MyGate has declared an Employee Stock Ownership Plan (ESOP) buyback. The offer has been extended to more than 50 employees.
As per the company’s statement, the opportunity will be available to those team members who have dedicated over four years across various roles and business verticals. Furthermore, they will be eligible to encash 20 per cent of their vested shares.
Speaking about the initiative, Abhishek Kumar, co-founder, MyGate, expressed, “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 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.”
According to the company’s annual financial statements filed with the Registrar of Companies, MyGate’s revenue from operations surged by 77.3 per cent to Rs 71.10 crore in FY23 from Rs 40.1 crore in FY22. This remarkable growth of 8.4 times compared to FY21 results underscores the company’s success. MyGate achieved cash breakeven in November 2023.
Established in 2016 by Vijay Arisetty, Abhishek Kumar and Shreyans Daga, MyGate focuses on enhancing living experiences within gated communities. With its solution adopted by over 25,000 communities and four million families, the platform manages over a billion visitor entries, processes payments of Rs.3,000 crore in society dues, handles six million help desk tickets, and facilitates two million amenities bookings, annually.
