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MyGate, a start-up focussed on enhancing security in gated premises, has raised $56 million in Series B funding.
The investors include Chinese internet giant Tencent Holdings, US-based JS Capital LLC, Tiger Global Management, and existing investor, Prime Venture Partners.
With this fresh funding, MyGate which has over 700 employees, plans to triple its workforce over the next two quarters, penetrate deeper into 11 cities that it operates in, and add over 15 million homes in 40 cities including Tier-2 cities, in the next 18 months. The start-up had earlier raised $11.5 million in seed and Series A funding from Prime Venture Partners.
“We started MyGate in 2016 to solve the real problem of security and inconvenience faced by households in gated communities by digitising and automating their manual tasks. Today, we offer comprehensive solutions including digital logging of all entries and exits with complete visibility and control to the residents, e-intercom for automatic visitor authentication, child safety alerts, staff management, clubhouse access management, etc,” said Vijay Arisetty, CEO and co-founder, MyGate.
He added: “Our mission of simplifying urban living has just started and we are delighted to welcome marquee investors and business partners on board.”
Salil Seshadri, Chief Investment Officer, JS Capital LLC, said: “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 tech prowess will enable them to build solutions that bring positive gains to the entire ecosystem.”
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