Apartment management solution provider MyGate has secured Rs 100 crore in a new round co-led by Urban Company and Acko. This marks the company’s first funding round in the last three years.
Vijay Arisetty, CEO and Co-founder, said: “MyGate has a deep understanding of how gated communities function. These strategic partnerships align well with our long-term vision of providing security and convenience to MyGate communities.
MyGate Partnership with Urban Company and ACKO
“ACKO will be our exclusive partner to extend security via its protection solutions while Urban Company will bring its array of top-quality home services to our users directly on the MyGate app.”
Ruchi Deepak, co-founder, ACKO, said: “We are really excited to partner with MyGate which has emerged as a pioneer in ensuring security for the residents of gated communities. ACKO also stands for protection and peace of mind and brings that sense of comfort and security that we want for ourselves, our assets, and our loved ones.
“This forms the basis of our partnership with My Gate, and together we seek to innovate and provide the best possible protection solutions for MyGate users.
” Abhiraj Singh Bhal, co-founder and CEO, Urban Company, said: “We are glad to partner with MyGate, India’s leading community management platform. This partnership helps us draw on MyGate’s deep understanding of gated communities.
MyGate allows home residents to approve entries and exits, communicate with their neighbors, log attendance, pay society maintenance bills, and daily help workers through its application. In December 2021, the company acquired the community commerce platform MyCommunity Genie and it also claimed that its community commerce vertical has been growing at 50% month-on-month.
Revenue of MyGate
The board at MyGate has passed a special resolution to issue two equity shares and 2,38,122 Series B1 compulsory convertible preference shares (CCPS) at an issue price of Rs 4,199.52 per share to raise Rs 100 crore or nearly $12.5 million, per documents filed with the Registrar of Companies.
Urban Company and Acko Technology and Services co-led the financing round and poured in Rs 50 crore each. As per Marketmoney estimates, the company has been valued at around Rs 1,700 crore or $210 million (post-allotment). The company last raised a $56 million Series B round from Tencent, Tiger Global, and others in October 2019. As per Marketmoney estimates, it was valued at around $170 million then.
This investment also makes it a first for Urban Company and Acko — who in the past have only made acquisitions but not such strategic investments. In 2019, Acko acquired car retailing platform vLer for an undisclosed amount while Urban Company acquired Good service and HandyHome in 2016 and Glamazon in 2020, respectively.
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