MyGate raises Rs 100 crore from Urban Company, Acko

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Editor's note: Apartment security management app MyGate has raised Rs 100 crore (or $12 million) in a new funding round co-led by general insurance company Acko and home services marketplace Urban Company, according to filings with the Ministry of Corporate Affairs. Entrackr was the first to report on the fundraise. The latest round comes three years after the company raised about Rs 400 crore ($56 million at the time) in 2019 from the likes of hedge fund Tiger Global and Chinese internet giant Tencent. The latest investment, although smaller, is crucial for the six-year-old startup that has been struggling to grow its revenue.  Over the past two years, MyGate has experimented with many projects that did not work and resulted in a significant cash burn. We recently wrote about how the company has finally settled on advertising as a monetization lever.  Currently, the firm has a customer base of over 25,000 gated societies. Both Urban Company and Acko would want to tap this pool of urban customers. Since 2019, Acko has also been trying out user acquisition pilots with MyGate—offering inbuilt insurance …