MyGate Startup Story – Revolutionalizing Indian Security Tech Space

MyGate Startup Touches $170M Valuation - Most Promising Security Management Company

In the sphere of home security administration, mobile app-based security management systems are the newest trend. MyGate, situated in Bangalore, is one of India's most popular app-based security management companies. It is an app-based security and community management solution that serves over 1.2 million houses across 11 major Indian cities. Furthermore, people can identify top-rated maids and maintenance workers, pay maintenance bills, book amenities, rooms or badminton courts, keep connected with other members of the society, and much more.

Interesting Fact - Abhishek Kumar, co-founder of MyGate, started the 'Countdown for MyGate Homes' with a LinkedIn post.

MyGate - Key Highlights

• Founded – 2016
• Founders - Vijay Arisetty, Shreyans Daga, and Abhishek Kumar
• Sector - Community Management, Security Management
• Headquarters - Bangalore
• Parent Organization - Vivish Technologies Pvt. Ltd
• Total Funding - $67.3 million
• Valuation - $170 Million (2020)
• Operating Revenue - $2.09 million (Rs 15.43 crores) in FY20
• Website – www.mygate.in

MyGate – Key Features

The following are some of the app's key features:

• MyGate offers a simple, intuitive UI that is simple to learn and use.
• The MyGate staff educates guards and addresses their complaints to ensure that residents have a positive experience.
• It doesn't require any upkeep or expensive hardware because it's an app-based solution.
• Within a week of partnering with a residential community, MyGate onboards residents and employees and trains relevant people.

Note : MyGate has formed collaborations with several e-commerce companies to develop a delivery system that is both secure and convenient.

MyGate Startup – Services

The MyGate app got aimed to address these concerns by providing the following services:

• Visitor management : Ensures that visitors have a smooth admission.
• Daily staff management : They notify the resident when their personnel reaches the premises and automatically keeps track of their attendance. This tool also assists residents in locating the best-rated assistance in the area.
• Security for children : Allows security guards to request permission from guardians (residents) if youngsters attempt to leave the residential complex.
• Receiving deliveries : MyGate assists residents in receiving deliveries even when they are not at home.
• Booking facilities : Allows residents of gated communities to book amenities such as the clubhouse or tennis court directly from the app.
• Many properties management : From a single app, you may manage multiple properties.
• Accounts and payments : Make it easier for the managing committee and residents to keep track of their finances.
• Submit complaints : Residents can submit complaints to the Helpdesk about any concern, such as a broken elevator or inconsistent water supply.
• Other Features : Residents can make announcements, schedule events, and discuss community-related issues using the communications management system.

MyGate - Founders and Team

• Vijay Arisetty (CEO & Co-founder, MyGate) He is an NDA and ISB graduate who served as a helicopter pilot in the Indian Air Force for ten years before venturing out on his own. In 2004, he received the Shaurya Chakra (Peacetime Gallantry Award) for his bravery in rescuing over 300 tsunami victims in the Andaman and Nicobar Islands in under three hours. Vijay also spent four years as a Vice President at Goldman Sachs. He is an entrepreneur who has created two other businesses: Pyngcabs (2011) and Kitchens Food (2012).
• Abhishek Kumar (Co-founder, MyGate) He graduated from IIT Kanpur and possessed an MBA from IIM Ahmedabad. Abhishek spent six years as a Vice President at Goldman Sachs before starting MyGate. He also spent nearly five years at ON Semiconductors and three years at i2 Technologies.
• Shreyans Daga (CTO & Co-founder, MyGate) Shreyans is a technology enthusiast who attended IIT Guwahati and ISB. Before co-founding MyGate, he had worked with 9.9 Media, RSG Media, and Oracle. He has produced various apps and websites over 14 years and continues to work on new products.

MyGate employs almost 700 people. From the Bangalore headquarters, a vast technological team works.

MyGate – Growth & Financial Numbers

The company has over 1.2 million household users and is currently operating in more than 11 Indian cities. Every month, MyGate sees a 20% increase in its customer base. The service now handles 60,000 requests per minute and over 45 million monthly check-in requests.

• MyGate Presence has reached significant growth milestones in 11 cities, including Bengaluru, Delhi, Mumbai, Kolkata, Chennai, and Hyderabad.
• It currently provides services to 20,000 gated communities, with over 3 million homes benefiting as a result.
• Since May 2020, MyGate has assisted in relaying the person's temperature status over 10 million times.
• Through its app, MyGate has assisted in the quarantine of over 10,000 homes.
• Its digital app bills have increased to Rs 160 crores, up from Rs 35 crores in March 2020.
• To assist the farmers, MyGate brought over 15,000 kg and successfully sold them.

MyGate – Revenue

MyGate's operating revenue increased by 167.4% in FY20, from INR 5.83 crores in FY19 to INR 15.43 crores. MyGate's EBITDA margin improved somewhat in FY20, standing at -240%, compared to -285% in FY19. Furthermore, MyGate had Rs 50 crores in employee benefits, with 90% going to the company's directors. During the same period, MyGate's net losses climbed by 126%. As a result, the company lost roughly INR 25.3 crores in FY19, and the losses escalated to INR 56.6 crores in FY20.

MyGate Startup – Competitors

MyGate's main competitors:

• Apartment Adda,
• Apna Complex,
• NoBroker Hood,
• Digital Gorkha, and
• Biizlo
• Jio Gate

MyGate - Funding and Investors

MyGate has raised $67.3 million from various investors in three rounds of fundraising till now. Tencent, Tiger Global, and others led a $56 million round of fundraising for MyGate.

Fun Fact: The Indian security sector (which includes both human security services and security systems) was valued at INR 40,000 crores in 2014, according to a report by Grant Thornton India LLP and FICCI.

MyGate Startup – Challenges

By utilizing modern technologies, MyGate is boosting the security of housing societies while also providing a fantastic client experience. However, residents of gated communities confront two significant challenges, according to MyGate founder Vijay Arisetty:

• Security Risk – People in India now significantly rely on online purchasing, thanks to the growth of the e-commerce sector. As a result, there will be more home deliveries. However, the constant influx of unidentified visitors (delivery guys and other similar individuals) poses a security risk.
• Training Cost – Training the security guards was a massive difficulty for MyGate. Initially, MyGate anticipated that communities would adopt the solution and train their guards on their own. With the high churn in the security field, the team rapidly realized that a single training session would not be enough. As a result, MyGate employs over 200 people to ensure that communities receive excellent service from well-trained guards.

MyGate Startup – Future Plans

• MyGate's goal is to establish itself as a visitor and employee management solution in the commercial/office space segment.
• It aspires to become the security management company of choice for every Indian gated community.
• By the middle of 2021, the business hopes to have covered 15 million homes in 40 Indian cities.
• MyGate will soon introduce a consent-based MyGate Homes platform to revolutionize the way people buy, sell, and rent houses.