MyGate revenue grows 35% in FY24, crossing ₹100 cr

MyGate completes another year of strong double-digit growth and shrinking expenses in FY24. The company clocked a revenue exceeding ₹100 crore, a growth of around 35% over the ₹77 crore it posted in the previous fiscal. Notably, the company achieved zero cash burn in Q4 of FY24, demonstrating robust operating levers on the path to profitability. Subscriptions from Resident Welfare Associations (RWAs) and advertising partnerships with brands to reach 4 million+ families via the MyGate app, are key revenue drivers, underscoring the platform's value proposition.

 The company is well capitalized for its next phase of growth and has planned a strategic leadership transition as it gets poised for a new financial year. Co-founder Abhishek Kumar, until now the COO, will take on the role of CEO and will be responsible for all facets of MyGate’s business. Co-founder Vijay Arisetty, until now the CEO, will guide the team on the strategic direction of the company and continue to mentor the leadership team. Vijay will also become the Chairman of the Board of the Company. Co-founder & 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 & CEO, MyGate.

 Vijay Arisetty added, "As I transition into the role of Chairman, I reflect with immense pride on the journey of MyGate thus far. We have pioneered innovative business models within our category, shaping an industry landscape previously unimagined. Abhishek's pivotal role in fostering a culture centered on people-first principles and driving efficient, scalable execution has been instrumental to our success. With Abhishek, Shreyans, and our dedicated leadership team at the helm, I am confident that MyGate is primed to expand our current business ventures and explore new verticals in the years ahead.”

 “Abhishek, Shreyans and Vijay are a golden team that have successfully navigated the early-stage challenges of a category creating company with a customer centric mindset, a first principles thinking, and an extraordinary work ethic. We believe that the most exciting phase of the company’s growth is in the years ahead. I congratulate Abhishek and Shreyans for their expanded roles,” says Sanjay Swamy, co-founder & Managing Partner, Priven Advisors, advisory to Prime Venture Partners, the first institutional investors in MyGate.