A community management tool that makes life easier for everyone—from residents and management committee members to security personnel and facility managers—in a gated community. With its wealth of features, it streamlines various hassles—authorizing delivery personnel entry, paying maintenance invoices, utilizing home service, and raising a ticket to the facility manager—into a single click.
WHO ARE THEY-
A mobile-based intelligent security program called MyGate is designed to increase the security of gated communities. The creators, who have experience in the military, NSG/SPG, and technology from Google and Oracle, developed and implemented the product. With experience in the military, NSG/SPG, and technology from Google and Oracle, the creators set and implemented the product. MyGate will provide sophisticated, non-intrusive security to the system already in place.
FOUNDED IN-
In the second half of 2016, Bangalore saw the introduction of MyGate. It took some time for people to adopt MyGate’s offers because it was the pioneer in its field. A few fruitful tests in sizable gated communities around Bangalore accomplished the trick, and residents of the city started utilizing MyGate. The business first resorted to word-of-mouth advertising and did not sell its services.
FOUNDERS –
1. Vijay Arisetty (CEO & Co-founder, MyGate)
Before starting his own business, he spent ten years as a helicopter pilot with the Indian Air Force. He is an NDA and ISB graduate. He handled the security of air bases, VVIP flying, pilot training, and military aviation activities. He also significantly organized disaster relief efforts (by air, land, and sea). For his bravery in saving more than 300 tsunami victims in less than three hours at the Andaman & Nicobar Islands, he received the Shaurya Chakra (Peacetime Gallantry Award) in 2004.
2. Abhishek Kumar (Co-founder, MyGate)
He graduated from IIT Kanpur and has an MBA from IIM Ahmedabad. Before founding MyGate, Abhishek worked as a vice president for Goldman Sachs for six years. He was in charge of directing business strategy and execution, significant projects (such as outsourcing), models of the economic architecture, finances, and hiring. In addition, he spent almost five years with ON Semiconductors and three years with i2 Technologies.
3. Shreyans Daga (CTO & Co-founder, MyGate)
IIT Guwahati and ISB alums Shreyans have strong enthusiasm for technology. Before co-founding MyGate, he worked at 9.9 Media, RSG Media, and Oracle. He developed numerous apps and websites over 14 years and is still developing cutting-edge products today.
WHAT PROBLEM THE STARTUP IS SOLVING?
After moving into a gated community, Vijay became aware of the security gaps and flaws. There needed to be a system to oversee delivery boys, maids, etc., despite the rising number of people entering society. He got the idea to digitize security checks and enable verification at his apartment’s main entrance. Vijay was determined to create such a thing after talking to people from various societies with gatekeepers (and even working as a security guard for a few days to understand the difficulties).
HOW DOES ITS WORK?
- For the application, users can log in using their email address or phone number.
- The user must choose the city where they currently reside after logging in. Additionally, the application requests that you create a profile by providing details about yourself, such as your gated community’s tower and block/floor number.
- The user then has to wait until the admin can join the society.
- A comprehensive home help network is available on the app, including drivers, men, cooks, gardeners, vegetable merchants, puppeteers, and others. The application offers every single one of these services.
- The app also displays a list of residents and their phone numbers.
WHAT IS THEIR PREVIOUS EXPERIENCE?
The monthly cost of MyGate is based on the number of homes in the society. An apartment costs roughly INR 20 (28 cents) each month. As a result, each community pays an average of INR 6000–INR 10,000 monthly for MyGate’s services.
WHAT ARE THE STARTUP CHALLENGES?
Security Risk – Due to the expansion of the e-commerce industry, people in India now mostly rely on online shopping. There will be more home deliveries as a result. Security is jeopardized by the influx of unknown guests (delivery men and other people of a like mind).
Cost of Training – MyGate has a lot of difficulties training the security personnel. MyGate initially believed localities would adopt the solution and train their guards independently. The team quickly realized that more than one training session would be required due to the high turnover in the security industry.
BRIEF A BIT ABOUT THE PROGRESS
The business currently operates in more than 11 Indian cities and has more than 1.2 million home subscribers. MyGate experiences a 20% month-over-month growth in its customer base. Over 45 million check-in requests are processed by the service each month at a rate of 60,000 per minute.
Significant growth milestones for MyGate Presence have been reached in 11 cities, including Bengaluru, Delhi, Mumbai, Kolkata, Chennai, and Hyderabad.
Twenty thousand gated communities currently receive services from it, and more than 3 million homes profit as a result.
WHO ARE THE COMPETITORS?
MyGate’s main competitors:
- Apartment Adda,
- Apna Complex,
- NoBroker Hood,
- Digital Gorkha, and Biizlo
- Jio Gate
WHAT ABOUT THE FUNDING?
MyGate has raised $67.3 million from numerous investors throughout three funding rounds. Tencent, Tiger Global, and others provided most of the $56 million in recent fundraising for MyGate. MyGate was valued at $170 million following this financing (as reported on August 12, 2020)
WHAT IS THE REVENUE AND BUSINESS MODEL?
The business model for MyGate is subscription-based, just like the revenue model for any other SaaS application. The monthly cost of MyGate is based on the number of homes in the society. An apartment costs roughly INR 20 (28 cents) each month. As a result, each community pays an average of INR 6000–INR 10,000 monthly for MyGate’s services.
On July 7, 2021, MyGate will launch “Homes Services,” the company announced via Abhishek Kumar’s Twitter account. This new service is created as a collection of services that users can access from the convenience of their homes.
MyGate wants to develop itself as a visitor and employee management solution in the commercial/office space sector. It aspires to become a household name for gated communities in India that control their security. By mid-2021, the business hopes to have 15 million homes in 40 Indian cities covered.
WHAT ABOUT TEAM AND TEAM BUILDING?
MyGate employs more than 700 people. Working out of the Bangalore headquarters is a sizable technological staff. To ensure the smooth onboarding of gated communities, the company maintains offices in the 11 cities where it conducts business.
CONCLUSION-
Hundreds of the company’s workers have reportedly been asked to leave. All of this began with the second wave of the coronavirus, which was a recurrence of the Covid-19 pandemic. MyGate allegedly fired 500–700 employees due to poor performance, according to some former employees who were asked to resign from the company.
Related Posts
