Bengaluru-based myGate, a mobile-app based security management solution providing startup for gated premises, on Thursday, said that it had raised ₹16 crore in its first round of funding, led by Prime Venture Partners.

The startup plans to use the freshly raised funds to invest in technology and scale to 2 million homes across the top seven cities within the next two years.

Launched in 2016, myGate Apartment Security Management system is a mobile app based intelligent security software application to enhance safety of gated communities. myGate is free of hardware installation and is used by 100s of apartments in Bangalore.

Founded by ISB/IIM/IIT alumni -- Vijay Arisetty, Abhisek Kumar and Shreyans Daga, myGate had earlier raised funding from institutional investors.

myGate is digitising security for gated communities by empowering the owner of the apartment to control access of visitors into the society premises at the main gate itself. Explaining the product myGate chief executive Vijay Arisetty said that the app allows various control modes starting from delivery boys to domestic helps and even for guests.

"An average 2000 apartment gated society gets around 3000 to 4000 visitors per day and our assumptions say that there are around 15 million villas and flats in the country with around 35 million residents," said Arisetty. "We are targeting that space with our smartphone based product and with this new funding hope to reach 20 lakh households over the next two years."

For revenue generation the startup has a subscription model which the society management pays on a monthly basis and the charges depend on the size of the society and the number of gates that needs to be managed.

"The charges for the society vary between Rs 8000 and 30,000 per month," said Arisetty.

The security services market in India is a $6-billion industry according to Grant Thornton report, of which the gated-premises security market, comprising manual guards and security equipment, is estimated at $2 billion. In the top seven cities in India, myGate estimates show that there are more than 100,000 gated communities with 35 million residents.

In this month, besides leading the funding round of myGate, Prime Venture had also participated in financing round of an another Bangalore based startup NiYO. The VC firm was earlier known as AngelPrime, it re-branded itself to Prime Venture Partners in July 2015.

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