 "Security solutions provider myGate raises Rs 650 mn from Venture Partners")
Mobile-based security management solutions provider myGate Monday said it has raised Rs 650 million in funding led by existing investor Prime Venture Partners.
myGate is a mobile-app-based system that allows gated communities to manage operations at the entry and exit gates. Using the platform, all visitor entries and exits are logged digitally, with complete visibility and control of the resident.
It has been implemented across over 1,000 gated communities in Bengaluru, Hyderabad and Pune will use the funds to accelerate expansion into cities like Chennai, Mumbai and Delhi-NCR, a statement said.
"Technology is pervasive and it was only a matter of time for the security at gated communities to be transformed using smart and intelligent solutions ... (we) will use the funds to invest in technology to further enhance our... solutions," myGate co-founder and CEO Vijay Arisetty said.
The statement said myGate is on a rapid expansion mode in "10 cities including Chennai, Mumbai and Delhi NCR and is targeting 10X growth in 2019".
In January, myGate had raised Rs 160 million led by Prime Venture Partners.
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Current security process relies on conventional "man-guarding", where visitors write in their details and landline telephones are used to keep a tab on the external footfall.
According to Grant Thornton report, the security services market in India is a $6 billion industry, of which the gated-premise security market, comprising manual guards and security equipment, is estimated at $2 billion.
The statement said over 25,000 guards are now well-versed to use myGate security solution.