Prime Venture Partners infuses Rs 16 Cr in security management startup myGate

Ganesh Ventures

Bengaluru-based security management solution for residential societies myGate has raised Rs 16 crore from Prime Venture Partners.

The mobile-based startup plans to utilise the proceeds towards the expansion of operations and strengthening technology. Besides, it also aims to scale up its staff volume to 100 in the next six months.

Founded in 2016 by Vijay Arisetty, Abhishek Kumar, Shreyans Daga, and Vivaik Bhardwaj, myGate solution comprises an Android app for security guards and an Android or iOS app for residents, with a fallback to a regular voice call for non-smartphone users.

myGate claims the safety and security of gated enclaves by deploying BIAA (Behavioral Intelligence Augmented Authentication). It’s designed for hassle-free experience for residents and their service staff.

Also Read: Will Letstrack be a game-changer in GPS market?

For revenue generation, the startup has a subscription model which the society management pays on a monthly basis and the charges depend on the size of the society and the number of gates that needs to be managed.

The firm charges between Rs 8000 and 30,000 per month.

As per the company’s estimation, there are more than 100,000 gated communities with 35 million residents in top 7 cities in India. The firm is eyeing to tap the security services market.

About 5,000 guards are already using the myGate platform, it hopes to reach 20 lakh households over the next two years.

Currently, there are several solutions which provide apartments and residential communities digitally record and monitor visitors such as working staff, guests of residents and vendors. myGate competes with Silvan Labs, Smart Guard, Digital Gorkha among a few others.

The development was first reported by ET.

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here