Tiger Global-backed MyGate lays off 30% workforce

In a second round of layoffs over the last six months, MyGate has let go of 30% of employees across mid-management and junior roles involved in on-group operations.

Tiger Global-backed MyGate lays off 30% workforce

Monday February 20, 2023,

2 min Read

MyGate, the Bengaluru-based apartment management software provider, has laid off 30% of its employees from teams across cities last fortnight, multiple sources confirmed to YourStory.

Sources said the Tencent Holdings and Tiger Global-backed company had laid off a similar percentage of employees in an earlier round of layoffs in December 2022. 

Presently, MyGate has a total of 400 employees, down from nearly 600 employees before the recent round of layoffs. One of the sources confirmed to YourStory that MyGate offered some employees two months of severance pay while others were not paid any severance. 

The layoffs have affected mainly mid-manager level and junior-level employees across ground operations and community engagement platform verticals. 

“MyGate is doing well, and we are actively hiring to expand our teams in certain areas. We are a high-performance culture—from time to time, we part ways with employees who aren't a good fit at MyGate, or if our requirements and opportunities warrant the same,” a spokesperson for the company told YourStory in response to detailed queries. 

How MyGate’s Vijay Arisetty built a category-creating startup in its space

Founded in 2016 by Vijay Arisetty, Shreyans Daga, and Abhishek Kumar, MyGate has raised nearly $80 million across multiple funding rounds since inception, according to data intelligence and research platform Tracxn.

The company last raised $12.2 million in November 2022 in a Series B funding round led by insurance company Acko and local services platform Urban Company at a post-money valuation of $195 million. 

In December 2021, MyGate acquired Bengaluru-based community commerce platform MyCommunity Genie in a cash and equity deal. 

Besides offering visitor and delivery personnel management services to apartment residents, the MyGate app provides staff attendance, complaint management, paying maintenance, and communication services for resident welfare associations through its SaaS product.

The app also offers advertisement space to brands and sends push notifications to residents for the same. 

It competes with the likes of ApnaComplex, acquired by Anarock Property Consultants, and Bengaluru-based ApartmentAdda, which rebranded to ADDA.

Proptech startup unicorn NoBroker, too, offers a similar SaaS platform for security management for apartments through its NoBrokerHood platform. 

The apartment management space sees a cut-throat race to lock in the largest number of apartment complexes, thus making monetisation of the SaaS platform difficult.

The resident data for apartments—a strong cross-sell opportunity—have seen most players, including NoBrokerHood and MyGate, making their SaaS platform free for the lifetime of their captive communities. 

MyGate claims to work with over 25,000 communities in India.

Edited by Suman Singh