MyGate has completed the financial year with strong revenue growth. The company is presently well capitalized for its next phase of growth and has planned a strategic leadership transition as it gets poised for a new financial year. Abhishek Kumar transitions from COO to CEO, overseeing MyGate’s business. Vijay Arisetty shifts to guiding the team strategically as Chairman. Shreyans Daga, Co-Founder & CTO, expands role into Product, Technology, and new initiatives. Rohit Jindal is promoted to Chief Business Officer, managing core revenue.
Abhishek Kumar, Co-founder & CEO, MyGate says, “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.”
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.”
Sanjay Swamy, co-founder & Managing Partner, Priven Advisors, advisory to Prime Venture Partners, the first institutional investors in MyGate, says, “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.”
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.
