30% of mygate’s employees are laid off
Last updated on February 22nd, 2023 at 11:07 am
Bengaluru : A new sun and a new news of layoff is here !
MyGate, a community and security management startup, has laid off 30% of its employees amid the ongoing funding crisis.
According to YourStory, the Bengaluru-based startup laid off mid-management and junior employees in the last fortnight.
A similar percentage of employees were laid off in December 2022, according to the report.
In the wake of layoffs, the startup’s employee count has dropped to 400, down from 600 before. Some laid-off employees received a severance package of two months, while others received no severance.
MyGate did not respond to a mail sent to inquire about the layoffs by the time of publication of this article, I will update you about any new news. Although this is not the first time when we asked for details many retail beneficiaries did not even respond!
Founded by Vijay Arisetty, Vivaik Bharadwaj, Shreyans Daga and Abhishek Kumar in 2016, MyGate offers entry and exit gate security solutions, as well as RFID cards, biometrics and vehicle stickers.
Through its mobile app, MyGate provides residents with visitor, delivery, and daily help management services, as well as child security.
The startup raised $12.2 Mn (INR 100 Cr) from Urban Company and Acko in November 2022.
To date, MyGate has raised $79.5 million in funding from investors such as Acko, Urban Company, xto10X, and Tiger Global.
The onset of the funding winter and macroeconomic headwinds resulted in Indian startups laying off employees in 2022 to cut costs and increase runways. Multiple startups such as OLX, Sirion Labs, and Innovaccer have also fired employees in 2023, while tech giants like Google, Microsoft, and Amazon have also laid off thousands.
Since 2022, Indian startups have laid off over 22,000 employees, including unicorns like BYJU’S, Chargebee, Cars24, LEAD, Ola, OYO, Meesho, MPL, Udaan, Unacademy, and Vedantu.
In January 2023, Indian startups raised $941 Mn, down 79.6% from $4.6 Bn in January 2022.