Security services startup MyGate has raised $56 million Series B funding and the investors to have participated in this round include Tencent Holdings, Tiger Global, JS Capital LLC and Prime Venture Partners. Prime Venture is an existing investor in the startup.
MyGate provides security and related services to gated communities mostly residential. They are present in 11 cities and service as many as 1.2 million homes. The startup has had a phenomenal growth through the past one year alone, clocking a five-fold increase. Among the services offered through its app to the residents are communicating with neighbours, managing visitors (guests, deliveries, cabs etc), maintaining attendance record and salary payments for daily help, discovering services, paying society maintenance bills and so on. Like most startups, technology is the strength that MyGate relies on to offer these services to its clients.
“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, JS Capital LLC said in a statement.
With 1,70,000 security guards being trained on its platform, the company is looking at occupying a unique place in this niche segment. MyGate would want to add over 15 million homes across 40 cities in the next 18 months. The private security industry in the country is estimated to be worth $20 billion.
Besides some of the services listed above, there are several value-added services the security firm makes available to its customers. These include e-intercom (automatic visitor authentication), child safety alerts, staff management, infrastructure-free vehicle management, touchless resident identification, clubhouse access management and admin dashboards/reporting.
MyGate has forged partnerships with online players like Swiggy, Zomato, Grofers and Dunzo, to make possible a silent and secure delivery experience for its users. MyGate says it processes over 60,000 requests per minute and facilitates over 45 million check-in requests every month.