Tiger Global-backed security and community management platform MyGate Tuesday said its revenue grew 35% to over Rs 100 crore in the financial year through March 2024 from around Rs 77 crore in the preceding year.
To be sure, this is the company’s total revenue, which also includes revenue from other sources such as interest income from investments. Its revenue from operations in FY23 was Rs 71 crore. The company didn’t disclose its revenue from operations for FY24.
Subscriptions from resident welfare associations (RWAs) and advertising partnerships with brands to reach over 4 million families through the MyGate app were key revenue drivers, the company said in a release.
MyGate said it achieved zero cash burn in the March quarter of FY24, demonstrating robust operating levers on the path to profitability.
“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…The foundation is set for a strong and profitable FY25,” said Abhishek Kumar, co-founder of MyGate.
Management Rejig
The company said its board promoted Kumar as the chief executive officer. He was so far MyGate’s chief operating officer. The outgoing CEO and co-founder Vijay Arisetty has assumed the role of chairman of the board. He will guide the team on the strategic direction of the company and continue to mentor the leadership team.
Similarly, co-founder and chief technology officer, 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 is leading the core revenue drivers of the company, has been elevated to the role of chief business officer.
Founded in 2016, MyGate operates a community that aims to simplify urban living. It currently operates across three verticals: community management platform, advertisement platform and home services.
MyGate secured $56 million (Rs 400 crore) in a Series B funding round in October 2019, with Tiger Global Management, JSoros, and existing investor Prime Venture Partners leading the investment. This followed a Series A round in October 2018, where MyGate raised Rs 65 crore led by Prime Venture. Earlier, in January 2018, the startup received Rs 16 crore ($2.5 million at the time) in its initial round of external funding, also led by Prime Venture.
