MyGate, the housing society management app, has announced adjustments to its management team. Abhishek Kumar, a co-founder who previously held the position of Chief Operating Officer, has been promoted to Chief Executive. Kumar’s background includes serving as Vice President at the American investment bank Goldman Sachs.
Meanwhile, co-founder Vijay Arisetty, formerly the Chief Executive, now serves as Chairman of the Board. Arisetty will provide strategic guidance and continue mentoring the leadership team.
“The company is well capitalised for its next phase of growth and has planned a strategic leadership transition as it gets poised for a new financial year,” MyGate said in a statement.
Additionally, the company disclosed that co-founder and Chief Technology Officer Shreyans Daga will now oversee product, technology, and new business initiatives in an expanded role. Daga, who previously held positions at Oracle and Digit as Project Head, takes on these responsibilities.
Moreover, Rohit Jindal, a longstanding member of the company since 2017, has been promoted to Chief Business Officer. Jindal’s experience includes working as a Sales Leader at Tencent-backed healthcare and diagnostics platform Practo.
“MyGate is in its strongest financial position that it has ever been with proven revenue streams that have started to scale up. We had continuous three months of zero cash burn…The foundation is set for a strong and profitable FY25,” said Kumar.
The company reported a revenue of over Rs 100 crore in FY24, marking a 35% increase from Rs 77 crore in FY23. Its primary revenue streams include subscriptions from Resident Welfare Associations (RWAs) and advertising partnerships with brands.
Established in 2016 by Kumar, Arisetty, and Daga, the company secured Rs 100 crore in funding in 2022 in a round co-led by Urban Company and Acko.
“Abhishek, Shreyans and Vijay are a golden team that have successfully navigated the early-stage challenges of a category creating company with a customer-centric mindset, a first principles thinking, and an extraordinary work ethic. We believe that the most exciting phase of the company’s growth is in the years ahead,” said Sanjay Swamy, co-founder and managing partner, Priven Advisors, advisory to Prime Venture Partners, the first institutional investors in MyGate.
