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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. Biometric recognition system, though helpful, is over-priced 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 amongst the most popular app-based security management providers in India.
Let know the Success Story of MyGate and also get a glance at MyGate Funding, Founders, Business Model, MyGate Pricing, Revenue Model & more...
MyGate - Company Highlights
| Startup Name | MyGate |
|---|---|
| Headquarters | Bangalore |
| Founders | Vijay Arisetty, Shreyans Daga, and Abhishek Kumar |
| Sector | Community Management, Security Management |
| Founded | 2016 |
| Parent Organization | Vivish Technologies Pvt. Ltd |
| Valuation | $170 Million |
| Website | mygate.in |
About MyGate
MyGate - Industry Details
MyGate - Founders And Team
MyGate - How It Began
MyGate - Launch
MyGate - Products And Services
MyGate - Business and Revenue Model
MyGate - Funding And Investors
MyGate - Startup Challenges
MyGate - Competitors
MyGate - Growth And Revenue
MyGate - LayOff
MyGate - Future Plans
MyGate - FAQs
About MyGate
MyGate offers app-based security and community management solution that is currently catering to the security needs of over 1.2 million homes in 11 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 the other members of the society, and much more.
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 5-7 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.
Disha
MyGate - Industry Details
According to a report by Grant Thornton India LLP and FICCI, the Indian security industry (comprising both manned security services and security systems) was valued at INR 40,000 crores in 2014. It was expected to reach INR 99,000 crores in 2020 and is estimated to rise to INR 1.5 lakh crores by 2022, as per the estimates laid down in the Private Security Industry Report.
The anticipated growth can be attributed to an increase in the number of industrial complexes, public infrastructure, residential complexes, and the enormous opportunities presented through government initiatives like ‘Smart Cities’ and ‘Make in India’.
According to the report, while manned guarding occupies 75-80% share in the Indian security industry, the remaining 20-25% share is occupied by electronic security services. More than 45 million people in India live in gated communities, and this figure is growing by 13% every year. The private security industry in the country is a $15 billion market.
MyGate - Founders And Team
MyGate was founded by Vijay Arisetty, Abhishek Kumar, and Shreyans Daga in 2016.
Vijay Arisetty (CEO & Co-founder, MyGate)
He is an NDA and ISB alumnus and 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 Shaurya Chakra (Peacetime Gallantry Award) in 2004 for his valour in rescuing over 300 tsunami victims within 3 hours at the Andaman & 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).
Abhishek Kumar (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 6 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 3 years.
Shreyans Daga (CTO & Co-founder, MyGate)
Shreyans is an IIT Guwahati and ISB alumnus, 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 700+ 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.
Lakshya Singh
MyGate - How It Began
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 the 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.
Shubham Kumar
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
PV Vyshnavi
MyGate - Products And Services
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'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.
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 and Revenue Model
MyGate's revenue model is just like any other SaaS product's model, i.e., subscription-based. MyGate's monthly pricing depends on the number of houses in the society. It costs an apartment about INR 20 (28 cents) per month. Thus, the cost of MyGate's services comes down to an average of INR 6000-INR 10,000 per community every month.
MyGate is launching "Homes Services," which the company confirmed via the Twitter handle of Abhishek Kumar on July 7, 2021. This new service is designed as a bundle of services that the users can avail themselves of from the comfort of their homes. Here are some of the major services that MyGate will offer from now on:
- Hassle-free downloading of government certificates
- Car and home sanitization services
- Cleaning services
- Courier services
- Pest control services
- Home salon services.
Apart from the above list of services, there are some more services that the users can avail of through this new wing of services of MyGate. Furthermore, the company has claimed that they are planning best-in-class services at affordable rates and will also refund the users' monies who are not satisfied with their services.
MyGate launches "Homes Services". Get government certificates, car/home sanitisation, cleaning, courier, pest control, home salon (BLR) and much more. Partners have been curated for best price and quality. Do try. Not satisfied, we will do a full refund. No questions asked.
— Abhishek (@4Abhishek6) July 7, 2021
MyGate primarily generates income through multiple revenue streams. Here's a breakdown of its revenue sources:
- Subscription Revenue from Resident Welfare Associations (RWAs): MyGate offers its services to Resident Welfare Associations, which are responsible for managing and maintaining residential complexes or communities. These RWAs pay a subscription fee to use MyGate's platform, which helps streamline various tasks related to security, communication, and facility management within the community.
- Revenue from Brands and Advertisers: MyGate also generates revenue by allowing brands and advertisers to promote themselves on the MyGate app. This can include targeted advertisements, sponsored content, or partnerships with local businesses looking to reach the residents within the communities that use MyGate.
- Consumer Sector (B2C) Revenue: MyGate provides direct services to residents within the communities it serves. These services can include facilitating the payment of utility bills and other maintenance expenses. MyGate may charge convenience fees or service charges for these B2C services, generating revenue from individual residents who use the platform for such transactions.
Overall, MyGate's business model is diversified, with income coming from both the B2B (RWAs and advertisers) and B2C (individual residents) sources. This diversification allows MyGate to offer valuable services to both community management and residents while generating revenue through various channels.
MyGate - Funding And Investors
MyGate has raised $79.5 million in four rounds of funding to date from various investors. MyGate's last funding was led by Acko and Urban Company on November 23, 2022, in the series B round. Before that, it received funding from Tencent, Tiger Global, and more for $56 million. Post-this round, MyGate's valuation touched $170 million (as reported on August 12, 2020).
Funding details of MyGate are as follows -
| Date | Stage | Amount | MyGate Lead 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 |
Jeenal Jain
MyGate - Startup Challenges
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 now 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 now has over 200 people ensuring that communities enjoy a great product experience with well-trained guards.
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 - Growth And Revenue
Named as one of India’s most innovative startups, MyGate has been able to carve a niche for itself in the field of security and community management. The startup is currently operational in more than 11 cities in India and has amassed over 1.2 million home customers. MyGate sees its customer base increase by 20% each month. The service is now handling 60,000 requests each minute and clocks over 45 million check-in requests every month.
The pandemic changed quite a lot of things around us including ways of life. Before the COVID-19 pandemic broke out we could have let any person to our house, opt for trips outside, shop and celebrate outside, and more. However, in the wake of the coronavirus disease, people have been aware of the consequences of such activities, and want to avail everything from within their societies. These present adversities proved to be a boon for MyGate, which stood up to be a reliable brand offering easy solutions to stay updated about the society one lives in, pay their bills, and buy masks, sanitisers, groceries, and other essentials without hassles.
Major growth milestones achieved by MyGate
- Presence in 11 cities such as Bengaluru, Delhi, Mumbai, Kolkata, Chennai, and Hyderabad.
- It is currently providing services to 20,000 gated communities and over 3 million homes are benefitting through the same. The number of gated communities embracing MyGate has expanded at an incredible rate from March 2020, when only 6000 societies used the platform.
- MyGate has helped to relay the temperature status of the person over 10 million times since May 2020.
- MyGate has helped to manage the quarantine of over 10,000 houses via its app.
- It has grown its app digital invoices to Rs 160 crores since Rs 35 crores, as reported in March 2020.
- In an attempt to help the farmers, MyGate brought over 15,000 kg and sold them successfully.
MyGate has reported a rise of around 126% in losses as of September 10, 2021. The company incurred a loss of around Rs 25.3 crore in FY19, which increased to Rs 56.6 crore in FY20. The EBITDA margin of MyGate reflected only a slight improvement, standing at -240% in FY20 in contrast to a margin of -285% during FY19. Furthermore, MyGate had Rs 50 crores as employee benefits, out of which 90% of it went to the directors of the company.
The company has reportedly asked hundreds of its employees to resign. All of this started with the relapse of the Covid-19 pandemic in the form of the second wave of the coronavirus. Some of the ex-employees of the company, who were asked to resign have claimed that MyGate has laid off anything around 500-700 employees on the grounds of poor performance.
MyGate Revenue
MyGate's operating revenue grew by 167.4% to reach Rs 15.43 crore during FY20 from Rs 5.83 crore in FY19.
MyGate's net losses also increased by 126% during the same period. In FY19, the company incurred losses of around Rs 25.3 crore, while the losses increased to Rs 56.6 crore in FY20.
MyGate has demonstrated remarkable growth in its revenue, with FY23 operations generating Rs 71.10 crore, marking an impressive 77.3% increase compared to the INR 40.1 crore in FY22. Simultaneously, the company's total expenses also increased, rising from Rs 192.31 crore to Rs 304.32 crore, representing a substantial 58.2% increase.
In terms of profitability, MyGate has made significant strides, notably reducing its losses. In FY22, the company reported a loss of Rs 118.06 crore, while in FY23, the loss decreased to Rs 76.43 crore. This positive trend underscores the company's improved financial performance compared to the previous year, indicating its sound financial health and growth trajectory.
Gorish Dua
MyGate - LayOff
MyGate, made the unfortunate decision to undergo a round of workforce reductions, resulting in the displacement of approximately 200 employees. 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 - Future Plans
MyGate’s aim is to establish itself in the commercial/office space segment for visitor and staff management. It wants to become synonymous with the security management of every Indian gated community. The startup aims to cover 15 million homes in 40 Indian cities by mid-2021.
MyGate - 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 Rs 71.10 crore during FY2023, which grew by 77.3% from Rs 40.10 crore in FY22.
What is MyGate?
MyGate offers an app-based security and community management solution that currently caters to the security needs of over 1.2 million homes in 11 major Indian cities.
How much does MyGate App cost?
MyGate's monthly pricing depends on the number of houses in the society. It costs an apartment about INR 20 (28 cents) per month. Thus, the cost of MyGate's services comes down to an average of INR 6000-INR 10,000 per community every month.
