MyGate To Double Revenue In FY25, Eyes 30-50% Growth

The leader in community management, MyGate, expects higher societal penetration and advertising revenue to drive profitable growth over the next 3-4 years.

For this year, the company has achieved company-wide profitability and was on track to almost double its revenue during the FY, adding the momentum for 30-50% growth.

"We are at that stage where we can grow at least 30% year-on-year on the back of societies and advertising revenue. With some new verticals and experiments, we may be able to drive 50% growth," said Abhishek Kumar, Co-Founder and CEO.

"There are 25 million households in gated communities as per our estimate, and we are present in just four million households. Every month, we are acquiring communities, and as the target increases, the team keeps on increasing," he added.

However, talking about the mistakes made in the past, Kumar said that the company's monetization journey should have started earlier than it did. "We started monetizing in 2021. So, if you see, the history of MyGate revenue in 2020-21 was ₹8 crore, but we started from 2016-17. We had ₹10 crore of yearly revenue, which for a company that has raised $60 million was nothing."

According to Abhishek, scaling has always been a challenge and it is still, but the firm is very optimistic. "The vision for MyGate is to be used in 25 million houses in gated communities across India.