Security tech start-up MyGate has raised Rs 100 crore from home services marketplace, Urban Company, and direct-to-consumer brand, Acko. This partnership will allow both the companies to offer their services on the MyGate app. Both companies will work closely with MyGate on product development, technology, and user experience to create unique offerings for residential societies.
Other investors which back MyGate include Tiger Global, Tencent Holdings, Seabright and a few others. The company last raised a series B funding round of $56 million in 2019.
Tiger Global and Tencent have invested in unicorn start-ups like Zomato, Delhivery, Freshworks, Byju’s, PolicyBazaar, Udaan, and many more.
Commenting on this development, Vijay Arisetty, CEO and Co-founder of MyGate, said, “These strategic partnerships align well with our long-term vision of providing security and convenience to MyGate communities. ACKO will be our exclusive partner to extend security via its protection solutions while Urban Company will bring its array of top-quality home services to our users directly on the MyGate app.”
MyGate is a Bengaluru-based company, which was started in 2016 by Arisetty, Abhishek Kumar, and Shreyans Daga. The co-founders saw a gap in the gated community and security spaces that led them to launch the start-up. The app is today installed in about 3.9 million homes across India. Last year, the start-up acquired a community commerce platform, MyCommunity Genie in a part-equity, part-cash deal.
Abhiraj Singh Bahl, Co-founder and CEO of Urban Company added that this partnership will help them (UC) draw a deeper understanding of the gated communities. “This will unlock not only new consumer demand channels for us but also will give us an opportunity to innovate on our product offering to service gated communities. This will further strengthen our presence in the top cities,” he said.
Both the Urban Company and Acko have acquired a minority stake in the company through this investment.
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