MyGate Acquires Community Commerce Platform MyCommunity Genie
MyGate, has announced its acquisition of MyCommunity Genie, a Bengaluru-based community commerce platform, in a part-cash, part-equity deal. Following a number of successful pilots and focused efforts on home services and seasonal products over the past three months, MyGate’s 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 100s 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. 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. For example, a group buying deal in Bengaluru that led to the sale of 15,000kgs of alphonso mangoes would go pan-India come next summer. MyCommunity Genie was founded in 2019 by Gagandeep Singh (IIT Delhi, ex-Google, Bloomreach, Ola), who has a deep understanding of e-commerce and search relevance. With a combined 40 years of experience in commerce, Gagandeep and MyCommunity Genie’s founding team members Mahendra Kumar, Vaishali Bhati and Zoheb Arif will play an integral role at MyGate to achieve the ambitious targets set for the medium term. Gagandeep Singh will join the leadership team at MyGate. On the acquisition, Abhishek Kumar, Co-founder and COO, MyGate, says, “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.” Gagandeep Singh, Founder, MyCommunity Genie, says, “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.”
Tags : ALLIED Infrastructure Acquisition technology Deal MyGate Home Services MyCommunity Genie Group Buying Community Commerce