Indian Startup ‘MyGate’ With a Valuation of $170 Mn Initiates Share Buyback Program

MyGate, a Bengaluru-based, app-based security management company has initiated a share buyback program as its valuation has reached $170 Mn recently.

The company specializes in security maintenance service for gated apartments and has unloaded its equity shares for optimizing their existing shares and to improve the share worth. The company is set to buy 132,320 equity shares of Rs 37.2 crores.

34,668 equity shares were offered by the founders Vijay Kumar Arisetty, Shreyans Daga, and Abhishek Kumar. Shares worth Rs 3.36 Crores was sold by Arisetty and the other two sold shares worth Rs 3.22 Crores. Currently, Vijay Kumar Arisetty holds the majority share of 14.8% whereas Daga owns 5.73% and Kumar 5.5%

25% of the company’s share is held by one of their early investors, Prime Venture Partners, 22.23% by Montrevedi International Limited. The company has also partnered with various e-commerce business ventures such as Box8, StoreSe, Grofers, Medlife, and mfine for delivery services.

The company now serves around 2 million homes across 10,000 societies in India. The company has spent 1.13 Crore for marketing and advertising in the last year and the company’s revenue has increased tremendously from 2018 to 2019. The company has witnessed a 3.9X growth as per the reports.