Security and community management start-up MyGate has acquired MyCommunity Genie, a Bengaluru-based social commerce platform, in a part-cash, part-equity deal.
MyCommunity Genie enables group buying and has over 150 sellers on its platform across Bengaluru. It allows residents in an area 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.
The acquisition would allow MyGate to scale its community commerce segment and bring group buying to more than 25,000 communities on its platform.
Abhishek Kumar, Co-founder and COO of MyGate said, “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.”
According to a report by Redseer, the 16 million or 6 per cent Indians that live in gated communities account for $245 billion or 45 per cent of national consumption currently and will account for $500 billion by 2026. The report further estimates that community apps are poised to capture a $35 billion market via community commerce. MyGate is the market leader in the space, with an 82 per cent share.
Source: Business-Standard