Amidst the current funding downturn, MyGate, a startup focused on community and security management, has let go of 30 per cent of its workforce. The company, located in Bengaluru, has reduced the number of employees in junior and mid-management positions within the past two weeks, as reported by YourStory.
According to a representative of MyGate who responded to inquiries from YourStory, the company is performing well and is presently seeking to increase its workforce in certain areas. MyGate is known for its high-performance culture and may occasionally part ways with employees who don’t fit the company’s requirements or if it’s deemed necessary based on the company’s needs and opportunities.
Reportedly, MyGate previously had 600 employees on its team, but after the recent layoffs, the employee count has decreased to 400. Additionally, the company provided a severance package of two months’ salary to some of the affected employees.
Also, this is the second round of layoffs at the startup after December 2022, when it laid off a comparable percentage of its workforce.
MyGate was established in 2016 by Vijay Arisetty, Vivaik Bharadwaj, Shreyans Daga, and Abhishek Kumar. It specializes in security services for apartment complexes, including entry and exit gate security solutions. In addition, MyGate also offers other security-related services such as RFID cards, biometrics, and vehicle stickers.
MyGate provides a mobile app that offers services such as visitor, delivery, and daily help management, as well as child security for individual residents as well.
The company secured $12.2 Mn in funding in November 2022, led by Urban Company and Acko, bringing its total funding to $79.5 Mn and is supported by several investors, including Acko, Urban Company, xto10X, and Tiger Global.
MyGate, in a transaction that included both cash and equity, purchased MyCommunity Genie, a community commerce platform located in Bengaluru, in December, 2021.
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