Mobile-based security management solution for gated premises, myGate, has raised Rs 65 crore in a Series A round of funding led by existing investor Prime Venture Partners.
myGate currently has a presence in Bengaluru, Hyderabad and Pune, and claims to have been adopted by over 250,000 homes across 1000+ communities across these three cities.
myGate is a mobile-app-based system that offers a comprehensive solution for gated communities to manage operations at the entry and exit gates. It has automated and digitised the tasks at the gate for security, giving residents more transparency and control. According to the company, myGate removes the need for other isolated systems like RFID cards, fingerprint biometrics, access cards, vehicle stickers, etc.
â€śWe are humbled by the massive adoption of myGateâ€™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,â€ť Vijay Arisetty, co-founder and CEO of myGate said in a statement.
myGate is now on a rapid expansion mode in ten cities including Chennai, Mumbai and Delhi NCR and is targeting 10x growth in 2019 and the funds raised by myGate will be used for this expansion.
â€śFrom our very first interaction with the product to the first meeting with the team, we have been consistently impressed with myGate. Customers love the product and the team is passionate and singularly focused on solving the problems of security in gated communities. At myGate, making security convenient isnâ€™t just a tagline â€“ itâ€™s a mission that the team is relentlessly pursuing. We are delighted to lead this investment in myGate and help take it nationwide,â€ť said Sanjay Swamy, managing partner, Prime Venture Partners.
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 and multi-tiered access system.