MyGate Receives Funding Worth $56 Million in its Series B Financing Round

Team Startup CityA year after raising its Series A round, Bengaluru-based security management startup for gated communities MyGate, on Thursday, announced that it has raised $56 million as part of its Series B financing. The round was led by Chinese internet giant Tencent Holdings, alongside US-based JS Capital LLC, and Tiger Global Management. Existing investor Prime Venture Partners also participated as a part of this round. The startup will invest this capital in its technology architecture and hire almost 200 individuals across its product and technology functions. With a team of 700 employees, MyGate plans to take its employee count to 2,000 over the next year. Further, with this funding, it is also looking to invest in marketing and branding activities to boost awareness around the brand.

With this round, MyGate has raised total equity of $67.5 million until now. Last October, the startup

had raised Rs 65 crore in its Series A round, led by existing investor Prime Venture Partners. Founded in 2016 by Vijay Arisetty, Abhishek K, Shreyans Daga, and Vivek Bhardwaj, MyGate has been building technology to enhance security and convenience for residents in gated premises.

Speaking on the funding, CEO Vijay Arisetty, said, “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 a part of our journey.”

Over time, new solutions have been launched to benefit the residents, management or builders and other stakeholders of the gated premises, such as Community Management tools, and a system for e-commerce players to better manage their deliveries. At present, MyGate claims to be serving close to 1.2 million homes across 11 cities and 5,000 gated communities. The platform processes over 60,000 requests per minute and facilitate over 45 million check-in requests every month. Residents use the app to communicate with neighbors, discuss matters of the community and society on internal discussion forums, manage visitors (guests, deliveries, cabs etc), maintain attendance record and salary payments for daily help, discover services, pay society maintenance bills, among others. According to the founders, the startup is expected to serve close to 7,000 gated communities by the end of this year. Since its launch in 2016, it has also trained over 1.7 lakh guards on its platform. The startup claims to be growing at 13 percent year-on-year.