Community management app MyGate elevates co-founder Abhishek Kumar as CEO

MyGate, a housing society management application, has made changes to its executive team in preparation for its next growth phase.

Co-founder Abhishek Kumar, formerly the chief operating officer, has been appointed the new chief executive officer (CEO). He will take over from co-founder Vijay Arisetty, who now steps into the role of chairman of the board. 

The development comes a month after the announcement of an ESOP buyback program, which was extended to over 50 employees across various roles and business verticals.

Focusing on guiding the strategic direction 

With this transition, Arisetty will focus on guiding MyGate's strategic direction while continuing to mentor the leadership team. Expressing pride in MyGate's journey so far, Arisetty highlighted Kumar's critical role in establishing a people-first culture and his efficient, scalable execution as key to the company's success.

"With Abhishek, Shreyans, and our dedicated leadership team at the helm, I am confident that MyGate is primed to expand our current business ventures and explore new verticals in the years ahead," Arisetty said.

Expanded roles for the core team

In addition to the CEO transition, MyGate announced expanded responsibilities for co-founder and chief technology officer Shreyans Daga, who will now oversee product, technology, and new business initiatives. 

Rohit Jindal, a company veteran since 2017, has been elevated to the role of chief business officer. The changes aim to further solidify MyGate’s position as a leader in community management solutions.

How well MyGate is performing financially?

MyGate has reported over Rs 100 crore in revenue for the fiscal year 2023-24, marking approximately a 35% increase from the previous year. The growth has been fueled by subscriptions from Resident Welfare Associations (RWAs) and advertising partnerships, enabling MyGate to achieve three consecutive months of zero cash burn.

"MyGate is in its strongest financial position ever, with proven revenue streams that have started to scale up. The foundation is set for a strong and profitable FY25," Kumar said.

What does MyGate do?

Founded in 2016 by Vijay Arisetty, Abhishek Kumar, and Shreyans Daga, MyGate is a comprehensive mobile application tailored for the seamless management of gated communities, enhancing the daily experiences of everyone involved, from residents and visitors to management committees and security personnel.

The startup streamlines a variety of community management tasks, making operations like visitor entry authorization, maintenance bill payments, service requests, and amenity bookings a matter of just a few clicks.

Its extensive suite of features includes MyGate ERP, a specialized tool for managing society accounting and payments, addressing complaints efficiently, and keeping the community informed through digital notice boards.