INSUBCONTINENT EXCLUSIVE:
MyGate, a Bangalore-based startup that offers security management and convenience service for guard-gated premises, said today it has bagged
more than $50 million in a new financing round as it looks to expand its footprint in the nation.Chinese internet giant Tencent, Tiger
entries and exits, communicate with their neighbors, log attendance and pay society maintenance bills and daily help workers.The startup
says it is operational in 11 cities in India and has amassed over 1.2 million home customers
Its customer base is increasing by 20% each month, it claimed
The service is handling 60,000 requests each minute and clocking over 45 million check-in requests each month.The idea of MyGate came after
its co-founder and CEO, Vijay Arisetty, left the Indian armed force
was also when e-commerce companies and food delivery firms were beginning to gain strong foothold in the nation
create a system to offer a silent and secure delivery experience for its users
The startup also trains guards to understand the system.According to industry estimates, more than 45 million people in India today live in
gated communities, and that figure is growing by 13% each year
The private security industry in the country is a $15 billion market.Arisetty says he believes the startup could significantly accelerate
its growth as its solution understands the price-sensitive market
Using MyGate costs an apartment about Rs 20 (28 cents) per month
Even at that price, the startup says it is making a profit
today employs about 700 people.The startup plans to use the fresh capital to expand its technology infrastructure, its marketing and
operations teams and build new features
The startup aims to reach 15 million homes in 40 Indian cities in the next 18 months.In a statement, Sanjay Swamy, managing partner at Prime
