In the fiscal year 2023-24, MyGate reported a revenue of ₹110 crore and significantly reduced its losses by 82% to ₹40 crore. The startup achieved overall profitability in the financial year 2024-25 and is projected to nearly double its revenue in the current fiscal year, according to co-founder and CEO Abhishek Kumar.
MyGate, a leader in community management, is focusing on expanding its presence in residential societies and increasing advertising revenue to fuel profitable growth over the next three to four years. Kumar stated, “We are at a stage where we can grow at least 30% year-on-year through our work with societies and advertising revenue. With new verticals and initiatives, we may even achieve 50% growth.”
The company is currently serving around four million homes and is adding approximately 100,000 homes each month. Kumar emphasized the potential for growth, noting that there are an estimated 25 million households in gated communities, indicating significant room for expansion.
Currently, 65-70% of MyGate’s revenue is derived from advertising, while about 30% comes from software as a service (SaaS). Kumar mentioned that while this revenue split is comfortable, the share from SaaS may see a slight increase. He acknowledged the challenges of monetizing SaaS in India, explaining that many resident welfare associations (RWAs) struggle financially, making it difficult to operate as a business.
Kumar highlighted that the introduction of advertising has created a mutually beneficial situation, as residents often face challenges in timely payments and managing costs.
