Mygate, a living experience technology company, has recently disclosed its financial earnings for the fiscal year ending March 2024. The company achieved a robust 35 per cent year-on-year increase in operating revenue, reaching Rs 96.2 crore, up from Rs 71.1 crore in FY23. Additionally, Mygate reduced its net loss by a remarkable 82 per cent to Rs 39.8 crore, compared to Rs 226.4 crore in the previous fiscal year.
Total revenue for FY24, including other income, reached Rs 109.1 crore, crossing the 100-crore milestone without any external fundraising. The company claimed that this performance reflects the company’s commitment to sustainable growth and operational efficiency, as evidenced by a 12.8 per cent reduction in operating expenses, which fell to Rs 129.5 crore from Rs 148.5 crore in FY23. Notable reductions were seen in employee-related expenses, down 16.5 per cent to Rs 66.4 crore.
Abhishek Kumar, Co-founder & Chief Executive Officer of Mygate, stated, “This is a testament to Mygate's unwavering commitment to sustainable growth and operational efficiency. Crossing the 100-crore revenue mark, while significantly reducing our net loss, showcases the resilience and dedication of our team. In the current fiscal year, we are making further strides toward profitability, with many months being PAT positive and 100 per cent year-on-year growth. With improvements in subscription revenue, strong interest from brands in reaching our audience and our entry into smart devices, we are confident of hitting Rs 160 crore in FY25.”
The primary revenue drivers for Mygate include brand advertising and subscriptions for its saas platform, which is now used by over 4 million residents across 25,000 housing societies in India. Major metro areas, including Bengaluru, Mumbai, and Delhi NCR, remain core markets for Mygate’s offerings, which include resident access control, communication tools, and facility management features.
In line with its strategy to diversify and enhance value for its users, Mygate recently expanded into the consumer electronics segment with the starting of Mygate Locks, a range of smart door locks designed to elevate home security with digital convenience. This new offering complements the company’s established suite of community management solutions and reflects its commitment to innovation and user-focused expansion.
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