Security is a necessity for anyone with a residence, be it an apartment or a bungalow. Though builders promise full-proof security to residents, many gated societies still rely on manual security checks. Some societies do adopt technologies like CCTV cameras, alarms, and electronic monitoring systems.
However, those technologies come with drawbacks, such as regular maintenance, and they sometimes fail to record the details of each entrant. The biometric recognition system, though helpful, is overpriced and suffers occasional lapses in its accuracy rate.
Mobile app-based security management solutions are the latest trend in the field of security management for homes. MyGate, a Bangalore-based company, is among the most popular app-based security management providers in India.
Here’s more about the MyGate Founders and Team, Funding and Investors, Challenges Faced, Competitors, Mission and Vision, Acquisition, and more.
MyGate – Company Highlights
| STARTUP NAME | MYGATE |
|---|---|
| Headquarters | Bangalore, Karnataka, India |
| Sector | Community Management, Security Management |
| Founders | Vijay Arisetty, Shreyans Daga, and Abhishek Kumar |
| Founded | 2016 |
| Website | mygate.in |
MyGate – About
MyGate – How it Works?
MyGate – Industry
MyGate – Founders and Team
MyGate – Startup Story
MyGate – Launch
MyGate – Mission and Vision
MyGate – Name and Logo
MyGate – Products and Services
MyGate – Business Model
MyGate – Revenue Model
MyGate – Challenges Faced
MyGate – LayOff
MyGate – Funding and Investors
MyGate – Growth
MyGate – Competitors
MyGate – Future Plans
MyGate – About
MyGate offers an app-based security and community management solution that caters to the security needs of over 4 million homes in 27 major Indian cities. It ensures that only verified visitors enter your society.
Moreover, the MyGate app can be used to perform tasks such as finding the top-rated maids and maintenance staff, paying maintenance bills, booking amenities like function halls or badminton courts, staying connected with other members of society, and much more.
MyGate – How it Works?
Once the managing community of a gated society signs up with the MyGate app, the MyGate team creates a back-end database of the society’s security personnel along with the required digital profiles.
It trains the guards and deploys the app within 3-7 days. Once the management committee subscribes to MyGate’s services, the society residents can then use the app without paying any extra charges. The MyGate app can be downloaded from Apple’s App Store and Google Play Store.
The society committee can also ask for a demonstration. The MyGate team offers a detailed demo of the onboarding process, deployment, and app usage to security personnel, residents, etc.
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MyGate – Industry
Mordor Intelligence’s analysis indicates that the Indian market for network security and cyber risk management is expected to develop significantly over the next several years. Based on current estimates, the market size is expected to reach USD 0.66 billion in 2024 and is expected to grow rapidly to USD 1.34 billion by 2029.
This projected growth indicates a noteworthy Compound Annual Growth Rate (CAGR) of 15.10% for the 2024–2029 prediction period. In addition to highlighting the growing need for cutting-edge tactics and solutions to counteract emerging cyberthreats, the research emphasizes the growing significance of network security and cyber risk management in India.
MyGate – Founders and Team
MyGate was founded by Vijay Arisetty (Chairman and Co-Founder), Abhishek Kumar (Co-Founder and CEO), and Shreyans Daga (CTO and Co-Founder) in 2016.
Vijay Arisetty (Chairman and Co-Founder, MyGate)
He is an NDA and ISB alumnus, and he was a helicopter pilot with the Indian Air Force for 10 years before taking the entrepreneurial plunge. He played an important role in managing the disaster relief operations (by air, land, and sea), handling the security of air bases, VVIP flying, pilot training, and military flying operations.
He was awarded the Shaurya Chakra (Peacetime Gallantry Award) in 2004 for his valour in rescuing over 300 tsunami victims within 3 hours in the Andaman and Nicobar Islands. Vijay also served as a Vice President at Goldman Sachs for 4 years. He is an experienced entrepreneur, having previously founded two other startups: Pyngcabs (2011) and Kitchens Food (2014). Aurm, an asset protection firm, as of 2024 appointed Vijay Arisetty as its founder and chief executive officer (CEO).
Abhishek Kumar (CEO and Co-Founder, MyGate)
He is an IIT Kanpur graduate and holds an MBA degree from IIM Ahmedabad. Before founding MyGate, Abhishek was a Vice President at Goldman Sachs for six years. He was responsible for driving business strategy and execution, key initiatives (e.g., outsourcing), economic architecture models, finance, and hiring. He was also a part of ON Semiconductors for close to 5 years and was with i2 Technologies for around 3 years.
Shreyans Daga (CTO and Co-Founder, MyGate)
Shreyans is an IIT Guwahati and ISB alumnus who is deeply passionate about technology. He had previously worked with 9.9 Media, RSG Media, and Oracle before he co-founded MyGate. Over a span of 14 years, he built several apps and websites and continues to work on innovative products.
MyGate has 1,001–5,000 team members. A large technology team works from the headquarters in Bangalore. The company has offices in each of the 11 cities it operates in to ensure seamless onboarding of gated communities.
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MyGate – Startup Story
The idea behind MyGate was born out of Vijay’s personal experience of living in a gated society.
Moving into a gated community made Vijay realize the loopholes and deficiencies in security. Despite the increasing number of people entering society, there was no system in place to monitor delivery boys, maids, etc. This gave him the idea of digitizing security checks and enabling verification at the main entrance of his apartment.
After speaking with members of different societies that included a gatekeeper (and even working as a security guard for a few days to understand the challenges), Vijay was adamant about conceiving such a product.
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MyGate – Mission and Vision
The company’s mission is “to transform the journey of community living.”
The company’s vision on it’s website states “enabling digital and smart security for gated communities.”
MyGate – Name and Logo
MyGate parent company is “Vivish Technologies.”
MyGate – Launch
MyGate was launched in Bangalore in the second half of 2016. Being the first in its category, it took some time for people to accept MyGate’s offerings. A few successful trials in large gated communities around Bangalore did the job and people in the city began adopting MyGate. The company initially did not market its services and relied on word-of-mouth publicity.
“The key strategy has been focusing on the customer and solving their problems. This has led us to develop a number of innovative features, such as Kid Checkout Permission and Automatic Number Plate Recognition. We believe that continuous focus on the customer is all we need to maintain our momentum ” – MyGate app founder Vijay Arisetty quoted
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MyGate is enhancing the security of housing societies by using innovative technologies, thereby providing exceptional customer experience. As told by MyGate founder Vijay Arisetty, residents of gated societies face two major hurdles:
- Unlike 15 years ago, housing societies today are frequented more by strangers than guests, friends, or relatives. With the boom in the Indian e-commerce segment, people now heavily rely on online shopping. And this means more home deliveries. The steady stream of unverified visitors (in the form of delivery boys and similar personnel) is a security concern.
- People prefer housing societies because they are supposed to be more convenient to live in owing to the amenities available. However, residents don’t always get the maximum benefit out of these amenities.
MyGate – Products and Services
MyGate’s app is designed to solve these issues through the following services:
- Visitor management: Ensures seamless entry of guests.
- Daily staff management: Notifies the resident when his or her staff enters the premises and automatically maintains the staff’s attendance. This feature also helps residents find the best-rated help in the community.
- Child security: Provides security guards with an easy way to seek permission from guardians (residents) if the children attempt to venture outside the residential complex.
- Delivery management: MyGate helps dwellers receive deliveries even if they are not at home.
- Booking amenities: Lets society dwellers book amenities such as the clubhouse or the tennis court from the app itself.
- Multiple property management: Helps manage multiple properties from a single app.
- Communications management: Let residents make announcements, plan events, and discuss community-related issues.
- Accounts and payments: Simplifies accounts and payments for the managing committee and residents.
- Helpdesk: Residents can write up on any issue, be it a dysfunctional elevator or erratic water supply. They also get real-time updates on the issues raised.
- Insurance: in collaboration with Acko General Insurance, has secured an aggregator license from IRDAI, enabling it to distribute insurance policies with exclusive pricing and an expanded range of products.
- Smart Home Ecosystem: By unifying devices like video doorbells and security cameras within a single app, MyGate enhances user convenience and establishes itself as a significant contender in the smart home technology market.
Some major USPs of the MyGate app are:
- Easy to use: MyGate has an intuitive interface that’s easy to understand and use.
- Customer Support: The MyGate team trains guards and addresses their concerns to ensure a great experience for the residents.
- Minimal Hardware: Since it is an app-based solution, it doesn’t require maintenance or expensive hardware.
- Quick Setup: MyGate onboards residents and staff and trains the concerned personnel within a week of joining hands with the residential community.
Over the years, we have made the application much more sophisticated, creating greater value add – Vijay Arisetty
MyGate has inked partnerships with several e-commerce players to create a system that offers a secure and hassle-free delivery experience.
MyGate – Business Model
MyGate has strategically positioned itself as more than just a visitor tracking app, evolving into an extensive society management platform with a diverse business model. By enabling locals to buy and sell things among themselves, the Society Marketplace feature promotes a regionally focused and community-driven economy. This facilitates a grassroots marketing strategy by providing small enterprises with a promotional route in addition to providing a simple platform for individual sellers.
MyGate Homes is a real estate marketplace where property owners can post their houses for sale or rental in addition to the Society Marketplace. Co-tenant matching made possible by the ‘share’ section encourages tenants to make effective use of their living spaces. Although these services may come with listing costs, the platform makes money off of the expanding trend of online real estate transactions.
Moreover, the app offers more than just real estate transactions now that it has the MyGate Home Services option. It offers locals a variety of necessary services like painting, cleaning, pest control, and moving and packing. With the integration of these services, MyGate becomes a full-featured society management tool, going up against well-known competitors like NoBroker and Urban Company.
MyGate’s business strategy incorporates ease, community involvement, and a comprehensive approach to society administration, resulting in a multifunctional platform that caters to a range of requirements in residential communities. This development establishes MyGate as a flexible solution provider that meets its users’ needs for a wider range of everyday activities in addition to security and visitor management.
Mygate in 2024 decided to shift its narrative from a community management app to enhance the everyday living experiences of residents. They announced their new corporate brand identity as ‘The Living Experience Tech Company’.
MyGate – Revenue Model
MyGate makes revenue from different resources, some of the prominent ones are:
Revenue from Resident Welfare Associations (RWAs) through Subscription:
A sizable amount of MyGate’s revenue comes from subscription fees that Resident Welfare Associations pay. These associations purchase a subscription to the MyGate platform in order to improve security, expedite visitor control, and gain access to a number of features that are advantageous for cohabitation.
MyGate’s financial sustainability is bolstered by the recurring revenue stream that the subscription model offers.
Home Services Fees:
Transaction fees or service charges are probably included with MyGate’s Home Services function, which offers a range of services like painting, cleaning, pest control, and movers and packers. MyGate may get payment from vendors or service providers utilizing the platform in exchange for enabling these connections.
Value-Added Services to Generate Extra Income:
For a higher price, MyGate might look into providing associations and residents with premium or value-added services. This could include cutting-edge security measures, tools for analytics and reporting, or other specialized services made to meet the needs of a particular community.
Fees for transactions on the Society Marketplace:
Transaction fees could be a source of revenue for the Society Marketplace function, which allows for peer-to-peer transactions inside the community. A minor fee may be imposed on sellers or purchasers during app transactions, which helps to generate money.
Revenue from Insurance
MyGate, in partnership with Acko General Insurance, has secured an IRDAI aggregator license to distribute insurance policies. This move enables MyGate to expand its offerings with exclusive insurance plans, diversifying its revenue model by tapping into the growing demand for accessible financial products.
MyGate – Challenges Faced
A significant challenge faced by MyGate was training the security guards. Initially, MyGate expected communities to deploy the solution on their own and train their guards. This approach worked for the communities with tech-savvy residents, but not all of them. The company ensures that the guards are well-trained by offering training sessions as and when required.
The team quickly realized that, with the huge churn in the security industry, a single training session would not work. Therefore, MyGate has over 200 people, ensuring that communities enjoy a great product experience with well-trained guards.
MyGate – LayOff
MyGate made the unfortunate decision to undergo a round of workforce reductions, resulting in the displacement of approximately 200 employees between December 2022 and February 2023. Prior to this significant event, the company had maintained a team of around 600 dedicated professionals.
Regrettably, the restructuring primarily impacted employees holding mid-management and junior roles within the organization. This strategic shift has undoubtedly led to a significant transformation within the company’s internal dynamics and operational structure.
While such decisions are often made with the intention of adapting to changing market conditions and optimizing resource allocation, they undoubtedly have profound implications for the individuals and teams affected. The aftermath of these changes will likely shape the future trajectory of MyGate as it strives to maintain its competitive edge and navigate the evolving landscape of its industry.
“MyGate is doing well, and we are actively hiring to expand our teams in certain areas. We are a high-performance culture—from time to time, we part ways with employees who aren’t a good fit at MyGate, or if our requirements and opportunities warrant the same,” a spokesperson for the company said.
MyGate – Funding and Investors
MyGate has raised $79.5 million in four rounds of funding to date from various investors.
Funding details of MyGate are as follows:
| Date | Stage | Amount | Investors |
|---|---|---|---|
| Nov 23, 2022 | Series B | $12.09 million | Acko, Urban Company |
| October 17, 2019 | Series B | $56 million | Tencent, Tiger Global, JS Capital and existing investor Prime Venture Partners |
| October 15, 2018 | Series A | $8.7 million | Prime Venture Partners |
| January 1, 2016 | Seed Round | $2.14 million | Prime Venture Partners |
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MyGate – Growth
MyGate major growth highlights are:
- It has a presence in 25,000+ cities as of February 2024
- It has 4 million+ homes as of February 2024
- It has presence 27 major cities as of February 2024
- MyGate has received 1.2 billion visitor entries as of February 2024
- The company has resolved over 6 million helpdesk tickets as of February 2024
Financials
| MyGate Financials | FY21 | FY22 | FY23 | FY24 |
|---|---|---|---|---|
| Operating Revenue | INR 8.4 crore | INR 40.1 crore | INR 71 crore | INR 96.2 crore |
| Total Expenses | INR 145.0 crore | INR 192.3 crore | INR 304 crore | INR 129.5 crore |
| Profit/Loss | Loss of INR 111 crore | Loss of INR 118.1 crore | Loss of INR 76 crore | Loss of INR 39.8 crore |
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MyGate – Competitors
Some of the top competitors of MyGate are Apartment Adda, Apna Complex, NoBroker Hood, Digital Gorkha, and Biizlo. Jio Gate is another emerging competitor.
MyGate – Future Plans
MyGate is concentrating on employee-centric projects, with major investors like Tiger Global, Acko, Urban Company, and x to 10X. The company’s recent declaration of a 51-employee Employee Stock Ownership Plan (ESOP) repurchase demonstrates its dedication to appreciating and rewarding its staff.
In the future, MyGate intends to grow this initiative with the goal of establishing a work environment that encourages cooperation, creativity, and mutual success. In order to become an employer of choice in the competitive market, MyGate wants to improve job satisfaction, retention, and attraction of top talent by providing employees with a stake in the company’s future.
A crucial component of MyGate’s strategic approach to employee benefits, the ESOP buyback program is in line with the company’s overarching goal of having a flourishing and engaged workforce.
Vijay Arisetty, Abhishek Kumar, and Shreyans Daga are preparing to accelerate their efforts towards launching an Initial Public Offering (IPO) within the next three years.
FAQs
Who are the Founders of MyGate?
MyGate was founded by Vijay Arisetty, Abhishek Kumar, and Shreyans Daga in 2016.
How much is MyGate’s Revenue?
MyGate’s operating revenue is reported at INR 96.2 crore during FY24, which grew by 35.3% from INR 71.1 crore in FY23.
What is MyGate?
MyGate offers an app-based security and community management solution that currently caters to the security needs of over 4 million homes in 27 major Indian cities.
How much does MyGate App cost?
MyGate’s monthly pricing varies but it starts off at INR 4000 per Device/Month.
