M&A

M&A

MyGate acquires community commerce platform MyCommunity Genie

Business Line  

Community management app MyGate has acquired fellow Bengaluru-based community commerce platform MyCommunity Genie in a cash and equity deal. Post deal, all MyCommunity Genie systems will be integrated into MyGate. MyCommunity Genie has over 150 sellers across Bengaluru. It provides communities with a framework for residents to come together and buy as a group to unlock higher savings for all, using an adaptive discounting model. The startup was founded in 2019 by Gagandeep Singh, who will now join the leadership team at MyGate.

From the Venture Intelligence PE-VC Deal Database: Between Jun-17 and Oct-19, myGate had raised over $65 M from Horizons Ventures, Tencent, JS Capital, Tiger Global, Prime Venture Partners, and others. (Subscribers to the database can login to view the valuation, deal structuring and other transaction details.)