Apartment management solution provider MyGate has raised Rs 100 crore in a new round co-led by Urban Company and Acko. This marks the company’s first funding round in the last three years.
Entrackr had exclusively reported about the fundraise in August.
The board at MyGate has 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 to raise Rs 100 crore or nearly $12.5 million, per documents filed with the Registrar of Companies.
Urban Company and Acko Technology and Services co-led the financing round and poured in Rs 50 crore each. As per Fintrackr’s estimates, the company has been valued at around Rs 1,700 crore or $210 million (post-allotment). The company last raised a $56 million Series B round from Tencent, Tiger Global, and others in October 2019. As per Fintrackr’s estimates, it was valued at around $170 million then.
Post allotment of the new round, Seabright holds 22.7% stake followed by MIL with 20.18% shares. Promoters – Arisetty Vijay Kumar, Shreyans Daga, and Abhishek Kumar collectively own 24.56% of the company. Moreover, Urban Company and Acko now command 2.95% shares in the company.
The development comes soon after the announcement of MyGate’s strategic partnership with Acko and Urban Company. MyGate also said that the duo will infuse capital to acquire a minority stake in the company. As per a joint statement, Acko will partner with the company to extend security while Urban Company will bring home services to MyGate’s users.
MyGate allows home residents to approve entries and exits, communicate with their neighbors, log attendance and pay society maintenance bills, and daily help workers through its application. In December 2021, the company acquired community commerce platform MyCommunity Genie and it also claimed that its community commerce vertical has been growing at 50% month-on-month.
The company is yet to file its annual financial statements for FY21 and FY22.
This investment also makes it a first for Urban Company and Acko — who in the past have only made acquisitions but not such strategic investments. In 2019, Acko acquired car retailing platform vLer for an undisclosed amount while Urban Company acquired Goodservice and HandyHome in 2016 and Glamazon in 2020, respectively.