Synopsis
Housing society management platform MyGate has secured Rs 225 crore in a funding round led by Dharana Capital. The deal, which includes primary capital and a secondary transaction, values the company at approximately Rs 2,000-2,200 crore. MyGate plans to expand its offerings and invest in technology, with revenue primarily driven by advertising.Listen to this article in summarized format
Of this, about Rs 100 crore is primary capital, while the remaining Rs 125 crore is a secondary transaction in which early investors, including Prime Venture Partners, and some senior employees sold shares, according to people aware of the matter.
The investment values the Bengaluru-based startup at around Rs 2,000-2,200 crore, sources said, compared to its last valuation of around Rs 1,600-1,700 crore in 2023. MyGate has so far raised about $84 million from investors like Tiger Global, Prime Venture Partners, and Tencent.
"We will continue to expand our gated community offerings across India and invest deeply in technology because, at heart, we are a tech company," MyGate cofounder and CEO Abhishek Kumar told ET.
He added that despite serving affluent gated communities, customers remain reluctant to pay for software. "Nearly 70% of our revenue comes from advertising, around 25% from our core software offering, and about 5% from the smart devices vertical," he said.
Founded in 2016 by Kumar, Vijay Arisetty, and Shreyans Daga, MyGate began as a visitor management platform and has since evolved into a broader operating system for gated communities. It now serves more than 27,000 residential complexes and 5.7 million homes across India.
"We expect the contribution from our software business to increase as we scale to 10 million homes. Larger housing societies are increasingly being built across the country, which is a tailwind for us. We are also taking MyGate's services outside India and testing operations in the Middle East," Kumar said.
The platform offers software for gate and security management, finance and accounting, amenity booking, internal communications, and other housing society operations. In September 2024, it expanded into hardware with the launch of MyGate Locks, a range of smart door locks.
The company underwent a leadership transition in 2024, with Kumar taking over as chief executive after cofounder Vijay Arisetty stepped down from the role. Arisetty continues as chairman of MyGate's board and has since founded a fintech, Aurm, where he’s the CEO.
MyGate recorded revenues of around Rs 230 crore in FY26, a 23% increase from the previous year. In FY25, the company reported revenues of Rs 186.7 crore, up from Rs 109 crore a year earlier, while narrowing its net loss to Rs 15.3 crore from Rs 39.7 crore in FY24.
Commenting on the investment, Vamsi Duvvuri, founder and managing partner at Dharana Capital, said, "We believe urban India's shift towards gated communities is an irreversible trend, and MyGate provides an essential platform to power these ecosystems."
