MyGate acquires MyCommunity Genie to strengthen community commerce play
Premium- This acquisition would provide MyGate with the necessary tools to bring scale to its long-term plans in community commerce
BENGALURU : Apartment management solution provider, MyGate on Friday announced the acquisition of MyCommunity Genie – a Bengaluru-based community commerce platform – in a part-cash, part-equity deal.
This acquisition would provide MyGate with the necessary tools to bring scale to its long-term plans in community commerce, enabling its 25,000 communities to unlock the power and savings of group buying, it said in a statement.
Following a number of successful pilots over the past three months, MyGate claims that its community commerce vertical has been growing at 50% month-on-month. MyCommunity Genie’s strong technology infrastructure and its team’s expertise in the space will enable MyGate to further accelerate this growth.
MyCommunity Genie powers group buying for hundreds of communities and 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.
For sellers, in addition to delivering high-value, single-destination orders, the platform also solves numerous operational pain points with regard to procurement, packaging, delivery and payments. Following the acquisition, all MyCommunity Genie systems will be integrated into MyGate.
“We are big believers in the power of group buying and community commerce. There is immense potential in the space, with greater savings for residents and larger volumes for sellers. Excited to welcome aboard Gagandeep and the entire team at MyCommunity Genie to help us realise our vision," said Abhishek Kumar, co-founder and chief operating officer (COO), MyGate.
With the acquisition, MyCommunity Genie’s founder Gagandeep Singh will join the leadership team at MyGate.
“We’re very proud to become part of MyGate, the organisation best positioned to enable community commerce, and look forward to scaling our group buying technology to the 25,000-plus communities on their platform," said Gagandeep Singh, founder, MyCommunity Genie.
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According to a report by management consultancy, Redseer, the 16 million or 6% Indians that live in gated communities account for $245 billion or 45% of national consumption today and will account for $500 billion by 2026.
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