Tech start-up MyGate raised Rs 100 crore in an investment round led by home services marketplace Urban Company and direct-to-consumer insurance brand Acko at a post-allotment valuation of $210 million. Both companies invested Rs 50 crore each in MyGate.
This has been the first funding of MyGate in three years.
The board of administration of the Hyderabad apartment management start-up passed a special resolution to issue two equity shares and 2,38,122 Series B1 compulsory convertible preference shares (CCPS) at an issue price of Rs 4,199.52 per share.
Prior to this investment, the Bengaluru-based security tech start-up raised $56 million in a series B funding round in 2019.
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Addressing the recent development, Vijay Arisetty, chief executive officer (CEO) and co-founder of MyGate said, “These strategic partnerships align well with our long-term vision of providing security and convenience to MyGate communities. Acko will be our exclusive partner to extend security via its protection solutions while Urban Company will bring its array of top-quality home services to our users directly on the MyGate app.”
“This will unlock not only new consumer demand channels for us but also will give us an opportunity to innovate on our product offering to service gated communities. This will further strengthen our presence in the top cities,” said Abhiraj Singh Bahl, CEO of Urban Company.
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The strategic development will help Urban Company and Acko to offer their services on the MyGate platform, expanding their customer base to people living in residential properties. Both companies will also work closely with MyGate on product development, technology, and user experience. Urban Company and Acko have also acquired minority shares in MyGate.
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