Funding Led by Prime Venture Partners
for gated premises, today announced that it has raised INR 16 crore (approx $2.5 million) in its first round of funding, led by Prime Venture Partners. Since its launch in Bengaluru in 2016,
MyGate has validated 24 million visits through their mobile app across 100,000 homes. The company will use the funds to invest in technology and scale to 2 million homes across the top 7 cities within the next two years. As a testament to its popularity amongst gated communities, 5000 guards are already using MyGate in Bengaluru.
The security services market in India is a $6 billion industry according to Grant Thornton report, of which the gated-premise security market, comprising of manual guards and security equipments, is estimated at $2 billion. In the top 7 cities in India, MyGate estimates show that there are more than 100,000 gated communities with 35 million residents. The company is focussed on tapping into this unaddressed market and redefining security at the gates.
Security at gated communities has long followed conventional “man-guarding”, paper and pen system. The process is inefficient and error prone, making the life of security guards difficult. In addition, authentication of residents, visitors, and support staff is a huge challenge. Despite significant investments in physical infrastructure like access cards, boom barriers, biometrics, landline intercom, and others, residential premises are unable to keep track of domestic helps, visitors, delivery trucks, taxicabs & other vehicle movements. In addition, authentication of residents, visitors, and support staff is a huge challenge.
MyGate is a mobile-app-based system and offers a simple yet comprehensive solution by digitizing and often automating manual tasks. The solution comprises of an Android app for security guards and an Android or iOS app for residents, with a fallback to a regular voice call for non-smartphone users. With this system all visitor entries and exits are logged digitally, with complete visibility and control of the resident. MyGate also offers several advanced capabilities such as e-intercom (automatic visitor authentication), kids safety alerts, staff attendance, infrastructure-free vehicle management, touchless resident identification, clubhouse access management, management reporting, and visitor overstay alerts.
MyGate’s two-day onboarding process combined with a pay-as-you-go (SaaS) commercial model has enabled it to be rapidly deployed at several hundred gated communities within one year of its launch. Some of these include properties by builders like Sobha, Prestige, Purvankara, Rohan, Lodha, Salarpuria, Mantri, Adarsh e.g. Adarsh Palm Retreat Villas, Purva Riviera, Prestige St. Johns Woods, Mantri Tranquil and many more. While the MyGate’s primary focus is on residential communities, the technology and the solution are already being piloted at other gated premises, notably office buildings, schools and factories.
Vijay Arisetty, CEO & Co-founder, MyGate
“Security for gated-premises is a multi-billion market that is fundamentally underserved by often obsolete legacy providers and solutions. MyGate provides an outstanding experience for people living in gated communities, allowing them to keep track of their visitors and all the relevant developments in the community with the help of an app. In Prime, we found a hands-on investment partner with a long-term vision and practical execution expertise; we are excited to have them join us as our extended team.”
Sanjay Swamy, Managing Partner, Prime Venture Partners
“I’m delighted to welcome MyGate to the Prime portfolio and feel privileged to be part of this journey. We first experienced MyGate as consumers and loved the product experience; when we met the team, we were very excited by their incredible vision to transform the physical security experience as well as their focus and relentless pursuit of excellence. MyGate is addressing a huge market opportunity and is already the undisputed leader in this space — this funding will help them further expand their thought-leadership and market-leadership!”