Community management app MyGate unveils Esop buyback
MyGate on Thursday announced an offer to buy back shares held by employees under its stock ownership plan (Esop).
The company is offering employees across all roles and business verticals who have worked for more than four years the opportunity to cash out 20% of their vested shares.
Elevate Your Tech Prowess with High-Value Skill Courses
Offering CollegeCourseWebsiteIndian School of BusinessISB Professional Certificate in Product ManagementVisitIIT DelhiIITD Certificate Programme in Data Science & Machine LearningVisitIndian School of BusinessISB Product ManagementVisitAccording to the company, it is in its best financial position with increased revenues.
The Bengaluru-based company’s revenue from operations surged over 77% to Rs 71 crore in FY23, up from Rs 40 crore in FY22.
“We achieved cash breakeven in November 2023 and are well capitalised 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,” cofounder Abhishek Kumar said.
“Our ad business is ramping up where we are curating advertisements for brands…which contributes 80-85% of the revenue,” he added. The rest comes from the software as a service (SaaS) used by housing societies.
The company expects a nearly 38-40% year-on-year growth in FY24, he said.
Founded in 2016 by Kumar, Vijay Arisetty and Shreyans Daga, the company raised Rs 100 crore in a new round co-led by Urban Company and Acko in 2022.
On February 14, ET reported that Classplus, which
