Mygate boosts revenue by 35% and cuts losses by 82% in FY24
Housing society management app Mygate saw its operating revenue rise 35% to Rs 96 crore in the financial year ended March 31 from Rs 71 crore in 2022-23.
The Bengaluru-based company's consolidated net loss narrowed significantly by 82% to Rs 40 crore from Rs 227 crore a year ago.
This sharp cut in losses was driven by a 51% reduction in its total expenses, which came down to Rs 149 crore in 2023-24 from Rs 304 crore in the previous year. In 2023-24, the company spent Rs 82 crore on employee benefits while incurring other expenses of Rs 61 crore.
Its total income stood at Rs 109 core, surpassing the 100-crore mark.
The main revenue sources for the company are subscriptions from resident welfare associations (RWAs) and advertising partnerships with brands. A significant portion of the revenue comes from top metro cities like Bengaluru, Mumbai and Delhi NCR.
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