Ex-Pilot Gets Tiger’s Backing To Keep A Vigil On Your Apartment Gates
MyGate, which tracks movement of people in gated housing societies, raised $56 million from investors to expand its reach.
The fundraise was led by Tencent Holdings Ltd., Tiger Global and JS Capital. It also saw the participation of existing investor Prime Venture Partners. This brings the total capital raised by the Bengaluru-based gate management startup since its inception in 2016 to around $67.5 million.
The three-year-old startup that connects residents’ phone to the guard posted at the gate said it will use the investment for further expansion. “We want to reach 15 million households in the next 18 months from 1.2 million today,” Vijay Kumar Arisetty, co-founder of MyGate, told BloombergQuint in an interview.
Arisetty, who worked as an investment banker for five years at Goldman Sachs after he left the Indian Air Force due to an injury, co-founded the company along with his former Goldman Sachs colleague Abhishek Kumar and Shreyans Daga.
“The kind of safety I felt in the army world, didn’t feel the same when i moved and started living in gated societies,” Arisetty said. “These days, anything and everything can be delivered at doorsteps, as a result of which a lot of external people are coming to gated communities.”
Through the app, residents can approve the entry of anyone. The app also offers capabilities such as automatic visitor authentication, child safety alerts, staff management, payments, among others.
Besides, it also helps resident welfare associations to manage their society accounting, payments from residents, help desk, among other things. To make the delivery experience seamless, it has also partnered with several brands including Swiggy, Zomato, Grofers and Dunzo.
“We process over 60,000 requests per minute and facilitate over 45 million check-in requests every month,” Arisetty said, adding that the firm has a target to reach 45 million people living in gated communities.
Watch | BloombergQuint’s conversation with MyGate’s Vijay Kumar Arisetty here...