You would rarely come across a well-run housing society in a shambles, where lifts are defunct, lawns are unkempt, floor bulbs are broken and water pipes are leaking. All of your society’s amenities and services run smoothly like a river because they are paid for and looked after. The nitty-gritty of a society’s financial management is no joke. Members are often confused and even agitated when they are asked to contribute towards funds that seem to be inconsequential on the surface, but when understood well, they make a whole lot of sense. In this article, we will shed light on a variety of housing society funds that create a perfectly healthy state of affairs.

Types of funds in a cooperative housing society

1. Reserve Fund

A Reserve Fund is made up of entrance fee paid by the members, transfer fees when shares are transferred with occupancy rights, transfer premium received when a member transfers interest in the capital/property, general donations (not for a specific purpose) received by the society. Accumulated Reserve Fund gets carried forward to the next year every year.

Utilisation: As per the model bye-laws, Reserve Fund is used for repair, maintenance and renewal of the society’s property.

2. Repairs and Maintenance Fund

This fund is made up of a fixed maintenance amount paid by the society’s members on a monthly, quarterly, bi-annual or annual basis. It is calculated at a rate decided at general body meetings based on per square feet, equal division or hybrid methods. Bye-laws state that rate is subject to the minimum of 0.75 per cent per annum of the construction cost of each flat for meeting expenses of normal recurring repairs.

Utilisation: As explained in the title of the fund, it is used for the expenses of amenities, bills and maintenance of premises of the society, repairs, service staff fee, common electricity expense, water charges, etc.

3. Sinking Fund

A Sinking Fund is a separate amount that the members have to pay on their maintenance bill. A housing society saves this amount for the time when there are any structural additions or alterations to the buildings/wings of society. A Sinking Fund is fixed at the general body meeting and is subject to the minimum of 0.25per cent per annum of the construction cost of each flat, excluding the proportionate cost of the land.

Utilisation: These are done after consulting the society’s Architect who may recommend such additions/heavy repairs to strengthen the integrity of the structure for the safety of the members and also for posterity.

4. Education & Training Fund

Members have to contribute to this fund. Each member has to pay Rs 10 every month or as decided by the general body meeting.

Utilisation: The purpose of this fund is to analyse the issues and complaints of the society with respect to administrative measures and create an atmosphere of camaraderie and unity through conducting training programs in order to develop professional skills among members, distribute articles, books, etc. to train members for a specific skill, to run training classes pertaining to the co-operative movement and issue certificates/diplomas to upskilled members.

5. Other Funds

Major Repairs Fund is to be created by the society to fill the gap between maintenance fund and Sinking Fund. This has to be paid as and when required and decided by the general body at the rate fixed on an area basis. Additionally, some societies create a surplus fund as and when needed in order to celebrate festivals, special days and other occasions. This does not constitute a formal or mandatory fund, however, members contribute voluntarily to participate in the festivities and to partake in the activities of communal living.

Why do societies generate these funds?

A housing society is a cooperative and democratic movement that functions on the basis of contributions made by the member. All amenities, services, repairs, etc. are paid by the members themselves and there is no outside agency that is going to swoop in and bear the expenses on behalf of the society. Neither the managing committee nor the members would subject themselves to any negative surprises due to lack of funds, a scenario that can be easily avoided if funds are generated fairly and properly in advance. To avert any unexpected financial losses in terms of repairs, failure of amenities, structural damage, the society has to be prepared in order to be able to bear the expenses. It does so by collecting money on a monthly basis in general so as to not burn the pockets of its members. The common ways to generate funds are mentioned below:

• Entrance Fees
• Deposits
• Loans/subsidies
• By issuing shares
• Voluntary donations
• Maintenance bills
• Fees on the transfer of shares
• Non-Occupancy fees
• Renting space for advertisements, billboards
• Renting terrace space for mobile towers

We’ve got some news: Mygate just raised $56 million in a Series B round, from Tiger Global, JSoros, Prime Venture Partners, among others. This is a momentous event in our journey, and a testament to the positive change we’re bringing to gated communities across the country.

In just over three years, Mygate has evolved into a trusted all-in-one platform for gated communities, going far beyond security. Every day, households rely on Mygate to seamlessly manage visitors, communicate with neighbours, handle salary payments for domestic staff, discover local services, pay society bills, track accounts, and access a wide range of community features. By combining security, convenience, and ERP-driven management into a single solution, Mygate has redefined the way urban communities function.

A snapshot of our scale and the extent to which our features are used is a further indication of how large a part of everyday life Mygate has become:

• Over 7 million homes across 36,00 gated communities are now on Mygate
• Over 45 million visitors are validated through our app every month
• Over 60,000 requests are processed by our systems every minute

Of course, this is only the beginning.

With the fresh round of funding, Mygate will focus on strengthening its comprehensive ERP platform by further enhancing security, convenience, and community management for households. The investment will also enable Mygate to expand into more cities and scale its workforce to support the growing adoption across India.

• If your gated community is interested in adopting Mygate, our representatives are always available to give you a demo.
• If you’re interested in joining our team, take a look at the list of open positions.
• If you want to partner with us or think that Mygate should be in your city, tell us why by writing in to contact@mygate.in.

To read the official press release, click here.

Investors include JS Capital LLC, Tiger Global and Prime Venture Partners

MyGate on track to add over 15 million homes across 40 cities in the next 18 months

Bengaluru, October 17, 2019: Mygate, India’s leading all-in-one society management and accounting ERP platform, has raised $56 million in Series B funding. The investment comes from US-based JS Capital LLC, Tiger Global Management, existing investor Prime Venture Partners, among others. Beyond enhancing convenience and security in gated premises, Mygate offers robust ERP solutions that streamline billing, automate accounts, manage complaints, and simplify vendor payments all accessible via a unified digital platform. This funding will accelerate Mygate’s mission to transform gated communities by integrating security, accounting, and community management into one scalable and transparent system.

Mygate has experienced a fivefold growth over the past year and is now active in 1.2 million homes across 11 cities in India. This all-in-one community management platform not only enables residents to communicate with neighbours, manage visitors (guests, deliveries, cabs, etc.), and maintain attendance records and salary payments for daily help, but also integrates a robust ERP system for society accounting. Mygate streamlines maintenance fee collections, automates invoicing with GST compliance, manages vendor payments, handles complaints through a responsive helpdesk, and simplifies amenity bookings all accessible via a single unified digital platform. Processing over 60,000 requests per minute and facilitating more than 45 million check-in requests every month, Mygate delivers a comprehensive and scalable solution for modern gated communities.

Since its launch in 2016, Mygate has grown into a comprehensive ERP platform for housing societies, going far beyond security to cover every aspect of community management. From automated accounting, billing, and GST/TDS compliance to helpdesk, audits, vendor management, facility bookings, and resident engagement, Mygate unifies operations on a single platform. It empowers residents, committees, builders, and facility teams with transparency, efficiency, and scalability. With expertise in digital transformation and continuous product innovation, Mygate is enabling smarter and more self-sufficient societies across India.

Mygate is a comprehensive ERP platform for gated communities that simplifies and automates society operations. It digitizes key workflows such as accounting, billing, payments, and helpdesk while also streamlining visitor management, staff tracking, child safety, and clubhouse access. With advanced features like e-intercom, vehicle management, touchless resident identification, and powerful admin dashboards, Mygate empowers RWAs to achieve transparency, efficiency, and smarter community living.

Mygate’s success and rapid adoption can be attributed to the growing demand for a comprehensive and easy to use digital platform that goes beyond security to streamline every aspect of community living. With over 45 million people residing in gated communities, a number that continues to rise at 13 percent year on year, the need for a solution that simplifies operations, enables seamless interactions and delivers convenience has never been greater. From managing visitors, staff and vehicles to enabling digital payments, accounting and community communication, Mygate is emerging as the all in one ERP for residential communities, ensuring that every stakeholder including residents, RWAs and service providers experiences efficiency and transparency.

With this fresh funding, Mygate plans to strengthen its leadership position by expanding its platform into a comprehensive ERP for gated communities. The focus is on creating innovative solutions that remove friction from every interaction between residents and external stakeholders while digitizing and automating society operations. Beyond delivering convenience and security to residents, Mygate is also enabling greater efficiency for RWAs, management committees, security personnel, local service providers and eCommerce companies, ensuring a connected and well-managed community ecosystem.

The startup has over 700 employees spread across all of India’s metros. To power its growth, the company is planning to triple its workforce over the next two quarters. Mygate has earlier raised $11.5M over two rounds of funding. In May 2019, the company also announced partnerships with several major eCommerce brands, including Swiggy, Zomato, Grofers and Dunzo, to make possible a silent and secure delivery experience for its users.

Salil Seshadri, Chief Investment Officer, JS Capital LLC
Mygate is a company with the rare ability to innovate for all of urban India on a single platform. We believe that their deep product focus and technological prowess will enable them to build solutions that bring positive gains to the entire ecosystem.

Sanjay Swamy, Managing Partner, Prime Venture Partners
Right from the first time I experienced Mygate as a customer just two years ago, it’s been great to see a fledgling startup execute consistently and holistically, and grow into a category-creating market-leader. We’re delighted by the progress of Mygate and welcome these marquee investors, as the company prepares for the next wave of growth.

Vijay Arisetty, CEO & Co-founder, Mygate
We started Mygate to solve the real challenges of security and convenience faced by households every day. Over time, the platform has grown into a comprehensive solution that simplifies community living by integrating accounting, payments, communication, security, and overall society management on a single platform. We are deeply thankful to our customers and investors who trusted our vision, shared valuable feedback and supported us throughout this journey. Our mission of simplifying urban living is only at the beginning, and we are excited to welcome marquee investors and business partners such as Tencent, Tiger and JSoros as we move into the next phase of growth.

About Mygate:

Founded in 2016, Mygate is a technology-first platform transforming community living by unifying society management, payments, amenities, communication, and helpdesk into one comprehensive solution. Trusted by over a million homes across 11+ cities, Mygate empowers residents and RWAs to manage daily operations seamlessly. Security features complement the platform, ensuring safe and convenient living. The company was co-founded by Vijay Arisetty, a decorated ex-IAF pilot and Shaurya Chakra awardee, Abhishek K, former VP at Goldman Sachs, and Shreyans Daga, former project head at Oracle and Digit.

For press and media enquiries, please contact Samarth Mohan (at samarth.mohan@Mygate.in or +91 98194 87367) or Kenneth Saldanha (at kenneth.saldanha@Mygate.in or +91 98192 72310).

Living in a gated community means a lot more than what meets the eye. Behind the comfortable housing and secure premises, lies a responsive team that continuously ensures a hassle-free experience to those residing in these communities.

The 11-member Management Committee (MC) at Max Spoorthi, Bangalore, is doing just that for over two years. We sat down with Prasad Pawate, President of the committee, to understand their everyday operations and security challenges. He discusses how MyGate has simplified processes while assuring a safer community living experience for its 70 households. 

Why did you choose to be a part of the committee?

It gives me immense pleasure to contribute to society and that’s how I decided to take the lead, two years ago, when three of us took the handover from the builder. Today, we are a team of eleven who dedicate a sizeable amount of time towards the benefit of Max Spoorthi and its residents. Also, I work from home, therefore, the committee members can count on me in case of any emergency.

What made you feel the need for a community management solution like MyGate?

Well, I’m an IT professional, I know the importance of automation. I value processes with minimal human intervention and high accuracy. Earlier, we faced difficulties in managing entries and guarding against fake attempts. Also, residents could not establish a concern regarding fake entries as there were no proper records maintained. We definitely needed a system that could help us manage and filter the footfall at our gate.

With MyGate, it has become fairly simple to authorise visitors, therefore the resident concerns regarding wrong entries have drastically dropped. Also, the entry process has streamlined with much higher accuracy.

Did you try other solutions before you decided to go with MyGate?

No, MyGate was the only app we tried. So, while I was visiting one of my relatives’ apartments, I observed them following a digital entry process. I was curious as much as I was impressed when I saw my relative ready to welcome us the minute we landed up at their door. Then, I got in touch with one of MyGate’s personnel to understand the features in detail. Post that, I arranged a meeting with all committee members and they were very much impressed. Today, after the app is implemented and in use in our society, we see the value for both residents and us as committee members.

What kind of issues are typically raised and how does the committee solve them?

Most day-to-day concerns are raised by the residents. Earlier, they would log complaints in a register with date and time, and we assigned a committee member to look after the same. Based on the severity of the issue we would call for a meeting. I personally used to tell everyone, if the residents don’t log their issues in the register they would not get addressed as we will not know the issue, set aside assigning the task to someone. Other concerns were about assigning the task to the housekeeping staff. 

This is where MyGate’s Complaint Management feature comes handy. Residents can easily log complaints and our team can view them all in one place. Assigning tasks and monitoring progress, everything happens seamlessly without the need for maintaining physical logbooks… truly impressive!

What are your favourite features in the app?

Complaint Management is my favourite feature. Other useful features include Notice Board. It is very interesting how a message is easily broadcasted to everyone. I am also curious to explore the Accounts and Payments feature. The pressure to maintain the payment duelist is increasing day-by-day. The accounting training was conducted recently and very soon we’ll be utilising the feature in full swing. We’re looking forward to these features to provide more transparency to our accounting structure. However, I would like to prematurely mention this as my third favourite.

How is MyGate simplifying your life?

I would like to give a tagline for MyGate – ‘MyGate at my desk!’ It offers the flexibility to view all the reports at my desk. Sitting in one corner, I know what’s going on, at all times. The best part is, reporting isn’t complex anymore.

Do you think MyGate is a value for money solution?

Definitely, I personally feel it’s value for money. None of the eleven committee members ever faced any trouble using it or have any negative feedback.

How would you best describe MyGate?

I would say, super invention, it has made life easy for apartment management.

From a field executive to now handling operations across North India, Biju’s career at MyGate has taken significant positive turns. He has been with us since inception, say about three years now. Growing up in Bhubaneshwar, Biju was always business-minded. Managing the everyday challenges of bringing the right people together and encouraging them to work towards achieving a common business objective has always intrigued him. This largely explains his inclination towards the startup ecosystem and specifically towards maintaining healthy client relationships.

Here’s Biju briefing us on his life at MyGate so far and answering a few fun questions. Over to Biju…

The journey early on

Coming from the facility management background, I understood the residential space and its particular nuances. I remember I started with handling ops process directly on the field before overseeing it for East Bangalore. I never imagined that a new security app would catch up this quick with the existing solutions focused on gated societies. However, the popularity and success of MyGate have proved me wrong, and I am more than happy to be proven wrong.

Getting the service and operations right

The small coworking space at that time was like a close-knit family. It was exciting, more so satisfying, to find how quickly societies started accepting the app, bringing MyGate to every lane in Whitefield. All of this has been possible because of the customer-centricity that is deeply ingrained into the company’s culture. We have constantly worked on providing the right and prompt service whenever required. The company’s early focus on making the product user-friendly and getting the service and operations right has not only won MyGate the heart of Bangalore but also the whole game!

Leadership of action and not of position

The best part about working at MyGate is – every day is a new opportunity to explore and excel. It’s only after joining MyGate I realised the entire idea of leadership is misinterpreted and how! The collective company psyche here is extremely open and flexible. Being a leader here simply means giving your team the freedom to do what they deem fit while having enough grasp of the situation to take control whenever necessary. In this entire story, I have been on both sides of the table, witnessing young energy and innovation brew. What a sight!

Advice to the new joinees

Whenever I get a chance to interact with the recent hires I always encourage them to understand the process and follow it in the right way. Honestly and proactively doing what is expected of us will pay us a lot better than worrying about the compensation. 

If you could do another job for just one day, what would it be?
Be an assistant to Abhishek, our co-founder & COO

What is the most unusual job you’ve ever had?
Sell dictionaries, my first job. 

What’s your favourite professional quote or a line?
Jab log aapke peeche bolne lage toh samajh lo ke tarakki kar rahe ho!

If given a chance, who would you like to be for a day and why?
Jack Ma. Retire while you are on top of it…

Three things most people don’t know about you?
I forget things often
I have an obsession for perfection
I invest a lot of time in tech and gadgets

Three words to best describe you?
The show must go on… (five words though, he chuckles)

First push in major expansion plan post series b funding; adopted by 100+ communities in ahmedabad during pilot phase

Ahmedabad, Nov 27, 2019: Mygate, India’s leading community and society management platform, today announced its expansion into Gujarat. The Bangalore-based startup successfully completed a three-month pilot in Ahmedabad, adopted by over 14,000 homes across 100 gated communities. Following this success, Mygate’s mobile-first platform will now be available in Surat, Rajkot, Gandhinagar, and Vadodara, enabling residents to manage payments, amenities, communications, and helpdesk seamlessly. Security features complement the platform, providing safe and convenient living. This expansion follows the $56 million Series B funding announced last month.

Mygate aims to streamline operations for 150,000 homes across Gujarat within the next 12 months. Popular communities already using the platform include Kalhaar Bungalows, Ratnaakar Beaumonde, Aryaman Bungalows, Paarijat Eclat, and Basant Bahar Bungalows. With an on-ground team in Ahmedabad and expansion plans for other major cities, Mygate helps residents manage payments, amenities, communication, and services efficiently, while security remains an integrated feature.

Widely regarded as a role-model state for public infrastructure and economic growth, gujarat has witnessed a sharp rise in the number of gated communities, with several cities now among the country’s fastest-developing real estate markets.

Apartment complexes in gujarat can now deploy mygate in just three days without any hardware investment or capital expenditure. The platform follows a pay-as-you-go model and includes complete training for facility staff, security guards and residents.

Mygate is a mobile-app-based, all-in-one platform that simplifies community living by digitizing and automating day-to-day operations. It enables resident welfare associations (RWAs) to manage society accounting, track resident payments, handle helpdesk requests, and oversee amenities efficiently, all through a unified dashboard. Key features include e-intercom for visitor authentication, child safety alerts, staff and clubhouse management, touchless resident identification, and infrastructure-free vehicle management. While enhancing convenience and operational efficiency, Mygate also integrates robust security measures to ensure a safe and seamless living experience for all residents.

Currently, mygate is trusted by over 1.2 million homes in 5,000+ gated communities across 13 major indian cities, including mumbai, delhi-ncr, bangalore, hyderabad, chennai and pune. Founded in 2016 by Vijay Arisetty (ex-IAF pilot, Shaurya Chakra Awardee), Abhishek Kumar (former VP, Goldman Sachs) and Shreyans Daga (former project head, Oracle and Digit), the company has raised $67.5 million across two funding rounds. It was also recognized as one of india’s 25 coolest start-ups by business today in 2019.