VCs including China’s Tencent and JS Capital have injected a reported $56 million into MyGate, an Indian security solutions startup that is growing at a phenomenal rate. The Bangalore-based company, founded in 2016 as Vivish Technologies, has now raised an accumulative $67.2m, as it scales its security management solutions abroad.
The round, which also features New York’s Tiger Global Management, and Bangalore’s own Prime Venture Partners, allows MyGate to ramp up its solutions to gated communities, which includes software and physical guards. The company currently reaches 1.2m homes in 11 cities, but wants to increase to 15m homes in 40 cities, according to co-founder Abhishek Kumar.
The company already employs 700 staff, and wants to expand threefold with its latest funding. “We started MyGate to solve the real problem of security and inconvenience faced by households everyday,” said CEO and co-founder Vijay Arisetty.
“We are thankful to our customers and investors who believed in our solution, gave feedback and guided us in our journey. Our mission of simplifying urban living has just started and we’re delighted to welcome marquee investors and business partners to be part of our journey.”