MyGate Business Model – How It Work and Makes Money
MyGate Business Model – How It Work and Makes Money
For any housing society or gated community, security has always been one of the main concerns. In the good old days our local neighbors were looking forward to earning an honest living for this safety. Little by little, communities moved to provide security companies with trained guards to outsource safety at their doors.
In 2021, security in apartments has evolved into a holistic package that combines human instinct and technological efficiency.
We are living in the times of the visitor management system — which have been making the management of visitors much easier since their inception. This niche is still at its infancy, but still many applications are blooming under it slowly and gradually.
However, it is expected that the residential safety market will reach $74.7 billion by 2023. These lucrative market figures inspire hundreds of businesspeople to develop safety and community management applications such as MyGate.
But what exactly is MyGate?
How does it work?
Let’s find out.
What Is MyGate?
MyGate is a successful community administration application throughout India. The features and functionality of this app are quite fascinating to emphasize in particular for entrepreneurs who want to build an app like MyGate.
MyGate is one of the early entrants. In 2016, the app was raised by Prime Venture partners to the tune of around $10 million. The application operates in around 11 major cities in India and has its headquarters in Bengaluru.
Due to its extensive user base, it won the title of the best community management solution in such a short term. MyGate operates with approximately 60 million people and 2.5 million homes. This is a single-stop solution that allows users to manage entries with a single click.
MyGate is the most trustworthy and most popular application downloaded in private communities. The developing towns are keen to be included in MyGate’s list, and the company certainly plans to expand its reach. Expansion can help people to purchase homes in urban cities with immobilizer developers and brokers.
As a concept, the business model of MyGate shifts visitors’ responsibility from security to their visitors.
The app will be available to the residents and the security. The resident will have to download the app and be granted approval by the owner (if he is a tenant) and the society’s manager will receive notification of visitors to a certain flat number when entering the society itself.
The security system will enter your app for every visitor. Once the flat number has been selected, all residents registered for the apartment will receive a request for approval. The visitor will remain safe until someone approves the request.
Who Can Use MyGate?
MyGate is a digital way to simplify people’s everyday lives.
The MyGate application can be used by users of all ages who have access to mobile devices. The user company should nevertheless be included in the application for access to the application.
How Does MyGate App Work?
One thing is clear that the MyGate app’s mobile app design is amazing. In addition, the Lean canvassing and Prototyping team of this application would have defined clear goals, which is why the result is so brilliant.
Well, one word: you can also connect with us or employ our mobile app developers for the excellent development of your community management app. Our creative heads would not leave anything unturned in providing an application solution that exceeds your requirements.
The onboarding process starts (in particular how the MyGate application handles it):
- Users can login via an email id or a phone number for the application.
- After logging in, the user must select a city in which he or she lives. Moreover the application asks you to establish your profile by detailing your data, including the tower number and block/floor number, for your gated community.
- After that, the user has to wait until the admin can enter society.
- The app has a complete home help base including drivers, guys, cooks, gardeners, vegetable vendors, puppets and everyone. All of these services can be found in the application.
- The app also shows the residents’ list together with their telephone numbers.
- In case of an emergency, users can add emergency contact data to the security link.
- The request also shows a notice board that keeps all information published by the society committee up-to-date.
- It also enables users to host meetings, pools and conversations between members of society.
- In the application document section of the application,users can also upload and store their documents or a company document.
- The user must list the names of the authorised servants or assistants who visit their house each day.
- The visitor at the entrance to the house may also be approved by the users. The visitor can enter the house only once the entry is approved.
- In order for the visitors to enter they can also issue a gate pass in advance.
- The application also has a “Notify Gate’ section where users can browse through subcategories such as Allow Entries, Security alert, message to save, and gate pass.
- The app also enables users to write feedback directly in the application to MyGate.
Additional Services Offered By MyGate
Suppose you ordered food from your favourite restaurant, and the delivery guy is at the door. The guard tried to contact you through the App, but you couldn’t accept the request on the MyGate App. You checked the notification after 15-20 minutes and approved it — but by that time the food has gone cold and you for obvious reason won’t enjoy eating it.
Therefore, they have supported a large number of pre-approval notification applications for this problem, where you receive an approval request before the delivery partner reaches the gate. He doesn’t have to wait when he does.
- Payment Services
MyGate enables you to make different kinds of utility payments straight from the app – such as payments for corporate dues, and rent for your property, electricity bills etc.
- Finding & Hiring House Help
When new to society, it can be a daunting task to hire a maid, a cook, and some other help daily. Plus you are majorly dependent on the word of mouth for getting all the references, which reduces the number of options you have drastically. By cataloging all available support MyGate solves this problem by giving the users a standardized medium to find such services – where the onus of creating and maintaining the profiles is on the help only.
- Other Tertiary Services
MyGate also provides you with the ability to provide company notifications and communications and gives you access to emergency contacts within society.
MyGate’s Revenue Model
Currently, MyGate is present in more than 20 cities and more than 15,000 towns where over 60 million visitors are validated every month. The annual operating revenue and losses below are the startup figures (yes loss, startups are not getting profitable very soon).
However, the question is how does MyGate make money?
The answer is pretty simple – Subscription Model.
The residents do not have to pay any covert costs to MyGate, as per the company website. The users must, however, subscribe for a regular subscription fee for MyGate services. This means that if any society has about 150 houses, the monthly cost for every society would be INR 3000.
MyGate’s Business Model
- Society Marketplace
Just as the name suggests, you can add the listing to the app if someone in your society wants to sell something and whoever is concerned can contact you for the same buy-out. The marketplace helps SMOs to promote their goods in society, which can be a great start for a new company and help them achieve breathtaking publicity.
- MyGate Homes
This is a place to be sold or rented by anyone with a property, as they wish. The App also has a share section where a tenant can share ads for a potential partner to share his flat. MyGate could charge certain listing fees for these services.
- MyGate Home Services
With this function, you can gain many benefits from painting to pest control cleaning and movements and packers. These characteristics make MyGate sometimes a complete company management application from a mere visitor tracking app and put it to some extent in competition with NoBroker and the Urban company.
Companies have been investing in integrating CCTV cameras and alarms and would prefer a robust solution such as the MyGate app. There will be growing demand for applications in this niche with the whole world moving towards the ‘Smart Cities’ movement.
It is the right time to start developing the app in this niche if you want to take part in this industry.