India's MyGate gets $56m Series B

MyGate is a mobile app that digitizes daily security procedures, including exit and entrance clearances, in gated premises. The business claims to have expanded operations fivefold during the past year to encompass 1.2 million homes in 11 Indian cities.

The service allows residential users to communicate with neighbors, manage visitors, maintain attendance records and salary payments for domestic helpers, and pay society maintenance bills. Additional features include child safety alerts, touchless resident identification, and clubhouse access management. It is said to process more than 60,000 requests per minute and facilitates some 45 million check-in requests every month.

MyGate describes the private security industry as a $20 billion target market, with 45 million people living in gated communities in India alone. This figure is now said to be growing at 13% a year. MyGate plans to triple its workforce during the next two quarters and leverage partnerships with e-commerce brands such as Swiggy, Zomato, Grofers and Dunzo. Tiger is also an investor in Grofers, while Tencent is an investor in Swiggy and Zomato.

The company raised two rounds of funding last year, worth a combined $11.5 million. Both were provided by Prime Venture Partners.

"Right from the first time I experienced MyGate as a customer just two years ago, it's been great to see a fledgling start-up execute consistently and holistically and grow into a category-creating market leader," Sanjay Swamy, a managing partner at Prime, said in a statement. "We're delighted by the progress of MyGate and welcome these marquee investors, as the company prepares for the next wave of growth."

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• South Asia
• Support services
• Consumer
• Early-stage
• India
• Tencent
• Tiger Global Management
• TMT