Community Management App 'MyGate' achieves 
110 crore in FY24
App for community management, MyGate's operating revenue increased by 35% year over year. Notably, the company's losses in FY24 were cut by more than 82%.
According to MyGate's consolidated financial statement with the RoC, its operating income increased from Rs 71.1 crore in FY23 to Rs 96.2 crore in FY24.
The company's SaaS product subscriptions and brand advertising account for the majority of its revenue. In the fiscal year that ended in March 2024, it also earned Rs 12.9 crore in other income, bringing its total earnings to Rs 109.1 crore.
Residents may control everyday neighborhood interactions and security using the MyGate app. Residents can use the app to manage payments for society maintenance fees, connect with neighbors, approve visitor entry and exits, and keep track of domestic help attendance. With the introduction of smart locks in September 2024, it also branched out into the development of an integrated platform of specific consumer electronics.
In terms of costs, MyGate's overall operating expenses dropped from 
148.5 crore in FY23 to Rs 129.5 crore, a 12.8% decrease. Employee perks saw particularly significant cost reductions, with employee-related expenses (apart from ESOP charges) falling 16.5% to Rs 66.4 crore. The cost of the materials used decreased by 27.3% to Rs 1.6 crore throughout that time. At Rs 61.5 crore, other expenses represented a 7.8% drop from FY23's Rs 66.7 crore.
148.5 crore in FY23 to Rs 129.5 crore, a 12.8% decrease. Employee perks saw particularly significant cost reductions, with employee-related expenses (apart from ESOP charges) falling 16.5% to Rs 66.4 crore. The cost of the materials used decreased by 27.3% to Rs 1.6 crore throughout that time. At Rs 61.5 crore, other expenses represented a 7.8% drop from FY23's Rs 66.7 crore.
In the most recent fiscal year, MyGate reduced its losses from Rs 226.4 crore to Rs 39.8 crore, an 82.4% decrease.
In FY24, MyGate achieved the Rs 100 crore revenue milestone without the need for outside funding. In October 2019, the business raised $56 million in a Series B capital round. Three years later, in November 2022, Urban Company and insurance company Acko made a strategic investment of $12 million.
Over the past three years, our revenues have grown around 13 times, from Rs 8 crore in FY21 to Rs 109 crore in FY 24, as we have shifted focus from distribution of product to revenue generation initiatives. Performance has improved further in the current fiscal (i.e. FY25), with many months which were PAT positive and where we shown 100% YoY growth. With improvements in subscription revenue, strong interest from brands in reaching our audience and our entry into smart devices, we’re confident of hitting Rs 160 crore in FY25 with full year Adjusted PAT,” says Abhishek Kumar, Co-Founder and CEO of MyGate.
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