Latest news with #MyGateLocks
India.com
20 hours ago
- Business
- India.com
Meet man, who once worked as security guard in 14 hours shift, now owns Rs 1090000000 company named as…, he is…
Harsh Goenka recently shared a story of Abhishek Kumar, who is an IIT graduate. He built a security and community management app, Mygate. This app now provides services to over 4 million residents in 25,000 Indian housing societies and has 100 million monthly check-ins. Who Is Abhishek Kumar? He is an IIT graduate and former Goldman Sachs executive. He once worked as a security guard and co-founded MyGate . Goenka revealed that Kumar once worked 14-hour shifts as a security guard to understand their problems. He got an idea that later became the company 'MyGate'. 'In 2016, IIT grad & ex-Goldman exec Abhishek Kumar became a security guard working 14-hour shifts. That experience of understanding pain points led to his creating MyGate: now in 25,000+ communities, 100M+ check-ins/month,' the chairman of RPG Enterprises Harsh Goenka posted on X. He added, 'Moral: To build for others, first walk in their shoes.' Foundation Of MyGate It was founded in 2016 by Abhishek Kumar, Vijay Arisetty, and Shreyans Daga. MyGate manage visitor access, security, maintenance, housekeeping, and other daily services through an app. The MyGate platform is now used by over 4 million residents in 25,000 housing societies in India and has more than 100 million check-ins every month. In 2022, MyGate raised Rs 100 crore in a funding round co-led by Urban Company and Acko. MyGate's Revenue The company reported revenue of Rs 77 crore in FY23 which increased to Rs 109 crore in FY24. According to Tracxn, its net losses narrowed from Rs 227 crore in FY23 to Rs 39.7 crore in FY24. In an interview, Kumar revealed that the company is targeting revenue of 165 crore in FY25. It has also been diversifying its business into new segments like insurance distribution. The company received an aggregator license from the Insurance Regulatory and Development Authority of India (IRDAI) to sell insurance products. In September 2023, MyGate also entered into the consumer electronics space by launching MyGate Locks.
Time of India
a day ago
- Business
- Time of India
'He worked as a security guard': Harsh Goenka shares inspiring story of MyGate founder Abhishek Kumar
Industrialist Harsh Goenka took to X (formerly Twitter) today to share the inspiring journey of Abhishek Kumar , co-founder of the security and community management app MyGate . Goenka revealed that Kumar, an IIT graduate and former Goldman Sachs executive, once worked 14-hour shifts as a security guard — an experience that later became the foundation for building MyGate. 'In 2016, IIT grad & ex-Goldman exec Abhishek Kumar became a security guard working 14-hour shifts. That experience of understanding pain points led to his creating MyGate: now in 25,000+ communities, 100M+ check-ins/month,' the chairman of RPG Enterprises posted on X by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Belly Fat Removal Without Surgery in Morocco: The Price Might Surprise You Belly Fat Removal | Search Ads Undo He further added, 'Moral: To build for others, first walk in their shoes.' — hvgoenka (@hvgoenka) Live Events Founded in 2016 by Abhishek Kumar, Vijay Arisetty, and Shreyans Daga, MyGate helps residents of gated communities manage visitor access, security, maintenance, housekeeping, and other daily services through a unified app. The MyGate platform is now used by over 4 million residents across 25,000 housing societies in India. It facilitates more than 100 million check-ins every month. In 2022, MyGate raised Rs 100 crore in a funding round co-led by Urban Company and Acko. In a previous interview, Kumar shared that the company is targeting revenue of ?165 crore in FY25. MyGate has also been diversifying into new verticals, including insurance distribution. The company secured an aggregator license from the Insurance Regulatory and Development Authority of India (IRDAI) to sell insurance products. In September 2023, MyGate ventured into the consumer electronics space with the launch of MyGate Locks — a range of smart door locks offering digital home security. The company's revenue rose from Rs 77 crore in FY23 to Rs 109 crore in FY24. According to Tracxn, its net losses narrowed significantly from Rs 227 crore in FY23 to Rs 39.7 crore in FY24.
