MyGate raised Rs 100 crore
Security technology startup Urban Company, a home services marketplace, and Acko, a direct-to-consumer brand, have contributed Rs 100 crore to MyGate. Both businesses will be able to sell their services via the MyGate app thanks to this agreement. On product development, technology, and user experience, both businesses will collaborate closely with MyGate to produce special services for residential societies.
Tiger Global, Tencent Holdings, Seabright, and a few more investors also support MyGate. The business most recently secured $56 million in series B funding in 2019.
Unicorn start-ups including Zomato, Delhivery, Freshworks, Byju’s, PolicyBazaar, Udaan, and numerous others have received funding from Tiger Global and Tencent.
The CEO and co-founder of MyGate, Vijay Arisetty, commented on this development by saying, “These strategic alliances are in line with our long-term aim of bringing ease and security to MyGate communities. AKO will be our sole partner in extending security through its protection solutions, and Urban Company will provide our users a variety of high-caliber home services directly through the MyGate app.
MyGate is a Bengaluru-based business that Arisetty, Abhishek Kumar, and Shreyans Daga founded in 2016. The co-founders decided to create the business after identifying a need in the security and gated community sectors. Currently, the app is present in roughly 3.9 million homes in India. A community commerce platform called MyCommunity Genie was purchased by the startup last year in a deal that included both cash and stock.
The co-founder and CEO of Urban Company, Abhiraj Singh Bahl, noted that this alliance will aid UC in developing a more thorough understanding of gated communities. In addition to opening up new customer demand channels for us, this will also allow us to innovate our product line to better serve gated communities. This will increase our visibility in the major cities, he said.
Through this investment, the Urban Company and Acko each obtained a small ownership part in the business.