracle and Digit.
For more information, please see http://www.mygate.com/
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