myGate raises Rs 16 cr in first round of funding led by Prime Venture

Our Bureau Mumbai | Updated on January 18, 2018

myGate, a mobile-based security management solutions provider, has raised Rs 16 crore in its first round of funding, led by Prime Venture Partners. The company will use the proceeds to invest in technology and scale to 2 million homes across the top seven cities within the next two years.

“Security for gated-premises is a multi-billion market that is fundamentally under-served 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,” said Vijay Arisetty, CEO & Co-founder at myGate.

Since its launch in Bengaluru in 2016, myGate has validated 24 million visits through their mobile app across 100,000 homes. About 5,000 guards use myGate in Bengaluru, the company said in a statement.

myGate is a mobile-app-based system comprising 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.

The security services market in India is a $6-billion industry according to Grant Thornton report, of which the gated-premises security market, comprising manual guards and security equipment, is estimated at $2 billion. In the top seven cities in India, myGate estimates show that there are more than 100,000 gated communities with 35 million residents.

Published on January 18, 2018

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