MyGate receives Rs 100 Cr from Urban Company and Acko

• ByStartupStory     |    November 23, 2022

MyGate, a supplier of apartment management solutions, has raised Rs 100 crore in a fresh round that was jointly led by Urban Company and Acko. This fundraising round is the business’ first in the past three years. According to records filed with the Registrar of Companies, the board of directors at MyGate approved a special resolution to issue two equity shares and 2,38,122 Series B1 CCPS at an issue price of Rs 4,199.52 per share in order to raise Rs 100 crore, or roughly $12.5 million.

The fundraising round was co-led by Urban Company and Acko Technology and Services, who each contributed Rs 50 crore. Fintrackr believes that the company is worth about Rs. 1,700 crore ($210 million) (post-allotment). In October 2019, the business received a $56 million Series B investment from investors including Tencent, Tiger Global, and others. It was estimated to be worth about $170 million at the time by Fintrackr.

Following the allocation of the new round, Seabright holds a stake of 22.7%, followed by MIL with 20.18%. Promoters Shreyans Daga, Abhishek Kumar, and Arisetty Vijay Kumar collectively hold 24.56% of the business. Additionally, Urban Company and Acko now own 2.95% of the company’s shares.

Acko and Urban Company’s strategic relationship with MyGate were recently announced; the new development happened shortly after. The pair will inject funds into the company to buy minority ownership, according to MyGate. In accordance with a joint statement, Urban Company will offer residential services to MyGate users, and Acko will collaborate with the business to increase security.

By using the MyGate program, members of homes can authorize entry and exits, interact with their neighbors, keep attendance records, pay for society maintenance, and hire daily assistance staff. The business purchased the community commerce platform MyCommunity Genie in December 2021, and it also asserted that its community commerce segment has been expanding at a rate of 50% per month.

The business has not yet submitted its annual financial reports for fiscal years 21 and 22. For Urban Company and Acko, which previously had only made purchases rather than such strategic investments, this transaction also marks a first. Acko paid an undisclosed sum in 2019 for the car-selling platform vLer, while Urban Company paid undisclosed sums between 2016 and 2020 for Goodservice, HandyHome, and Glamazon, respectively.

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