The funds raised will be used for investing in technology, to further enhance security solutions, along with expanding its geographical footprint.
myGate was founded by two ISB alumni Vijay Arisetty and Shreyans Daga, along with an IIT Kanpur graduate Abhishek Kumar in 2015. The startup provides a mobile app based tool to secure gated communities by managing the entry and exit of visitors, by digitally logging the entries and exits.
The solution implemented by the startups involves zero hardware and infrastructure costs. The startup also trains the guards of the communities to seamlessly use its product to increase efficiency.
Other important features of the security product 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.
The startup claims to have enabled more than 250,000 homes across more than 1,000 communities in Bengaluru, Hyderabad, and Pune. myGate is looking to target 10x growth in 2019, as it expands to ten cities including Chennai, Mumbai, and Delhi NCR.
Talking about the investment, Vijay Arisetty, co-founder & CEO, myGate, said “ Technology is pervasive and it was only a matter of time for the security at gated communities to be transformed using smart & intelligent solutions. 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 best possible service to our customers.“
Earlier in January 2018, myGate raised ₹16 crores from its investor Prime Venture Partners.
Other players in the security solutions provider industry with myGate include ADDA Security, Apna Complex, and Zicom, among others.
According to Grant Thornton report, the security services market in India is a $6 billion industry, the gated-premise security market, comprising manual guards and security equipment, is estimated at $2 billion.