MyGate announces an employee stock ownership plan (ESOP) buyback, encompassing more than 50 employees. The company has given the option to encash 20% of their vested shares to team members who have spent over 4 years across all roles and business verticals.
Abhishek Kumar, co-founder at MyGate, says, “We are in the strongest financial position with revenues growing quarter on quarter with much lower expenses. We achieved cash breakeven in Nov ’23 and are well capitalized to fund our future growth. This initiative is a small gesture of gratitude to those who spent substantial years with us and helped us reach this stature.”
MyGate’s revenue from operations ramped up 77.3% to Rs 71.10 crore in FY23 from Rs 40.1 crore in FY22, according to its annual financial statements filed with the Registrar of Companies. The company grew 8.4x when compared to FY21 results. It also recorded cash breakeven in November 2023.
Founded in 2016 by Vijay Arisetty, Abhishek Kumar and Shreyans Daga, MyGate is improving living experiences within gated communities. Its solution is used by over 25,000 communities and 4 million families, facilitating the management of over a billion visitor entries, the payment of Rs.3,000 crore in society dues, 6 million help desk tickets and 2 million amenities’ bookings every year.
