Prime Venture leads ₹65 crore funding round in myGate
MyGate, an app which provides security solutions to gated societies, plans to use the funding from Prime Venture Partners, to grow its workforce and invest in technology
Bengaluru: MyGate, an app which provides security solutions to gated societies, has raised ₹65 crore in Series A funding led by venture capital (VC) firm Prime Venture Partners. The company plans to use the funds to grow its workforce and invest in technology, it said in a statement.
MyGate plans to start operations across 10 cities, including Mumbai and Delhi. It currently operates in Bengaluru, Hyderabad and Pune, providing services to about 1,000 gated communities.
“Technology is pervasive and it was only a matter of time for the security at gated communities to be transformed using smart and intelligent solutions,” said Vijay Arisetty, co-founder and CEO, myGate. “We will use the funds to invest in technology to enhance our state-of-art, cost-effective security solutions. We will also expand the myGate team across cities to offer best possible service to customers.”
The company was founded in 2016 by Arisetty, a former air force pilot, Abhishek Kumar, former vice-president at Goldman Sachs, Shreyans Daga, and Vivaik Bhardwaj.
“People move into gated communities these days for security and safety. But most of these complexes still use the old register log method, which is not feasible,” said Kumar, director, myGate.
The app has two versions—for the security guard and for residents. Regular visitors are provided with a one-time password, which they give to the security guard at the entrance.
An alert is sent to the resident in case of new visitors like delivery boys and cab drivers. Once the security guard gets an approval from the resident the individual can enter the complex. The alert can also be approved even if the resident is not at home.
“From our very first interaction with the product to the first meeting with the team, we have been consistently impressed with myGate. Customers love the product and the team is passionate and singularly focused on solving the problems of security in gated communities,” said Sanjay Swamy, managing partner, Prime Venture Partners.
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