SUMMARY
Incumbent CEO and cofounder Vijay Arisetty has now been promoted as the chairman of the company’s board
While cofounder and CTO Shreyans Daga has been entrusted with additional responsibilities across product and technology, Rohit Jindal has also been elevated to the role of CBO
The company also claimed that it achieved “zero cash burn” for the third consecutive quarter in Q4 FY24
In a major rejig at MyGate, the community and security management startup has elevated cofounder and chief operating officer Abhishek Kumar to the position of chief executive officer (CEO).
Meanwhile, the incumbent CEO and cofounder Vijay Arisetty has now been promoted to the chairman of the company’s board.
Besides, cofounder and chief technology officer Shreyans Daga has been entrusted with additional responsibilities across areas such as product, technology and new business initiatives. Another senior executive Rohit Jindal has also been elevated to the role of MyGate’s chief business officer.
“As I transition into the role of chairman, I reflect with immense pride on the journey of MyGate thus far… With Abhishek, Shreyans, and our dedicated leadership team at the helm, I am confident that MyGate is primed to expand our current business ventures and explore new verticals in the years ahead,” said the new board chairman Vijay Arisetty.
The company, in a statement, also claimed that it achieved “zero cash burn” for the third consecutive quarter in Q4 of the fiscal year 2023-24 (FY24), adding that it was on the path to achieving profitability.
MyGate also said that the startup clocked a 35% growth in revenues to cross the INR 100 Cr mark in FY24, up from INR 77 Cr in the previous fiscal year. MyGate also added that it recorded “another year of strong double-digit growth”.
“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. We have the vote of confidence from our clients, and we are committed to serving residents of gated communities in the most secure and thoughtful manner. The foundation is set for a strong and profitable FY25,” said MyGate’s cofounder and new CEO Abhishek Kumar.
Founded in 2016 by Arisetty, Kumar, Daga and Vivaik Bharadwaj, MyGate offers security solutions for apartment complexes at entry and exit gates. It also offers other security-related systems such as RFID cards, biometrics and vehicle stickers.
The startup last bagged INR 100 Cr in a funding round led by Urban Company and Acko in November 2022. It has raised a total funding of $79.5 Mn till date and is backed by the likes of xto10X and Tiger Global.
The startup narrowed its losses to INR 76.4 Cr in FY23, down from INR 118 Cr in FY22. Meanwhile, MyGate’s revenue from operations jumped 77.3% year-on-year (YoY) to INR 71.1 Cr in the year ended March 2023.
Meanwhile, the company’s “zero cash burn” quarter comes a year after it reportedly fired 30% of its employees as part of restructuring exercise amid the ongoing funding winter and adverse macroeconomic conditions.
