Security app for gated societies raises $56 million in a Series B round
The startup has over 700 employees and is looking at tripling its workforce over the next two quarters
The makers of MyGate, a security management app for gated communities, Thursday announced raising $56 million in a Series B funding from China’s Tencent Holdings, US-based JS Capital LLC, Tiger Global Management and existing investor Prime Venture Partners.
With the new funds, MyGate plans to building 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 over the phone.
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 claims 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 was founded by Arisetty, a former Indian Air Force pilot, Kumar, formerly with Goldman Sachs, and Shreyans Daga, former project head at Oracle and Digit in 2016. Since its launch, it has added new solutions for residents, management, builders and other stakeholders of gated premises. 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.