India-based startup MyGate has raised USD 56 million in a series B round from Tencent Holdings, JS Capital, and Tiger Global Management.
Bangalore-based seed fund Prime Venture Partners, an existing investor in MyGate, also participated in the round.
Launched in 2016, MyGate focuses on technologies that enhance security and convenience for residents in gated premises. With its solutions, residents can monitor entries and exits in their gated communities, which are logged digitally.
The startup also offers community management tools, a system for e-commerce players that improves delivery management, automatic visitor authentication, child safety alerts, staff management, infrastructure-free vehicle management, and touchless resident identification.
MyGate plans to use the new funds to develop new solutions and focus on increasing the efficiency of other stakeholders such as security personnel, local service providers, and ecommerce companies.
With 700 employees spread across all of India’s metros, the company also looks to triple its workforce over the next two quarters.
According to the statement, MyGate has seen 5x growth over the past year and is now present in 1.2 million homes across its markets in India. It attributed the growth to a need for robust and innovative security solutions in a country that currently has over 45 million people residing in gated communities, a number that is growing at 13% year on year.
Prior to its series B round, MyGate raised USD 11.5 million over two rounds of funding. In May, it announced partnerships with e-commerce brands such as Swiggy, Zomato, Grofers, and Dunzo to provide a more secure and streamlined delivery experience for their users.
This article first appeared in Tech in Asia.