MyGate

Last updated

Mygate
Company type Private
Industry Informational technology & services
Founded2016
Headquarters
Bangalore, Karnataka
,
India
Key people
Vijay Arisetty (Co-founder, CEO)
Abhishek Kumar(Co-founder, COO)
Shreyans Daga (Co-founder, CTO)
ProductsConsumer services
Number of employees
1,550 [1]
Parent Vivish Technologies
Website mygate.com

Mygate is an app created to manage security and community living in housing societies. [2] [3] The app was launched in 2016, and as of November 2021, it claimed to serve over 25,000 housing societies across 27 cities in India. [4] [5] [6] Mygate is owned by Vivish Technologies and headquartered in Bangalore. [7]

Contents

History

The app Mygate was first launched in Bangalore in June 2016 by Vijay Arisetty, Abhishek Kumar, Shreyans Daga, and Vivaik Bhardwaj. [8] [9] [10] It is owned and operated by Vivish Technologies, a company also based in Bangalore, India. [11] [12] The company received its initial round of funding in 2018, with a $2.5 million investment from Prime Venture and opened offices in seven cities. [13] [14] As of 2023, the app is used by 3.5 million homes across 25,000 societies. [15]

In June 2021, the company launched Mygate Homes, a property search feature on their app, enabling users to buy, sell, and rent properties. [16] Homes later expanded to include additional services like rental agreements, legal assistance, and property management. [17] [18] In August, the company had initiated a buyback program to buy back shares worth up to ₹37.2 crore. [19] In 2021, the company entered the Community Omnicommerce market with the launch of Mygate Exclusives on its app, featuring a curated selection of household and essential products. [20]

Mygate has laid off hundreds of employees since May 2021 owing to pandemic woes. [21] In Feb 2023, Mygate laid off 30% of its staff, mainly mid-manager level and junior-level employees from ground operations and community engagement and other verticals. It had laid off a similar percentage of employees in an earlier round of layoffs in December 2022. [22]

Products

Mygate was created to manage security, finances, communication, and resident grievances. The app enables visitor control, home service finding, and access to real estate and peer-to-peer marketplaces. [23] [24] [25]

Personal Data Protection

Mygate implemented PDP in June 2020 to protect user privacy and give users control over their information. The bill enhances individual control over personal data, ensuring fair and lawful acquisition and specific usage purposes. Users have the right to access their stored information, including details on who viewed it, when, and for what reasons. [26] [27] [28]

However, activities of Mygate are being questioned by its customers with doubts raised over privacy issues as they try out different concepts to stay afloat. [29] As part of its monetising strategy, Mygate has allowed thousands of brands in India to target its App users who are well-off families living behind gated communities. [30]

Lawsuits

In June 2020 Business Standard reported that Mygate and competitor NoBroker had filed competing lawsuits each charging the other with theft of proprietary customer data. [31]

Funding

Mygate has raised a total of $67.2 million in funding over three rounds. [32]

In January 2018, as part of a seed round of funding, the company received $2.5 million for its technology platform. The funding round was led by a Bangalore-based seed fund Prime Venture Partners (PVP). [33] [34]

In October 2018, as part of a Series A round of funding, the company raised 65 crores from Prime Venture Partners. [35]

In October 2019, as part of a Series B round of financing, the company received $56 million from Tiger Global Management, Tencent Holdings, JS Capital and existing investor PVP. [36] [37] [38] [39]

In November 2022, Mygate raised Rs 100 crore from Urban Company and Acko. [40]

Acquisitions

In December 2021, Mygate acquired MyCommunity Genie, a Bengaluru-based social commerce platform, for an undisclosed sum. [41] [42]

See also

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References

  1. ↑ "MyGate to hire 300 people, eyes offering services to 25,000 gated communities". Mint . PTI. 20 September 2020. Retrieved 26 November 2022.
  2. ↑ Mahalakshmi, BV (8 October 2018). "myGate aims to digitise the security services in your society; here's how". The Financial Express .
  3. ↑ Abrar, Peerzada (29 November 2019). "Flush with funds, home security tech startup MyGate goes on expansion spree". Business Standard .
  4. ↑ Jose, Teena (27 April 2023). "DriveU Partners With MyGate To Cater To the Needs Of Car Owners". Entrepreneur. Retrieved 20 November 2023.
  5. ↑ Raj, Y. V. Phani (7 December 2020). "MyGate enhancing tech-driven security". Telangana Today . Retrieved 18 May 2021.
  6. ↑ "Newschecker, MyGate join hands to fact-check info on coronavirus for RWAs". The Financial Express. 26 September 2020. Retrieved 24 October 2020.
  7. ↑ Jose, Teena (21 February 2023). "MyGate Lays Off 30% Workforce: Report". Entrepreneur. Retrieved 17 July 2023.
  8. ↑ Shibad, Namita (5 May 2018). "Chaotic housing societies get a touch of order with new security and visitor management system". Hindustan Times .
  9. ↑ Balachandran, Manu (12 September 2019). "Can MyGate replace the calling bell?". Forbes India .
  10. ↑ Singh, Manish (10 December 2017). "MY STARTUP IDEA: MyGate co-founder on his eureka moment". The Times of India .
  11. ↑ Agarwal, Ankit (28 August 2019). "Grapevine: Tiger to back MyGate, Infra.Market, UrbanPiper; TPG eyes Café Coffee Day". VCCircle .
  12. ↑ "MyGate Vs NoBroker: Tiger Global-Backed Startups Wrestle Over Data Theft Allegations". Inc42 Media. 1 July 2020. Retrieved 25 October 2020.
  13. ↑ Rao, Rukmini (14 July 2019). "Checkpoint - Business News". Business Today (India) .
  14. ↑ "myGate to expand to 5 more cities". Business Line. 27 February 2018. Retrieved 25 October 2020.
  15. ↑ "MyGate Home Services biz grows by 50 per cent m-o-m". www.thehindubusinessline.com. 24 December 2021. Retrieved 15 July 2023.
  16. ↑ "MyGate launches property search marketplace, 'MyGate Homes'". mint. 14 September 2021. Retrieved 26 October 2021.
  17. ↑ "MyGate unveils property marketplace, eyes 25,000 monthly listings". Business Standard India. 14 September 2021. Retrieved 26 October 2021.
  18. ↑ "MyGate launches community omnicommerce services". Techcircle. 17 February 2021. Retrieved 26 October 2021.
  19. ↑ Tyagi, Gaurav; Mittal, Aarzoo (12 August 2020). "MyGate valuation touches $170 Mn in last round; initiates share buyback program". Entrackr. Retrieved 25 October 2020.
  20. ↑ Khan, Sobia. "MyGate forays into 'Community Omnicommerce' with launch of MyGate Exclusives". The Economic Times . Retrieved 30 March 2021.
  21. ↑ Barik, Soumyarendra; Tyagi, Gaurav (11 September 2021). "MyGate burns Rs 80 Cr to earn Rs 15.4 Cr in FY20; lays off 120 staff". Entrackr. Retrieved 16 September 2021.
  22. ↑ "MyGate lays off 30% of its staff". Mint . 22 February 2023. Retrieved 22 February 2023.
  23. ↑ "MyGate launches property search marketplace, 'MyGate Homes'". mint. 14 September 2021. Retrieved 26 October 2021.
  24. ↑ "MyGate unveils property marketplace, eyes 25,000 monthly listings". Business Standard India. 14 September 2021. Retrieved 26 October 2021.
  25. ↑ Pradhan, Dipen (13 December 2018). "How myGate Is Making Apartment Living Secure In Indian Cities". Inc42 Media. Retrieved 17 July 2023.
  26. ↑ Mathur, Nandita (5 June 2020). "MyGate implements GDPR guidelines to give users information control". Livemint . Retrieved 18 May 2021.
  27. ↑ Chunduru, Aditya (28 June 2020). "MyGate app for gated community security addresses privacy issue but users remain wary". Deccan Chronicle . Retrieved 18 May 2021.
  28. ↑ Raj, Y. V. Phani (7 December 2020). "MyGate enhancing tech-driven security". Telangana Today . Retrieved 18 May 2021.
  29. ↑ Mohan, B. Krishna (26 November 2022). "Activities of MyGate are being questioned with doubts raised over privacy issues and users remain wary". Telangana Today . Retrieved 5 April 2023.
  30. ↑ Jindal, Rohit (12 July 2022). "What do all high-value customers have in common". E4M . Retrieved 12 July 2022.
  31. ↑ Abrar, Peerzada (29 June 2020). "MyGate and NoBroker accuse each other of stealing data, file FIRs". Business Standard India. Retrieved 22 November 2020.
  32. ↑ "MyGate Expands To Tier 2 As JioGate, NoBroker Intensify Competition". Inc42 Media. 11 January 2020. Retrieved 25 October 2020.
  33. ↑ "myGate raises Rs 16 cr from Prime Venture Partners". The Times of India . 19 January 2018.
  34. ↑ "myGate raises Rs 16 cr in first round of funding led by Prime Venture". @businessline. 18 January 2018. Retrieved 27 October 2020.
  35. ↑ Bhakta, Pratik (16 October 2016). "myGate gets Rs 65 crore in Series A". The Economic Times .
  36. ↑ Singh, Manish (17 October 2019). "MyGate raises $56M to bring its security management service to more gated communities in India". TechCrunch .
  37. ↑ "MyGate raises 56 million in Series B funding- Business News". Business Today (India) . 17 October 2019. Retrieved 18 February 2020.
  38. ↑ Vardhan, Jai; Tyagi, Gaurav (20 January 2020). "MyGate records 4X growth in revenue in FY19 but losses surge 9X". Entrackr. Retrieved 25 October 2020.
  39. ↑ Mathur, Nandita (16 October 2019). "Tencent, Tiger Global, others back MyGate". mint. Retrieved 24 October 2020.
  40. ↑ Kaushal, Bhavya (23 November 2022). "Acko and Urban Company invests 100 Cr in MyGate to access its customer base for its services". Business Today . Retrieved 23 November 2022.
  41. ↑ Kumar, Rahul (9 December 2021). "MyGate recently acquired MyCommunity Genie". Business Standard. Retrieved 23 December 2021.
  42. ↑ Kumar, Rahul (9 December 2020). "MyGate Acquires MyCommunity Genie ". Business World.
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