In November 2022, the startup secured INR 100 Cr in funding, with Urban Company and Acko leading the round. To date, it has raised a total of $79.5 Mn in funding and is supported by investors such as xto10X and Tiger Global.
In FY23, the startup reduced its losses to INR 76.4 Cr, compared to INR 118 Cr in FY22. On the other hand, MyGate experienced a 77.3% year-on-year increase in revenue, reaching INR 71.1 Cr in the fiscal year ending March 2023.
In the meantime, the company has achieved a “zero cash burn” quarter, one year after it implemented a restructuring exercise that involved laying off 30% of its employees due to the challenging funding environment and unfavorable macroeconomic conditions.
In a noteworthy restructuring, MyGate, a community and security management startup, has seen Abhishek Kumar, the COO and co-founder, take on the role of CEO, while Vijay Arisetty, the former CEO, transitions to the position of chairman. The company achieved significant financial milestones, with a 35% revenue increase in FY24 and sustained profitability. Notably, it secured INR 100 Cr in funding and reached zero cash burn for three consecutive quarters. These developments reflect MyGate’s strong financial standing and its dedication to expanding business opportunities while maintaining fiscal stability.