Community Management App MyGate Announces Abhishek Kumar as New CEO in Leadership Reshuffle

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Three points you will get to know in this article:

  • MyGate Announces Abhishek Kumar as New CEO in Leadership Shake-Up
  • Abhishek Kumar Takes CEO Role in MyGate Top-Level Change
  • MyGate Elevates Abhishek Kumar to CEO in Leadership Reshuffle

Introduction to MyGate

MyGate, an app first launched in Bangalore in June 2016 by Vijay Arisetty, Abhishek Kumar, Shreyans Daga, and Vivaik Bhardwaj, is owned and operated by Vivish Technologies, a company based in Bangalore, India. In 2018, the company received its initial round of funding with a $2.5 million investment from Prime Venture and expanded its operations to seven cities. As of 2023, the app is utilized by 3.5 million homes across 25,000 societies.

Leadership Restructuring at MyGate

In a significant shakeup at MyGate, the community and security management startup, there’s been a big change in leadership. Abhishek Kumar, who’s not only a cofounder but also the chief operating officer, has now stepped up to become the chief executive officer (CEO). Meanwhile, Vijay Arisetty, the current CEO and fellow cofounder, has moved up the ladder to become the chairman of the company’s board.

Additionally, Shreyans Daga, another cofounder who serves as the chief technology officer, has been given more duties in areas like product development, technology advancements, and exploring new business opportunities. Furthermore, Rohit Jindal, a senior executive, has been promoted to the position of chief business officer at MyGate.

“As I assume the position of chairman, I reflect with immense pride on the remarkable journey of MyGate up to this point… With Abhishek, Shreyans, and our dedicated leadership team at the helm, I am confident that MyGate is prepared to expand our current business opportunities and explore new markets in the future,” stated Vijay Arisetty, the recently appointed chairman of the board.

Financial Milestones and Stability

The company further stated that it accomplished “zero cash burn” for the third consecutive quarter in Q4 of the fiscal year 2023-24 (FY24), emphasizing its steady progress towards profitability.

MyGate announced that the company experienced a 35% increase in revenue, surpassing the INR 100 Cr milestone in FY24, compared to INR 77 Cr in the previous fiscal year. MyGate also stated that it achieved “another year of strong double-digit growth.”

“MyGate’s current financial standing is the strongest it has ever been, boasting proven revenue streams that are steadily expanding. We’ve experienced three consecutive months of no cash burn, a testament to our fiscal stability. Our clients have expressed confidence in us, and we remain dedicated to providing secure and considerate service to residents in gated communities. We’ve laid a solid foundation for a successful and profitable fiscal year 2025,” shared Abhishek Kumar, MyGate’s cofounder and newly appointed CEO.

Established in 2016 by Arisetty, Kumar, Daga, and Vivaik Bharadwaj, MyGate specializes in security solutions for apartment complexes, particularly at entry and exit points. Our offerings extend to various security systems, including RFID cards, biometrics, and vehicle stickers, ensuring comprehensive safety measures for our clients.”

Investment and Funding Achievements

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.

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