Jump to content

MyGate

Add links
From Wikipedia, the free encyclopedia

This is an old revision of this page, as edited by VUW0909 (talk | contribs) at 15:45, 6 January 2022 (spell check --> "laid of" to "laid off"). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.

MyGate
Company typePrivate
IndustryInformational technology & services
Founded2016
Headquarters
Bangalore, Karnataka
,
India
Key people
Vijay Arisetty (Co-founder, CEO)
Abhishek Kumar(Co-founder, COO)
Shreyans Daga (Co-founder, CTO)
ProductsConsumer services
Number of employees
1,550[1]
ParentVivish Technologies
Websitemygate.com

MyGate is an Indian security and community management app headquartered in Bangalore, India.[2][3] The company was founded in 2016[1] and is a subsidiary of its parent company Vivish Technologies.

The company has a presence across 100 cities in India.[4][5]

History

The app MyGate was first launched in Bangalore in June 2016 by Vijay Arisetty, Abhishek Kumar, Shreyans Daga, and Vivaik Bhardwaj.[6][7][8][9][10][11][12] It is owned and operated by Vivish Technologies, a company also based in Bangalore, India.[13][14]

The company received its initial round of funding in 2018, with a $2.5 million investment from Prime Venture and opened offices in seven cities.[15][16]

In 2019, the company partnered with Swiggy, Zomato, FreshMenu, Dunzo, Box 8, eat.fit,[17][18] etc. and appointed Praveen Boda as head of finance, and Diwesh Sahai as head of technology.[19]

In April 2020, the company tied up with Grofers, ITC and StoreSe[20][21] and also launched the Karnataka State Police Clear Pass app to allow Karnataka Police to issue e-passes to Government companies in Bangalore during the Covid-19 lockdown[22] for which it was awarded a certificate by the State of Karnataka Police.[23]

In June, MyGate implemented General Data Protection Regulation (GDPR) guidelines to protect user privacy and to allow users to retain control over their own information.[24]

MyGate has implemented a property search feature on its app called MyGate Homes that allows users to list properties for buying, selling and renting on the app. Homes later expanded into allied services, including rental agreements, legal services, property management and more.[25][26][27]

In August, the company started buyback program to repurchase up to ₹37.2 crore shares.[28]

In 2021, the company ventured into Community Omnicommerce space by launching MyGate Exclusives on its app, which curates household and essential products.[29]

The company expanded its operations to Pune and Kolkata and registered 1300[30] and 700 new societies respectively on its platform.[31] MyGate laid off hundreds of employees since May 2021 owing to pandemic woes.[32]

Privacy issues

In June 2020 Deccan Chronicle reported on concerns about privacy and misuse of collected personal data.[33]

General Data Protection Regulation

MyGate has implemented GDPR on its platform in June 2020 to safeguard user privacy and allow users to retain control over their own information. The company also announced that it was going to make all its societies compliant with the requirements prescribed in the Personal Data Protection Bill, 2019.[34] GDPR gives individuals more control over their personal data, ensuring that it be obtained in a fair and lawful manner and used only for specified purposes. It also grants users the right to know what information is held about them, when their details were viewed, by whom, and for which reason. All personal data are kept confidential and stored in a secured manner.[35][4]

Lawsuits

In June 2020 Business Standard reported that MyGate and competitor NoBroker.com had filed competing lawsuits each charging the other with theft of proprietary customer data.[36]

Funding

MyGate has raised a total of $67.2 million in funding over three rounds.[37]

In January 2018, as part of a seed round of funding, the company received $2.5 million for its technology platform. The funding round was led by a Bangalore-based seed fund Prime Venture Partners (PVP).[38][39]

In October 2018, as part of a Series A round of funding, the company raised 65 crores from Prime Venture Partners.[40]

In October 2019, as part of a Series B round of financing, the company received $56 million from Tiger Global Management, Tencent Holdings, JS Capital and existing investor PVP.[41][42][43][12]

See also

References

  1. ^ a b "MyGate to hire 300 people, eyes offering services to 25,000 gated communities". Mint. 20 September 2020.
  2. ^ Mahalakshmi, BV (8 October 2018). "myGate aims to digitise the security services in your society; here's how". The Financial Express.
  3. ^ Abrar, Peerzada (29 November 2019). "Flush with funds, home security tech startup MyGate goes on expansion spree". Business Standard.
  4. ^ a b Raj, Y. V. Phani. "MyGate enhancing tech-driven security". Telangana Today. Retrieved 2021-05-18.{{cite web}}: CS1 maint: url-status (link)
  5. ^ "Newschecker, MyGate join hands to fact-check info on coronavirus for RWAs". The Financial Express. 2020-09-26. Retrieved 2020-10-24.
  6. ^ "A novel approach to security in gated residential premises: The myGate app is here". The News Minute. 2018-01-19. Retrieved 2020-10-25.
  7. ^ Shibad, Namita (5 May 2018). "Chaotic housing societies get a touch of order with new security and visitor management system". Hindustan Times.
  8. ^ Roy, Debroop (2019-12-12). "Live In a Gated Community? This Start-Up Is Making It Safer". Entrepreneur. Retrieved 2020-10-25.
  9. ^ Venugopal, Sruti. "'MyGate' to expand its operations to 25,000 gated communities by year end". Telangana Today. Retrieved 2020-10-25.
  10. ^ Balachandran, Manu (12 September 2019). "Can MyGate replace the calling bell?". Forbes India.
  11. ^ Singh, Manish (10 December 2017). "MY STARTUP IDEA: MyGate co-founder on his eureka moment". The Times of India.
  12. ^ a b Mathur, Nandita (2019-10-16). "Tencent, Tiger Global, others back MyGate". mint. Retrieved 2020-10-24.
  13. ^ Agarwal, Ankit (28 August 2019). "Grapevine: Tiger to back MyGate, Infra.Market, UrbanPiper; TPG eyes Café Coffee Day". VCCircle.
  14. ^ "MyGate Vs NoBroker: Tiger Global-Backed Startups Wrestle Over Data Theft Allegations". Inc42 Media. 2020-07-01. Retrieved 2020-10-25.
  15. ^ Rao, Rukmini (14 July 2019). "Checkpoint - Business News". Business Today (India).
  16. ^ "myGate to expand to 5 more cities". Business Line. Retrieved 2020-10-25.
  17. ^ Revathy, LN (2 June 2019). "Access to gated communities made easy, MyGate way". Business Line.
  18. ^ Mehta, Archita (4 June 2019). "All you need to know about app-based apartment security systems". The Hindu.
  19. ^ Sarkar, Brinda. "MyGate makes key leadership hires". The Economic Times. Retrieved 2020-10-25.
  20. ^ "Grofers ITC and StoreSe Partners With MyGate To Ensure Essential Supplies". BW Disrupt. Retrieved 2020-10-25.
  21. ^ Mathur, Nandita (2020-09-07). "Covid triggers spike in demand for security apps for gated societies". mint. Retrieved 2020-10-25.
  22. ^ Paul, Binu (30 March 2020). "Bengaluru police partners with MyGate to issue e-passes to delivery personnel". Techcircle.
  23. ^ "Karnataka police lauds MyGate's technical support for Bengaluru ClearPass - ET Government". The Economic Times. Retrieved 2020-08-26.
  24. ^ "MyGate implements GDPR guidelines to give users complete information control - ET CISO". The Economic Times. 9 June 2020. Retrieved 2021-03-30.{{cite web}}: CS1 maint: url-status (link)
  25. ^ "MyGate launches property search marketplace, 'MyGate Homes'". mint. 2021-09-14. Retrieved 2021-10-26.{{cite web}}: CS1 maint: url-status (link)
  26. ^ "MyGate unveils property marketplace, eyes 25,000 monthly listings". Business Standard India. 2021-09-14. Retrieved 2021-10-26.
  27. ^ "MyGate launches community omnicommerce services". Techcircle. 2021-02-17. Retrieved 2021-10-26.
  28. ^ Tyagi, Gaurav; Mittal, Aarzoo (2020-08-12). "MyGate valuation touches $170 Mn in last round; initiates share buyback program". Entrackr. Retrieved 2020-10-25.
  29. ^ Khan, Sobia. "MyGate forays into 'Community Omnicommerce' with launch of MyGate Exclusives". The Economic Times. Retrieved 2021-03-30.{{cite news}}: CS1 maint: url-status (link)
  30. ^ "MyGate records 138% growth in societies across Pune over 2020". India Education. 2021-02-02. Retrieved 2021-03-30.{{cite web}}: CS1 maint: url-status (link)
  31. ^ "MyGate records 72% growth in Kolkata over 2020". United News of India. 9 February 2021.{{cite news}}: CS1 maint: url-status (link)
  32. ^ Barik, Soumyarendra; Tyagi, Gaurav (2021-09-11). "MyGate burns Rs 80 Cr to earn Rs 15.4 Cr in FY20; lays off 120 staff". Entrackr. Retrieved 2021-09-16.
  33. ^ Chunduru, Aditya (2020-06-28). "MyGate app for gated community security addresses privacy issue but users remain wary". Deccan Chronicle. Retrieved 2020-11-22.
  34. ^ Mathur, Nandita (2020-06-05). "MyGate implements GDPR guidelines to give users information control". Livemint. Retrieved 2021-05-18.{{cite web}}: CS1 maint: url-status (link)
  35. ^ Chunduru, Aditya (2020-06-28). "MyGate app for gated community security addresses privacy issue but users remain wary". Deccan Chronicle. Retrieved 2021-05-18.{{cite web}}: CS1 maint: url-status (link)
  36. ^ Abrar, Peerzada (2020-06-29). "MyGate and NoBroker accuse each other of stealing data, file FIRs". Business Standard India. Retrieved 2020-11-22.
  37. ^ "MyGate Expands To Tier 2 As JioGate, NoBroker Intensify Competition". Inc42 Media. 2020-01-11. Retrieved 2020-10-25.
  38. ^ "myGate raises Rs 16 cr from Prime Venture Partners". The Times of India. 19 January 2018.
  39. ^ "myGate raises Rs 16 cr in first round of funding led by Prime Venture". @businessline. Retrieved 2020-10-27.
  40. ^ Bhakta, Pratik (16 October 2016). "myGate gets Rs 65 crore in Series A". The Economic Times.
  41. ^ Singh, Manish (17 October 2019). "MyGate raises $56M to bring its security management service to more gated communities in India". TechCrunch.
  42. ^ "MyGate raises 56 million in Series B funding- Business News". Business Today (India). Retrieved 2020-02-18.
  43. ^ Vardhan, Jai; Tyagi, Gaurav (2020-01-20). "MyGate records 4X growth in revenue in FY19 but losses surge 9X". Entrackr. Retrieved 2020-10-25.
Retrieved from "https://en.wikipedia.org/w/index.php?title=MyGate&oldid=1064101666"