MyGate raises $56M to bring its security management service to more gated communities in India –
Summary
Chinese internet giant Tencent, Tiger Global, JS Capital and existing investor Prime Venture Partners funded the three-year-old startup’s $56 million Series B financing round. MyGate offers an eponymous mobile app that allows home residents to approve entries and exits, communicate with their neighbors, log attendance and pay society maintenance bills and daily help workers. MyGate has inked partnerships with many e-commerce players to create a system to offer a silent and secure delivery experience for its users. According to industry estimates, more than 45 million people in India today live in gated communities, and that figure is growing by 13% each year. The startup plans to use the fresh capital to expand its technology infrastructure, its marketing and operations teams and build new features.