Security management app MyGate has raised over USD 50 million in Series B funding. Tencent, Tiger Global, JS Capital and Prime Venture Partners participated in the round.
The Bangalore-based startup plans to use the proceeds to leverage its technology infrastructure, marketing and operations teams apart from adding new features. MyGate aims to reach 15 million homes in 40 Indian cities in the next 18 months.
MyGate has seen 5x growth over the past year and is now present in 1.2 million homes across 11 cities in India. The app is used to communicate with neighbours, manage visitors, maintain attendance record and salary payments for daily help, discover services, pay society maintenance bills, among other things. MyGate processes over 60,000 requests per minute and facilitates over 45 million check-in requests every month.
“We started MyGate to solve for the real problem of security and inconvenience faced by households every day. We are thankful to our customers and investors who believed in our solution, gave feedback and guided us in our journey. Our mission of simplifying urban living has just started and we’re delighted to welcome marquee investors and business partners in Tencent, Tiger and JSoros to be part of our journey, said co-founder and CEO Vijay Arisetty.
The company is also focusing on increasing the efficiency of other stakeholders such as security personnel, local service providers and ecommerce companies.
The startup has over 700 employees spread across all of India’s metros. MyGate has earlier raised USD 11.5 million over two rounds of funding. In May 2019, the company also announced partnerships with several major eCommerce brands, including Swiggy, Zomato, Grofers and Dunzo.
“It’s been great to see a fledgling startup execute consistently and holistically, and grow into a category-creating market-leader” Sanjay Swamy, managing partner at Prime Venture Partners, said in a statement.