In what could be the largest funding round for any startup in apartment security space, Bengaluru-based MyGate has raked in $56 million in its Series B round of funding led by Tiger Global and Tencent.
Existing investor Prime Venture Partners also participated in the financing round.
We said largest, because, MyGate had last closed $8.7 million Series A round and reportedly negotiating up to $50 million investment from Tiger Global with backing from other investors. However, it ended up raising over $56 million.
It looks like the entry of Tencent has made a difference in the round. Although, it’s not known who invested how much in the fresh round.
It’s worth noting that Tencent could have invested small cheque as it did in Khatabook.
MyGate will deploy the proceeds towards building more solutions for residents in gated communities and increase the efficiency of other stakeholders such as security personnel, local service providers and e-commerce companies.
Besides, the firm will hire more resources across product, tech, marketing and business development functions. It aspires to expand to 15 million homes across 40 cities in the next 15-18 months.
It’s an ambitious goal for the company as it has to grow at least 12 times to meet the target from the current 1.2 million homes touched by its solutions.
According to a Mint report, residents in 1.2 million homes across 11 cities use MyGate app to sync communication with residents on end to end requirements of gated societies including apartments and commercial properties.
MyGate claims to have processed over 60,000 requests per minute and facilitates over 45 million check-in requests every month. The app-based security management service for gated communities has over 170,000 guards trained on its platform.
Apart from providing security software solution, MyGate also helps manage society accounting, payments from residents and help desks.
Lately, the firm didn’t see much competition. However, the segment may change drastically with the entry of Mukesh Ambani-owned JioGate.
While MyGate has been leading the pack in the segment, Reliance’s strong touchpoints with consumers through retail, telecom including media network may help JioGate in gaining quick grounds.
GateKeeper, NoBrokerHood, Smart Guard, Lockated are other visible players in the segment.