MyGate- Your security their vision

Metropolitan cities nowadays are stuffed with private residential “colonies” protected by locked gates. But many claim the barriers don't stop crime and cause traffic problems. Security may be 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 depend upon manual security checks. Mobile app-based security management solutions are the most recent trend within the field of security management for homes. MyGate, a Bangalore-based company, is amongst the foremost popular app-based security management providers in India.

MyGate

MyGate was launched in Bangalore within the half of 2016. MyGate encompasses a single app for residents of housing societies from where they will approve or deny entry to visitors to their home, find daily help, pay their maintenance bills, book amenities, enhance child security, connect with neighbours, raise an emergency SOS, and far more. The app also connects society residents with security guards and management committees for secure and seamless functioning of the society. The app also allows residents to watch the protection of their ageing parents by keeping a check on visitors and documentation of local service providers who visit.

Founders and team

When Vijay Arisetty, Abhishek Kumar, and Shreyans Daga started security management startup MyGate in 2016, the trio had found a spot within the security systems of most gated communities. They realised that on average, a minimum of two to 3 people visits their homes during a day. And it will be a challenge for one single security manager to test and permit the correct people. This led to the birth of MyGate. Vijay Arisetty left the Indian Air Force in 2009, after serving as a helicopter pilot for 10 years. A Shaurya Chakra recipient, teamed up with some friends to launch MyGate. An outsized technology team sits out of the headquarters in Bangalore. The corporate has offices in each of the 11 cities it operates in to make sure seamless onboarding of gated communities.

vision

The main reason the thought of gated societies is generated because the gated community is that we would like to feel safe. But, with numerous external parties visiting complexes nowadays, we should always feel confident that whoever comes inside is authorised. Having MyGate gives you that confidence.

There was serious growth within the number of enormous apartment communities in India and visitor management by security guards was unorganized. So that they came up with this unique yet required idea. Secondly, with the appearance of e-commerce and restaurant delivery apps, the number of strangers who could walk into a gated community was rising at a breakneck pace. So it becomes essential to manage the movement. But it, the basic advantage of living in a very secure gated community was being questioned, with no real security offered in large apartment complexes. MyGate facilitates real-time information to the users, whether or not they are at the office, in India or outside India. The corporate doesn’t have any size parameters and believes that any community is its potential client.

Operations

MyGate's monthly pricing depends on the number of homes in society. It costs an apartment about INR 20 (28 cents) per month, thus the MyGate app's charges come right down to a mean of INR 6000-INR 10,000 per community each month. A serious challenge faced by MyGate was training the protection guards. The corporate now ensure that the guards are well-trained by offering training sessions at any time. Jio gate is that the major competitor currently.

Funding

MyGate's potential was also validated when it raised $56 million in an exceedingly round led by Tencent and Tiger Global. Per its annual financial report, the Bengaluru-based firm has exhausted 5.6 times additional cash amounting to Rs 32.32 crore in FY19 when put next to Rs 5.77 crore in FY18. Out of the whole expenditure, employee benefits expense alone stood at Rs Rs 20.45 crore. MyGate contributes Rs 1.3 crore for its advertisement and promotional activities. The corporate, based in Bengaluru, has over 600 employees, of which about 500 are into client service, considering the growing userbase. In May 2019, the corporate also announced partnerships with several major e-commerce brands, including Swiggy, Zomato, Grofers and Dunzo, to create possibly a silent and secure delivery experience for its users.

Growth and development

The company currently operates in 4000 communities and is present in 9 cities of India including Bengaluru, Pune, Chennai, Cochin, Ahmedabad and Kolkata. It's validated over 200 million visitors into these gated communities. MyGate processes over 60,000 requests per minute and facilitates over 45 million check-in requests monthly. It plans to expand to Hyderabad and Pune early next year, so to Mumbai and NCR. MyGate recently took on the mammoth task of being completely GDPR-compliant, one of all the primary internet consumer companies in India to try and do so. It sees its customer base increase by 20% every month. 

There are startup ideas that are good and so there are startup ideas that are superlative. Such a lot in order that you don’t must go seeking funds. Most in order that your users want to speculate in your startup. Security management and convenience service for guard-gated apartments MyGate has emerged mutually of the promising products within the past year.