Security firm myGate raises $2.5 mn in funding led by Prime Venture

Security management solution for gated communities and apartment complexes myGate has raised $2.5 million in funding led by Prime Venture Partners.

The Bengaluru-based firm, which launched in 2016 claims its application is already in use across 100,000 homes and is being used by over 5,000 security guards in the city. myGate says it will utilise the capital to reach 2 million homes in the top seven metro cities in India within the next two years.

"Security for gated-premises is a multi-billion market that is fundamentally underserved by often obsolete legacy providers and solutions. myGate provides an outstanding experience for people living in gated communities, allowing them to keep track of their visitors and all the relevant developments in the community with the help of an app," said Vijay Arisetty, co-founder, and CEO, myGate, in a statement.

myGate is looking to target communities and apartment complexes of all sizes using the app as the capex involved in using the solution is zero. It says its solution has been designed keeping in mind use of new-age services such as food delivery and ride-hailing by people living in apartments, rather than just logging entries of visitors.

The Indian market for guards and security equipment at gated premises is estimated to be $2 billion according to a Grant Thornton report. myGate is looking to make a dent here with its zero Capex and Saas model where customers pay between Rs 8,000 and Rs 30,000 per month to use the service, depending on the size of the gated community.

"We first experienced myGate as consumers and loved the product experience. When we met the team, we were very excited by their incredible vision to transform the physical security experience as well as their focus and relentless pursuit of excellence," said Sanjay Swamy, Managing Partner at Prime Venture Partners.

While the company is focused on onboarding more residential communities onto its service, it is also piloting its offering at commercial spaces, factories, and even schools. However, it says residential complexes will be the main driving force of its growth in the foreseeable future.

Going forward, it could even look at integrating with new-age services such as online food ordering players, e-commerce delivery agents and ride-hailing providers to automatically allow for their safe entry into a gated premises. A part of the funding will be utilised for integrations the company said.