News: MyGate layoff: Tiger Global-backed firm to kick out 30% workforce

Strategic HR

MyGate layoff: Tiger Global-backed firm to kick out 30% workforce

MyGate which offers security-related systems such as RFID cards, biometrics and vehicle stickers, was founded in 2016 by Vijay Arisetty, Vivaik Bharadwaj, Shreyans Daga and Abhishek Kumar.
MyGate layoff: Tiger Global-backed firm to kick out 30% workforce

While the ongoing economic slowdown has not impacted India at large, several Indian firms are still sacking employees. The new one to join the list is the community and security management startup MyGate. 

The company has laid off 30% of its employees, according to media reports. Mid-management and junior-level employees were impacted by this move. 

MyGate terminated a similar percentage of employees in December 2022, according to a report by YourStory. Before the layoff began, the startup had 600 employees, now it’s down to 400. 

Just like several other companies, MyGate too paid severance packages to fired workers, but a few others were not offered any severance, as per the report.

The company has not commented on the layoff news as of now. MyGate was founded in 2016 by Vijay Arisetty, Vivaik Bharadwaj, Shreyans Daga and Abhishek Kumar. 

The company offers security solutions for apartment complexes at entry and exit gates, along with other security-related systems such as RFID cards, biometrics and vehicle stickers.

MyGate’s mobile app offers various services such as visitor, delivery and daily help management along with child security to individual residents.

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Topics: Strategic HR, #HRCommunity, #Layoffs

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