myGate gets Rs 65 crore in Series A

BENGALURU: Security management startup myGate has raised Rs 65 crore in its Series-A round of funding led by existing investor Prime Venture Partners. This is the second investment for Prime in myGate, which had pumped in Rs 16 crore in a previous round in January. myGate, which provides smartphone-based security solutions to residential properties, is looking to scale up operations to 10 cities with the funds raised. It is aiming for 10 times growth in terms of number of communities where it is used.

“We have already expanded our presence across more than 1,000 communities in Bengaluru, Hyderabad and Pune and our solutions have been adopted by more than 2.5 lakh households,” said Vijay Arisetty, CEO, myGate.

The company plans to take its product to Mumbai, the National Capital Region, Chennai, Ahmedabad and Kolkata. myGate allows housing societies to regulate movement in their campuses where security guards are given smartphones through which they can collect parcels, manage movement of delivery agents and keep a tab on entry of domestic helps and guests.

“We are also working on a solution around parcel workflow management to automate parcel collection by security guards at the gate in order to ensure safety of the parcel and keep a trail of the movement of the goods,” said Arisetty.