MyGate, a Bangalore-based start-up that offers security management and benefit service for guard-gated properties, said today it has bagged more than $50 million in a new funding round as it seeks to broaden its footprint in the nation.
Chinese internet giant Tencent, Tiger Global, JS Capital and existing financier Prime Endeavor Partners moneyed the three-year-old startup’s $56 million Series B funding round. The new round pushes MyGate’s overall fundraise to $675 million.
MyGate provides an eponymous mobile app that permits home homeowners to authorize entries and exits, communicate with their next-door neighbors, log attendance and pay society upkeep bills and daily help workers.
The start-up says it is functional in 11 cities in India and has amassed over 1.2 million home clients. Its consumer base is increasing by 20%every month, it declared. The service is managing 60,000 demands each minute and clocking over 45 million check-in demands each month.
The idea of MyGate followed its co-founder and CEO, Vijay Arisetty, left the Indian armed force. In an interview with TechCrunch, he stated his family was appalled to discover about the bad state of security throughout societies in India.
” This was likewise when e-commerce companies and food delivery companies were beginning to acquire strong foothold in the country. This indicated that many individuals were entering a gated community every day,” he stated.
MyGate has tattooed partnerships with lots of e-commerce gamers to produce a system to provide a quiet and safe delivery experience for its users. The startup likewise trains guards to understand the system.
According to market price quotes, more than 45 million individuals in India today live in gated communities, which figure is growing by 13?ch year. The private security market in the nation is a $15 billion market.
Arisetty states he thinks the startup might considerably accelerate its growth as its solution understands the price-sensitive market. Using MyGate costs a home about Rs 20 (28 cents) monthly. Even at that price, the startup says it is making an earnings. “Today, we are seeing more need than we can manage,” he stated.
That’s where the brand-new financing would enter play for the start-up, which today uses about 700 individuals.
The start-up prepares to utilize the fresh capital to broaden its technology facilities, its marketing and operations teams and develop new functions. The start-up aims to reach 15 million homes in 40 Indian cities in the next 18 months.
In a statement, Sanjay Swamy, handling partner at Prime Venture Partners, stated, “It’s been excellent to see a recently established startup carry out regularly and holistically, and become a category-creating market-leader.”