myGate secures Rs 65 Cr Series A round from Prime Venture Partners

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Security management solutions provider myGate has raised Rs 65 crore in Series A round led by existing investor Prime Venture Partners. In January, Prime Venture had infused Rs 16 crore into the Bengaluru-based startup.

With the fresh capital, myGate aims to take its product to cities like Mumbai, Delhi NCR, Chennai, Ahmedabad, Kolkata among others.

Besides, the startup will use the funds to invest in technology solutions.

Launched in 2016, myGate is a mobile-app-based system comprising an Android app for security guards and an Android or iOS app for residents. With myGate security system, all visitor entries and exits are logged digitally, with complete visibility and control of the resident.

The product is designed and executed by founders with experience in the Armed Forces, NSG/SPG and technology experts from Google and Oracle.

The startup also offers several advanced capabilities such as e-intercom (automatic visitor authentication), kids safety alerts, staff attendance, infrastructure-free vehicle management, touchless resident identification, and others to keep a tap on security issues.

myGate has a presence in over 1000 communities in Bengaluru, Hyderabad, Pune and its solutions have been adopted by more than 2.5 lakh households. Further, it aims to grow by 10X in terms of the number of households.

The company generates revenue through a subscription model in which the society management pays on a monthly basis. The charges for society vary between Rs 8000 to 30,000 per month and it depends on society’s size and the number of gates that needs to be managed.

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