Prime Venture Partners, others put Rs 16 crore in MyGate
Synopsis
The startup plans to utilise the money to expand operations to seven cities and strengthen its technology platform to be able to handle increased volumes.
By ET Bureau
Last Updated:
BENGALURU: Astartup providing mobile-based security management solutions for residential societies, myGate, has raised Rs 16 crore in a funding round led by early-stage venture fund Prime Venture Partners.
“An average 2,000-apartment gated society gets around 3,000-4,000 visitors per day and as per our assumptions there are around 15 million villas and flats in the country with around 35 million residents,” said Arisetty. “We are targeting that space with our smartphone-based product and with this new funding we hope to reach 20 lakh households over the next two years.”
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The startup plans to utilise the money to expand operations to seven cities and strengthen its technology platform to be able to handle increased volumes. myGate is digitising security for gated communities, empowering residents to control access of visitors to the society premises at the main gate itself though an app, CEO Vijay Arisetty said.“An average 2,000-apartment gated society gets around 3,000-4,000 visitors per day and as per our assumptions there are around 15 million villas and flats in the country with around 35 million residents,” said Arisetty. “We are targeting that space with our smartphone-based product and with this new funding we hope to reach 20 lakh households over the next two years.”