myGate raises Rs16 crore from Prime Ventures Partners
Bengaluru: myGate, which offers mobile-based security solutions for gated communities, has raised Rs16 crore ($2.5 million) in its first round of funding led by Prime Ventures Partners.
The company will use the funding to invest in technology and scale to 2 million homes across seven cities in India, myGate said in a statement.
myGate’s solution comprises of 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.
For automatic visitor identification, a digital record of common visitors including friends, maids, home cooks, cleaners and others is maintained in the myGate database. Visitor details such as ID proof, phone number, name and others are stored in the database, and at the time of visit, the security guard alerts the resident using the myGate app. An alert is sent to the resident’s app requesting authentication at the time of visit.
The same solution can also be applied for entry of taxis, delivery boys. In this scenario, the resident inputs details of the cab’s licence plate or the delivery executive’s details into the app. Once the taxi or the delivery guy arrives, the security guard in turn alerts the resident via the mobile app.
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 till date. It plans to expand into Hyderabad, Delhi NCR and Pune in the coming months. In Bangalore, the company works with gated communities like Sobha, Prestige, Purvankara, Salarpuria, Mantri, Adarsh Palm Retreat Villas, among others.
The entire myGate security solution costs from Rs8,000 up till Rs30,000 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. “Pureplay marketing spend is very low since residents and builders themselves have approached us. People notice myGate’s solution in communities and approach us for enquiries. But we do occasionally pitch to builders and developers,” he added.
Expanding on the security aspect, myGate’s chief technology officer said that access to visitor database is restricted to only administrators and certain users, and the text stored in the database is encrypted using security algorithms.
The security services market in India is a $6 billion industry according to Grant Thornton report, of which the gated-premise security market is estimated at $2 billion. The company estimates that there are more than 100,000 gated communities with 35 million residents in India alone.
“Security for gated-premises is a multi-billion market that is fundamentally underserved by often obsolete legacy providers and solutions. myGate provides an 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, Arisetty, added in a statement.