MyGate raises Rs 400 cr in series B funding; aims at upgrading security solutions
Previously, MyGate had raised $11.5 million over two rounds of funding
MyGate has raised $56 million (about Rs 400 crore) in series B funding. Most of the investments have come from Chinese internet hub Tencent Holdings, US-based JS Capital LLC, Tiger Global Management alongside existing investor, Prime Venture Partners. For the unversed, MyGate is a company that provides technology to enhance security and convenience for residents in gated premises.
The funds will be utilized to create innovative solutions for eliminating friction in interactions between the home and the outside world with the aim of providing convenience and security to its users. Further, the firm focuses on raising the efficiency of other stakeholders such as security personnel, local service providers and e-commerce organizations. The startup also plans to triple its workforce over the next two quarters.
Shreyans Daga, co-founder, and director at MyGate says, “It (gated community) is a big market. There are over 100,000 communities in the top 11 metros.” He added, “There are also thousands of communities in tier-2 and tier-3 cities and they are even coming up in my hometown Bikaner (in Rajasthan).” The company was providing an affordable solution which cost Rs 20-25 per month for a flat, he claimed.
Earlier, MyGate had raised $11.5 million over two rounds of funding. To ensure a silent and secure delivery experience for its users, the firm in May 2019 also announced partnerships with several major e-commerce brands, including Swiggy, Zomato, Grofers, and Dunzo. MyGate claims it was uniquely positioned to enable the digital transformation of the $20 billion private security industry with over 170,000 guards trained on its platform and successful implementation of artificial intelligence to speed up authentication procedures.
Currently, the firm has 45 million people residing in gated communities, a number that is increasing at 13 percent year-on-year.
Stay tuned for more updates.