MyGate, a Bengaluru-based housing society management platform, has closed a 2.3 billion rupees (US$23.6 million) deal with Dharana Capital.

The deal includes about 1 billion rupees (US$10.5 million) in primary capital.

It also includes a 1.3 billion rupees (US$13.1 million) in a secondary share sale by early investors, including Prime Venture Partners, and some senior employees.

The transaction values MyGate at about 20 billion rupees (US$210 million) to 22 billion rupees (US$231 million).

That is up from roughly 16 billion rupees (US$168 million) to 17 billion rupees (US$178 million) in 2023.

Founded in 2016, the company reported FY25 revenue of 1.9 billion rupees (US$19.6 million) and a net loss of 153 million rupees (US$1.6 million).

In FY24, it posted revenue of 1.1 billion rupees (US$11.4 million) and net loss 397 million rupees (US$4.16 million).

MyGate has raised about $84 million to date from investors including Tiger Global, Prime Venture Partners, and Tencent.

MyGate expanded into smart door locks in September 2024. The company also said it is testing operations in the Middle East.

🔗 Source: The Economic Times