MyGate acquires the MyCommunity Genie group purchasing platform for cash and shares

Security and community management startup MyGate has acquired MyCommunity Genie, a Bengaluru-based social commerce platform, in a deal partly in cash and partly in equity.

MyCommunity Genie allows group buying and has over 150 sellers on its platform across Bengaluru. It allows residents of an area to come together and buy as a group to unlock greater savings for all, using an adaptive discount model. For sellers, in addition to delivering high-value single-destination orders, the platform also solves many operational issues around sourcing, packaging, delivery, and payments. Following the acquisition, all MyCommunity Genie systems will be integrated into MyGate.

The acquisition would allow MyGate to expand its community commerce segment and bring group purchasing to more than 25,000 communities on its platform.

Abhishek Kumar, Co-Founder and COO of MyGate, said, “We strongly believe in the power of group buying and community trading. There is immense potential in the space, with greater savings for residents and greater volumes for sellers.

According to a report by Redseer, the 16 million or 6 percent of Indians who live in closed communities currently represent $ 245 billion or 45 percent of national consumption and will amount to $ 500 billion by 2026. The report estimates furthermore, community apps are poised to capture a $ 35 billion market through community commerce. MyGate is the market leader in the space, with an 82 percent share.

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