MyGate Journey So Far | A Security Management Solution for Gated Communities

Security management is a significant factor for every individual and organization. So to solve this problem there are many Security management services that are recognized and ensure the protection of resources and practices of an organization, person, or any group. So in this article, we gonna discuss a security management service provider company named MyGate, a Bangalore-based company, who are working very well and made a recognizable name in the Indian market.

MyGate is a platform that is changing the essence of security management services for gated networks. Occupants can utilize the MyGate application to speak with neighbors, examine matters of the local area and society on inward conversation gatherings, manage guests (visitors, conveyances, taxis, and so on), maintain participation record, and compensation installments for day by day help, find services, take care of society maintenance bills, among much else.

MyGate Company Profile

About MyGate

MyGate offers an application-based security and community management solution that is right now taking into account the security needs of over 1.2 million homes in 11 significant Indian urban areas. It guarantees that solitary confirmed guests enter your society.

Residents can use the MyGate app to communicate with neighbors, discuss matters of the community and society on internal discussion forums, manage visitors (guests, deliveries, cabs, etc.), maintain attendance record, and salary payments for daily help, discover services, pay society maintenance bills, among much else.

When the managing community of a gated society joins with the MyGate platform, the MyGate management makes a back-end data set of the society’s security workforce alongside the necessary advanced profiles. It prepares the gatekeepers and sends the application within 5 to 7 days. When the administration panel subscribes to MyGate’s administrations, the society inhabitants would then be able to utilize the application without paying any additional charges.

MyGate Founders

Abhishek Kumar, Vijay Arisetty, and Shreyans Daga are the founders of MyGate.

Abhishek Kumar (Co-founder)

Abhishek Kumar is the Co-founder of MyGate. He is an IIT Kanpur graduate and holds an MBA degree from IIM Ahmedabad. He also worked on the ON-AMIS coordination project for the Master Planning Group. Abhishek also drove a group for project management, scope, charter, SCD and furthermore assisted venture with dealing with the APS Enablement project. Abhishek has amazing insightful abilities and business understanding.

Vijay Arisetty (CEO & Co-founder)

Vijay Kumar Arisetty is a former student of the National Defense Academy (NDA) and the Indian School of Business (ISB). He has also filled in as a VP at Goldman Sachs for a very long time. He was a completely operational helicopter pilot with Indian Air Force for a very long time and performed a very crucial part in managing disaster and help activities via air, land, and ocean.

Shreyans Daga (Co-founder)

Shreyans Daga is an IIT-ISB former student profoundly energetic about innovation. Over a range of 14 years, he constructed a few applications and sites and keeps on dealing with imaginative items as he was a youthful designer in the group at Oracle ASCP.

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MyGate Business Model

The company MyGate works on a simple and easy business model. Users will get service and pay for the subscription, in simple words, it’s a membership-based service. The company month to month valuing relies upon the number of houses in the general public. It costs as low as about Rupee 30 (around $0.41) every month. Along with these, the expense of MyGate’s administrations boils down to a normal of Rs. 7000 to Rs. 12,000 for each local area consistently.

MyGate Revenue Model

MyGate generates revenue from the member’s subscription. According to the recent information, the Bengaluru-based security administration for monitor gated apartments enrolled almost multiple times increment in working revenue from Rs. 1.51 crore in the Financial year 2018 to Rs. 5.84 crore in the Financial year 2019. MyGate misfortunes leaped to Rs. 25.33 crore from Rs. 2.73 crore.

MyGate Funding

MyGate has raised a sum of $67.4 million in funding in 4 rounds. Their most recent financing was raised in the month of October 2019 from a Series B round.

The company’s latest funding was driven by Tiger Global, Tencent, and more for $56 Million. Post this round, MyGate’s valuation contacted $170 Million.

Like some other funded beginning phase startup on the cusp of its development cycle, MyGate’s financials mirror the expanded spending because of the financing it got and the relating development in its income figures. Toward the year’s end of March 2019, the organization’s overall deficit swelled by 9 times to Rs. 25.31 crore from Rs. 2.73 crore in the FY19.

MyGate Marketing Strategy

Named as one of India’s most inventive new companies, MyGate has had the option to cut a specialty for itself in the field of security and community management.

If we talk about marketing then Havas Media manages the marketing for MyGate, India’s leading community management solution, whose exhaustive contribution involves security, ERP, and a large group of different highlights for gated networks. Havas media is also a Bangalore-based office drove by Saurabh Jain.

Ranjit Behera, Head of Marketing of MyGate said, “By improving the wellbeing and accommodation of gated communities and continually presenting more up to date, better, better answers for regular issues, MyGate is achieving a positive change in community living. Successful communication is an urgent part of this exertion, and we’re happy to have the energy, experience, and key strategy of Havas Media Group’s meaningful Media to explore its continually developing scene.”

MyGate additionally spent Rs. 1.3 crore on advertisements and paid promotions in FY19, up to 7.6X from Rs. 17.12 lakh it spent for something very similar in FY18.

MyGate Competitors

MyGate hasn’t seen a lot of competition in the market, presently Reliance may represent a good competitor through JioGate. JioGate offers a comparative solution for gated societies.

But still, there are some growing competitors of MyGate are NoBrokerHood, Biizlo, GateKeeper, Smart Guard, Located, and Digital Gorkha.

Conclusion

Entering into a gated community caused Vijay to understand the provisos and inadequacies in security. Regardless of the expanding number of individuals entering the society, there was no framework set up to screen conveyance young men, house cleaners, and so on. This gave him digitizing security checks and empowering confirmation at the principal passageway of his apartment. He understood the need of the people and bring a problem solution. It will give many entrepreneurs a great idea.

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