The Bengaluru-based company’s consolidated net loss narrowed significantly by 82% to Rs 40 crore from Rs 227 crore a year ago.
This sharp cut in losses was driven by a 51% reduction in its total expenses, which came down to Rs 149 crore in 2023-24 from Rs 304 crore in the previous year. In 2023-24, the company spent Rs 82 crore on employee benefits while incurring other expenses of Rs 61 crore.
Its total income stood at Rs 109 core, surpassing the 100-crore mark.
The main revenue sources for the company are subscriptions from resident welfare associations (RWAs) and advertising partnerships with brands. A significant portion of the revenue comes from top metro cities like Bengaluru, Mumbai and Delhi NCR.
Founded in 2016 by Abhishek Kumar, Vijay Arisetty and Shreyans Daga, the company helps residents in societies to manage security by controlling visitor access, along with offering maintenance, housekeeping services, vehicle management and other services.
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Its community management app is currently used by more than 4 million residents across 25,000 housing societies in India.It last raised Rs 100 crore in 2022 in a funding round co-led by Urban Company and Acko.
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In an earlier interaction, Kumar said the company was targeting a total revenue of Rs 165 crore in FY25. “We have achieved profitability in four out of the last six months (April to September), and we aim to be profitable for the entire financial year,” he said.
In April, he took over as CEO after the former chief executive, Arisetty, moved on to lead the asset protection firm Aurm as its CEO.
Mygate has also been diversifying into different sectors, including the insurance distribution business. The company earlier secured an aggregator licence from the Insurance Regulatory and Development Authority of India (IRDAI) to distribute insurance policies.
In September, it also expanded its product offerings beyond its core software solutions by entering the consumer electronic segment with the introduction of Mygate Locks, a range of smart door locks to offer home security with digital convenience.