Bengaluru-based myGate, a mobile app based apartment security management system, has raised ₹65 crore (~ US$8.8 million) in funding led by existing investor Prime Venture Partners.
The startup will use the funds raised to invest in technology to further enhance its solutions, expansion in 10 cities, including Chennai, Mumbai and Delhi NCR and also in expanding its team across all cities.
In January, the startup had raised ₹16 crore in its first round of funding led by Prime Venture Partners. Prime Venture Partners, which is an early stage fund led by serial entrepreneurs Sanjay Swamy, Shripati Acharya and Amit Somani, had closed its third fund at $60 million (₹400 crore) in March this year.
myGate was founded in 2016 by Vijay Arisetty, a former air force pilot, Abhishek Kumar , a former VP at Goldman Sachs, Shreyans Daga and Vivaik Bhardwaj. myGate is a mobile app based apartment security management system to enhance safety of gated communities, track visitors, child security and staff management. The technology solution provided by myGate has been adopted by more than 250,000 homes across 1,000 communities in Bengaluru, Hyderabad and Pune. The startup is now targeting 10X growth in 2019.
Requiring only basic skills for operation, more than 25,000 guards are already well-versed with the myGate security solution and are using it. The company takes the complete responsibility of training the guards any time and any number of times as needed through the life of the contract.
myGate is available at zero hardware/infrastructure cost. Few product features of myGate include: child safety alert, e-intercom for visitor authentication, parcel management, real time domestic help management, complete staff attendance management, multi-home management, digital validation of all staff and residents, & multi-tiered access system.
Commenting on this development, Vijay Arisetty, co-founder & CEO, myGate said “We are humbled by the massive adoption of myGate’s solution across top metros. Customers are delighted and we are now excited to take this across India. Technology is pervasive and it was only a matter of time for the security at gated communities to be transformed using smart & intelligent solutions. We believe in innovation, quality service and trust and will use the funds to invest in technology to further enhance our state-of-art, cost-effective security solutions. We will also expand the myGate team across all cities to offer best possible service to our customers.”
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