MyGate acquires MyCommunity Genie to strengthen community commerce play

• ByStartupStory     |    December 13, 2021

Community management app, MyGate has acquired a Bengaluru-based community commerce platform MyCommunity Genie in a cash and equity deal.

MyGate’s community commerce vertical is said to be growing at 50 per cent month-on-month and with MyCommunity Genie’s acquisition, the company hopes to use the Bengaluru-basec company’s technology infrastructure and team’s expertise in the space to further accelerate MyGate’s growth.

MyCommunity Genie has over 150 sellers across Bengaluru. It provides communities with a framework for residents to come together and buy as a group to unlock higher savings for all, using an adaptive discounting model. For sellers, in addition to delivering high-value, single-destination orders, the platform also solves operational pain points with regard to procurement, packaging, delivery and payments. Following the acquisition, all MyCommunity Genie systems will be integrated into MyGate.

This acquisition would provide MyGate with the necessary tools to bring scale to its long-term plans in community commerce, enabling its 25,000+ communities to unlock the power and savings of group buying. For example, a group buying deal in Bengaluru that led to the sale of 15,000 kg of alphonso mangoes would go pan-India by next summer.

MyCommunity Genie was founded in 2019 by Gagandeep Singh, who will now join the leadership team at MyGate.

Commenting on the acquisition, Gagandeep Singh, Founder, MyCommunity Genie, said, “We’re very proud to become part of MyGate, the organisation best positioned to enable community commerce, and look forward to scaling our group buying technology to the 25,000-plus communities on their platform.”

Abhishek Kumar, Co-founder and COO, MyGate, says, “We are big believers in the power of group buying and community commerce. There is immense potential in the space, with greater savings for residents and larger volumes for sellers.”

According to a report by Redseer, Gated Community: “A $500-billion consumption story in 2026, the 16 million or 6 per cent Indians that live in gated communities account for $245 billion or 45 percent of national consumption today and will account for $500 billion by 2026.” The report further estimates that community apps are poised to capture a $35-billion market through community commerce.

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