Community management platform MyGate reported an 82 percent decrease in profit with total revenue crossing Rs 109 crore in FY24

MyGate is a web-based software for community management that announced a 35.3 percent YoY increase in revenue from operations to Rs 96.2 crore in FY24. The startup provides software for visitors and community management. The application provides features like staff management, child security, visitor management, payment and account management, communication, and delivery management. The brand advertisement and subscription to its SaaS products are the company’s primary source of revenue. The startup also enables residents to manage daily interactions and security.

Entrackr mentioned in its report that the firm also earns income through other services that pushed the total revenue to Rs 109.1 crore in FY24. The company has secured over 80 million USD across multiple funding rounds since its inception, including $12.2 million raised during its series B funding round led by ACKO, Urban Company, and other investors. The startup data intelligence platform, tracxn mentioned that Prime Venture Partners is the largest institutional investor of the firm.

The company recently expanded into creating an integrated platform of select consumer devices with a smart locks launch. The company has not held any fundraising round since the series B funding round in 2022. The Bengaluru-based startup provides various management services via its online application. The application uses advanced technologies to provide a seamless user experience. This company posted an increase in its operating income to Rs 96.2 crore in this financial year. MyGate posted an 82.4 percent decrease in its net loss to Rs 39.8 crore in FY24.

The employee benefits decreased by 16.5 percent and stood at Rs 66.4 crore in the same duration. The cost of material consumed also decreased by 27.3 percent and stood at Rs 1.6 crore in this fiscal year. The total expenditure of the firm saw a 12.8 percent decline to Rs 129.5 crore in the same duration. The SaaS firm posted a 7.8 percent decrease in its other expenses to Rs 61.5 crore bringing the total expenditure to Rs 129.5 crore in FY24.

The company controlled its losses and saw an 82 percent decrease in FY24. The firm aims to minimize and control its loss by cost-cutting measures. MyGate crossed Rs 100 crore in total revenue without any external funding rounds since 2022. The company also announced its employee stock buyback program to benefit over 50 employees. MyGate faces competition from other management solutions offering SaaS platforms such as Allthings and ApnaComplex.

Conclusion:

The Community management application offering startup MyGate announced a 35.3 percent increase in its operational revenue to Rs 96.2 crore in FY24. This SaaS platform provides various management solutions to its users including community, payment, delivery, and communication management. Subscriptions to these SaaS services and advertisements are the firm’s primary sources of revenue. The loss also saw an 82.4 percent decrease and stood at Rs 39.8 crore in FY24. The total expenditure of the firm saw a decrease of 12.8 percent and crossed Rs 129.5 crore in the same duration. The company has secured over 80 million USD across multiple funding rounds to date.