The Bengaluru-headquartered firm, MyGate has recently proclaimed that it has obtained $56 million in Series B funding round. The security management application has raised funding from affluent investment companies, including active investor, Tiger Global Management. Other investment companies which have infused money in the funding round are Chinese conglomerate firm, Tencent Holdings, US-based investment management company, JS Capital LLC and Karnataka-based venture capital firm, Prime Venture Partners.
Reportedly, the company wants to employ the funds to create innovative solutions for enhancing user experience residing in gated communities. It primarily wants to remove discord between the house and the external environment, rendering expediency and safety to the users. Further, it is concentrating on the incrementing efficiency of other shareholders.
“We started MyGate to solve for the real problem of security and inconvenience faced by households every day. 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 in Tencent, Tiger, and JSoros to be part of our journey,” Vijay Arisetty, CEO & Co-founder of MyGate, said in the company’s official press statement.
How MyGate Ensures Safety of Users in Gated Communities?
The Bengaluru-based firm renders simple and effective security solutions for gated communities. The application changes ordinary user operations into digitized as well as automated manual actions. It approves, as well as records, all entries, and exits digitally offering control and visibility to the users. Some of the prominent features of the application are child safety alerts, e-intercom, infrastructure-free vehicle management, staff management, clubhouse access management, touchless resident identification, and admin dashboards or reporting.
The company asserts to have grown five times in the past year and presently connected with 1.2 million homes in 11 cities across India. The inhabitants of these houses utilize the application to converse with neighbors, manage visitors, disburse salary for daily help and payout maintenance bills, etc.
It claims to process more than 60,000 requests every minute and aids more than 45 million check-in requests.
The startup company has an employee base of more than 700. To enable its growth plans, the firm is deciding to increase its workforce by three times in the next two quarters. It has earlier raised $11.5 million in the aggregate to date. In May this year, it has also proclaimed to collaborate with numerous big e-commerce firms, encompassing Zomato, Dunzo, and Swiggy to enable secure delivery experience for its users.
“MyGate is a company with the rare ability to innovate for all of urban India on a single platform. We believe that their deep product focus and technological prowess will enable them to build solutions that bring positive gains to the entire ecosystem,” Salil Seshadri, Chief Investment Officer at JS Capital LLC said in the company’s official press statement.
MyGate was established by Vijay Arisetty, Abhishek K, Shreyans Daga in 2016. It is a tech application that is easing the daily lives of more than 1 million homes.