Bengaluru-based security management startup for gated communities MyGate has raised $56 million as part of its Series B funding. The company was named one of India’s most innovative start-ups by Inc 42 in 2018 and one of India’s coolest start-ups by Business Today in 2019.
The company was founded in 2016 by Vijay Arisetty. The present funding round was led by Chinese internet giant Tencent Holdings, US-based JS Capital LLC, and Tiger Global Management. MyGate has earlier raised $11.5M over two rounds of funding, led by Prime Venture Partners. With the present round, MyGate has raised a total equity of $67.5 million.
MyGate provides technology platform for community management as well as security management of gated communities. Their platform offers visitor management, staff management, as well as accounting support and communication support for the gated societies. Their app helps urban households manage visitors, communicate with their neighbours, maintain salary payments to domestic help, discover local services and pay society bills.
The startup plans to use the fresh capital to expand its technology infrastructure, augment its marketing and operations teams and build new features on its platform. The startup aims to reach 15 million homes in 40 Indian cities in the next 18 months. Presently, the company claims to be serving close to 1.2 million homes across 11 cities & 5,000 gated communities. As per the company statement – over 45 million visitors are validated through their app every month and over 60,000 requests are processed by their systems every minute.
The company employs close to 700 as of now, and with its aggressive growth plans is looking to triple its workforce over the next two quarters.
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