MyGate is a technology company based in Bengaluru that developed a mobile app for residential communities to help manage main gate check-ins, check-outs, and community notifications. The apartment complex management software solutions in India were initiated by a start-up called OneSolution in 2008. By the time MyGate entered this segment in 2016, this segment was relatively mature with many other established players. MyGate observed that apartment complexes were using web-based SaaS (Software-as-a-Service) solutions to manage the following operational aspects of managing an apartment complex:
- Finance and accounts
- Receivables management
- Service requests
- Facility bookings
- Consumables management
- Email and SMS communication to resident
- Service providers database management
- Residents database management
- Dashboards and reports
- Desktop applications use by office staff to use these solutions
MyGate avoided providing software solutions to manage apartment complexes and, instead, wanted to solve a specific problem faced by apartment complexes. It observed no efficient way to manage the entry and exit at the main gate of residential communities, and there was no effective way to notify residents about visitors other than calling the resident through an intercom or mobile. This was a very inefficient way to manage check-ins and check-outs. By 2016, mobile applications and smartphones were the order of the day, and MyGate decided to build an exclusive mobile application to solve this specific problem. It did not build any desktop application because smartphones were good enough for the limited purpose of communication and community notifications. This avoided the need for notifying residents through intercoms and mobile phones.
Subsequently, MyGate extended some of the capabilities to include community-related discussions, service requests management, facility bookings, and communication but did not venture into the more complex areas of apartment complex management. In fact, apartment communities were willing to pay higher annual subscriptions for the MyGate application compared to the more complex traditional apartment complex management software because residents placed a higher value on main gate security management services.
By closely observing the various actions taken by management committees in managing an apartment complex, MyGate was able to identify a critical unsolved problem of main gate check-in/check-out management and decided to take the mobile app route instead of developing a desktop solution. The solution met the need for an effective security system that was highly valued by the customer. By 2019, MyGate had raised Series B funds of $56 million.
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URL of the company: https://mygate.com/
