myGate, a startup which offers mobile-based security services for gated communities, has announced that it has secured Rs. 16 crore in its new funding round which was led by Prime Venture Partners.
In a statement, the company says that it will use the funding to invest in technology. It also plans to scale to 2 million homes across seven cities in the country. In the coming months, the company is eyeing to expand to Hyderabad, Delhi NCR and Pune.
myGate was founded in 2016 by Vijay Arisetty, Abhishek, and Shreyas Daga. It currently claims to manage around 100,000 homes in Bangalore and has validated 24 million visits. In Bangalore, the company works with gated communities like Sobha, Prestige, Purvankara, Salarpuria, Mantri, Adarsh Palm Retreat Villas, among others.
The solutions from the company comprise a mobile app for security guards and residents, with an option for voice calls for non-smartphone users. With this system, all visitor entries are logged in digitally, without the need to maintain a physical ledger. Apart from a visitor registry, myGate also offers other security capabilities such as automatic visitor authentication, kids’ safety alerts, staff attendance, vehicle parking management and tracking, resident identification, clubhouse access management among others.
The entire myGate security solution costs from Rs. 8,000 to around Rs. 30,000 per month and is offered as a subscription model to builders and developers. According to myGate’s chief executive officer Vijay Arisetty, the only cost to the company is maintaining servers and tech stacks and employee costs.
According to the company, it provides outstanding experience for people living in gated communities, allowing them to keep track of their visitors and all the relevant developments in the community with the help of an app. myGate believes that security for gated-premises is a multi-billion market that is fundamentally underserved by often obsolete legacy providers and solutions.