Tiger Global Management, Primve Venture Partners, others invest $56 million in security app for apartment societies MyGate

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Source: Google

Ace investors such as Tencent Holdings, JS Capital LLC, Tiger Global Management, Prime Venture Partners have invested $56 million (approx INR 399 crore) as part of Series B funding round in security management app MyGate, reported Mint.

MyGate will utilize the fresh funds to build innovative solutions for residents in gated communities and increase the efficiency of other stakeholders such as security personnel, local service providers and e-commerce companies.

“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 million homes across 40 cities in the next 15-18 months,” Abhishek Kumar, co-founder, MyGate said.

MyGate was founded by Vijay Arisetty, Abhishek Kumar and Shreyans Daga in 2016.

According to the company, residents in 1.2 million homes across 11 cities use its app to communicate with neighbours, manage visitors (guests, deliveries, cabs), track attendance and salary payments for daily helpers, discover services, and pay society bills.

The company MyGate claims that it processes over 60,000 requests per minute and facilitates over 45 million check-in requests every month.

Vijay Arisetty, CEO and co-founder, MyGate, said, “We started MyGate to solve 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 to be part of our journey.”

Kumar said the startup has over 700 employees across metros and is looking at a threefold growth in staff strength in the next two quarters.

MyGate has over 170,000 guards trained on its platform. All entries and exits are approved and logged digitally, with complete visibility and control to residents.

Advanced capabilities include automatic visitor authentication, child safety alerts, staff management, infrastructure-free vehicle management, touchless resident identification, clubhouse access management and admin dashboards/reporting.

It also helps manage society accounting, payments from residents and help desks.

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