By Team MyGate
MyGate raises INR 65 crore in Series A to fuel rapid growth & expansion across 10 cities
By Team MyGate
Bengaluru, 15 October 2018 – MyGate, a mobile-based security management solution for gated premises has been adopted by more than 250,000 homes across 1000+ communities in Bangalore, Hyderabad & Pune. Achieving this milestone in the first 18 months from commercial launch, MyGate is now on a rapid expansion mode in ten cities including Chennai, Mumbai and Delhi NCR and is targeting 10x growth in 2019. To fuel this expansion, MyGate has raised Series A funds of INR 65 crore, led by existing investor Prime Venture Partners.
Gated communities with essential amenities have become the preferred choice among residents. The presumed security and safety offered by these communities is a major reason why many prefer to move into gated premises. However, the current security process relies on conventional “man-guarding”, primitive pen & paper, and landline telephone to log external footfall. Hardware still forms a major part of the traditional security system in the form of access cards, biometrics, car stickers and so on. These solutions are capital intensive, work in isolation and the benefits tend to wane over time. Most residential premises grapple with an ever increasing external vehicle and people footfall – be it staff, services, cabs & delivery executives. Hence, there is a dire need for communities to make way for smart and intelligent solutions that address modern gate management challenges.
MyGate is a mobile-app-based system that offers a simple yet 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; the system is interactive, user friendly and provides residents with more transparency and control. For communities where MyGate is in play, they do not have to invest in any other isolated systems like RFID cards, fingerprint biometrics, access cards, vehicle stickers, etc.
With MyGate, gated communities have the option to optimise on security guards and make them more effective, since most of the manual process at the gate are digitized. 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.“
“From 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 isn’t just a tagline – it’s a mission that the team is relentlessly pursuing. We are delighted to lead this investment in MyGate and help take it nationwide”said Sanjay Swamy, managing partner, Prime Venture Partners.
MyGate solves security and visitor problems with an intelligent app-based solution in gated premises. The company ensures safety and security of gated premises by deploying BIAA (Behavioral Intelligence Augmented Authentication) that is designed for hassle free experience of residents and their service staff. MyGate was founded in 2016 by Vijay Arisetty, an ex- IAF pilot (Shaurya Chakra awardee), Abhishek, former VP at Goldman Sachs, Shreyans Daga, an IIT-ISB alumnus and Vivaik Bhardwaj, also an ex-IAF Pilot and former Director at Google.