Bengaluru-headquartered mobile-app based security management App, myGate has raised ₹16 crores in its first round of funding, led by Prime Venture Partners.
myGate, which is run by Bengaluru-based Vivish Technologies Pvt. Ltd, will deploy raised funds in technology development, as it aims to scale 2 million homes across the top seven cities in the next two years.
Sanjay Swamy, Managing Partner at Prime Venture Partners said, “myGate is addressing a huge market opportunity and is already the undisputed leader in this space. this funding will help them further expand their thought-leadership and market-leadership.
Founded in 2016 by Vijay Arisetty, Abhisek Kumar and Shreyans Daga, myGate is a mobile app based intelligent security software application to enhance the safety of gated communities. The firm provides an Android app for security guards while there is an Android or iOS app for residents, with a voice call option for non-smartphone users too. With this system, all visitor entries and exits are logged digitally.
Vijay Arisetty, CEO and Co-founder, myGate said, “Security for gated-premises is a multi-billion market that is fundamentally underserved 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.”
myGate is free of hardware installation and is used by 100s of apartments in Bangalore. For the revenue generation, the company has a subscription model which the society management pays on a monthly basis and the charges (vary between Rs 8000 and 30,000 per month) depend on the size of the society and the number of gates that needs to be managed.
According to Grant Thornton report, the security services market in India is a $6-billion industry 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.
myGate is digitising security for gated communities by empowering the owner of the apartment to control access of visitors into the society premises at the main gate itself. Explaining the product myGate chief executive Vijay Arisetty said that the app allows various control modes starting from delivery boys to domestic help and even for guests.