Bengaluru-based MyGate, an app-based community management company, has raised $56 million in Series B funding. It was featured in BT's Coolest Start-up list this year. Chinese internet giant Tencent Holdings, US-based JS Capital LLC, Tiger Global Management and Prime Venture Partners participated in the round.
Mygate, present in 1.2 million homes across 11 cities in India, manages visitors (guests, deliveries, cabs, etc), maintains attendance and salary records for daily helps, facilitates payment of society maintenance bills and also helps residents discover services.
The company plans to invest the fund into expanding from existing 1.2 million homes to 15 million homes in the next 15 months. "The scale we are looking at will require an entire shift in tech, product and marketing teams . We will have to reboot to meet the scale," said Vijay Arisetty, CEO, Mygate.
The newly raised funds will be also be used for enhancing the leadership team, said Abhishek Kumar, COO, MyGate "Getting the right talent and leadership is a significant investment along with marketing."
Salil Seshadri, Chief Investment Officer, JS Capital LLC, one of the investors in the funding round, said: "We believe that their deep product focus and technological prowess will enable them to build solutions that bring positive gains to the entire ecosystem."
At present, the operations team of Mygate is completely in-house. With renewed expansion plans, the company is also experimenting with a third-party provider. The startup has over 700 employees spread across all of India's metros which the company is planning to triple over the next two quarters. MyGate had earlier raised $11.5M over two funding rounds. In May 2019, the company had announced partnerships with several major ecommerce brands, including Swiggy, Zomato, Grofers and Dunzo, to ensure a silent and secure delivery experience for users.