MyGate said it is well capitalised for its next phase of growth and has planned a strategic leadership transition.
Community management app MyGate said it has witnessed double digit growth for the second consecutive year. The company clocked a revenue exceeding Rs 100 crore, a growth of around 35 per cent over the Rs 77 crore it posted in the previous fiscal. Notably, the company has achieved zero cash burn in Q4 of FY24.
It added that the subscriptions from Resident Welfare Associations (RWAs) and advertising partnerships with brands to reach 4 million plus families via the MyGate app, are key revenue drivers, underscoring the platform's value proposition.
MyGate added that it is well capitalised for its next phase of growth and has planned a strategic leadership transition as it gets poised for a new financial year.
The company has recently announced changes in the management as it elevated co-founder Abhishek Kumar, who was previously the chief operating officer, to the position of chief executive.
Co-founder Vijay Arisetty, until now the CEO, will be mentoring the leadership team. Co-founder and CTO, Shreyans Daga, takes on an expanded role across Product, Technology and new business initiatives. Rohit Jindal, who has been with the company since 2017 and leading the core revenue drivers of the company, has been elevated to Chief Business Officer.
“MyGate is in its strongest financial position that it has ever been with proven revenue streams that have started to scale up. We had continuous three months of zero cash burn. We have the vote of confidence from our clients, and we are committed to serving residents of gated communities in the most secure and thoughtful manner. The foundation is set for a strong and profitable FY25,” says Abhishek Kumar, co-founder and CEO, MyGate.
Founded in 2016, MyGate has raised Rs 100 crore ($13 million) in a funding round co led by Urban Company and Acko in 2022.