Mobile-based security solutions provider MyGate is aiming at 10-fold growth in user base in 2020 as the startup firm has embarked on an ambitious expansion plan, a company official said.
With its services, the firm enables homeowners and residents of gated premises to monitor and control entries and exits of their visitors and is currently operating in 14 cities across the country, the official said.
"At present, we are managing two million check-ins every day and aiming at 20 million by end of 2020. The revenue will also increase in tandem with the expansion," MyGate CEO and co-founder Vijay Arisetty said.
The company will expand its footprint to 12 more cities across the country with a focus on the east, he said, adding that it started providing services at the IIM-Calcutta. After Cuttack and Raipur, the firm will expand its services in Bhubaneswar, Guwahati and Rachi, he said.
In the eastern part of the country, the company is planning to secure 8 lakh homes across 2,100 gated communities by 2020, Arisetty said.
"We are charging Rs 20 per month from a user and do not propose to increase it in the coming months, though the company is targeting a 10-fold growth in user base," he said.
The firm has raised a 'Series B' funding of USD 56 million from the Chinese internet giant Tencent Holdings, US- based JS Capital, Tiger Global Management, besides the existing investor Prime Venture Partners.
"We would require to invest heavily in technology and 40 per cent of our new funds will be deployed to revamp our technology infrastructure," he said.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
