MyGate FY2025: Revenue ₹173 Cr (+80%), Net Worth ₹140 Cr | Society Super-App Accelerates

The Loss Was Not Real. The Growth Might Be.

MyGate's ₹227.13 Cr loss in FY2023 is the number that circulates when the company is discussed skeptically. It is technically accurate and almost entirely misleading.

The actual operating loss in FY2023, after stripping out ESOP and CCPS valuation charges (non-cash accounting entries required under Ind AS for VC-funded companies), was a fraction of that headline figure. By FY2024, with those charges normalised, the total loss was ₹39.75 Cr on ₹96.21 Cr revenue. A real loss, at a real scale, improving at a real rate.

Then FY2025 arrived. Revenue: ₹173.40 Cr. Growth rate: 80%. After a year of 35% growth.

Revenue growth accelerated. That combination (shrinking losses + accelerating growth) is rare enough in Indian SaaS that it warrants taking seriously. Most companies in this category either grow or improve margins. MyGate appears to be doing both, though the FY2025 loss number is not yet extractable from available filings.

The FY2023 Loss: What the Number Really Was

₹227.13 Cr loss in FY2023 is the figure that appears in filings. It is accurate under Ind AS accounting but requires a footnote.

Indian startups that issue ESOPs (employee stock options) and CCPS (Compulsorily Convertible Preference Shares, common in VC-funded companies) must recognise the fair value of those instruments as an expense in the P&L, even though no cash changes hands. When a company raises a funding round that implies a significantly higher valuation, the revaluation of existing CCPS creates an accounting charge that flows through the income statement.

MyGate's FY2023 loss of ₹227.13 Cr was the product of this accounting reality. The FY2024 directors' report is explicit: "costs excluding ESOP and CCPS valuation reduced by 14%" year-on-year. The operational loss trajectory was far more contained than the headline figure suggested.

FY2024 loss of ₹39.75 Cr is cleaner. It reflects actual cash and near-cash expenses: salaries, infrastructure, customer acquisition, and operational overhead.

Revenue Trajectory: What Society Management Looks Like at Scale

MyGate's revenue comes from three primary sources based on its public product positioning:

Society subscriptions. Residential welfare associations (RWAs) and builders pay a monthly or annual fee per household for access to the platform. Gate management, visitor logs, access control, and society accounting are bundled in.

Premium services. Individual residents pay for add-on features: doorstep delivery routing, domestic help background verification, home maintenance services.

Community commerce. Hyperlocal marketplace features connecting nearby vendors to residents.

The ₹173.40 Cr FY2025 revenue, if primarily subscription-driven, would imply a meaningful installed base of societies across India's Tier 1 and Tier 2 cities. The average monthly subscription per society varies; publicly available pricing for MyGate suggests figures in the ₹15,000 to ₹40,000 range depending on unit count and features.

At ₹25,000 per society per month, ₹173.40 Cr annual revenue implies approximately 5,780 society clients. MyGate has publicly claimed coverage in thousands of societies across 25+ cities.

The Loss Trajectory: From Crisis to Credibility

The FY2023 to FY2024 transition is the most important financial event in MyGate's history from a filings standpoint.

FY2023: ₹227.13 Cr loss (ESOP/CCPS-distorted) FY2024: ₹39.75 Cr loss (operating-level reality, costs reduced 14% excluding non-cash charges) FY2025: Not separately disclosed in available documents

The directional bet from FY2024 to FY2025: if revenue grew 80% and cost discipline held, the FY2025 loss would likely be lower than FY2024's ₹39.75 Cr. That is not stated in any available filing. It is the reasonable inference, not a disclosed fact.

Net worth is ₹140.32 Cr as of March 2025. Whether that represents a large or small change from the FY2024 net worth (not available in accessible documents) would confirm or refute the loss trajectory hypothesis. Until the FY2025 detailed statements are filed and accessible, the loss direction is inference.

Vijay Arisetty, Abhishek Kumar, and Shreyans Daga's Insight

MyGate's co-founders include Vijay Arisetty (ex-Indian Air Force officer), Abhishek Kumar, and Shreyans Daga. The founding moment was Arisetty's personal frustration: managing visitor access in a gated community was manual, insecure, and friction-heavy. A digital gate management system would let the guard verify a visitor on a phone, let the resident approve access remotely, and log every entry and exit.

That founding insight is why MyGate's product is stickier than most SaaS. Switching from MyGate to a competitor requires replacing the guard's device, retraining the security staff, re-onboarding all residents, and migrating all visitor history. In a 500-unit apartment complex, that is a months-long project no RWA committee wants to undertake. The switching cost is structural.

Product-led stickiness at the society level is what makes the ₹173 Cr revenue figure credible. Once a society is on MyGate, they stay. The challenge is adding enough high-margin services on top of the base gate product to justify continued investment.

The Insurance Subsidiary: The Hidden Monetisation Layer

MyGate (Vivish Technologies) has two subsidiaries:

1. Vivish Insurance Advisory Services Private Limited (India)
2. Urban Living Technologies L.L.C (Dubai): a UAE-registered entity suggesting MyGate is testing apartment management in the Gulf

The insurance subsidiary deserves more attention than it typically gets.

Society insurance is a large and underserved market. Every gated community in India has some combination of: building structure insurance, common area insurance, D&O (directors and officers) insurance for RWA committee members, and optional individual resident insurance. Historically, RWAs buy these products through offline brokers with low service quality and high renewal friction.

MyGate sits at the intersection of every society in its network. It collects maintenance payments. It knows the building age, unit count, and location. It has the trust of the RWA committee. Offering society insurance through Vivish Insurance Advisory Services is not a tangential product, it is a monetisation layer built on top of the society OS that MyGate already operates.

If insurance distribution reaches even 10% of MyGate's ~5,000+ society base, and if annual insurance premium per society averages ₹2-5 lakh, that is ₹10-25 Cr in commissions (at 15-20% commission rate on premiums). Against ₹173 Cr in base revenue, insurance could add a meaningful high-margin stream without adding proportional cost.

Neither subsidiary's financials are detailed in the standalone AOC-4 filing, so this remains possibility, not disclosure.

What Must Happen

This business wins if revenue grows faster than cost per society. It struggles if every new society requires proportional investment in customer success, security training, and infrastructure.

The gate product has inherent stickiness. The question is whether the layers above it (insurance, community commerce, premium services) add revenue without adding equivalent cost. SaaS businesses at this stage of the journey typically hit a natural inflection where each new customer is cheaper to serve than the last because the platform is already built. If MyGate is at that inflection, the FY2026 filing will show a loss materially below FY2024's ₹39.75 Cr alongside a revenue number north of ₹200 Cr.

If it is not at that inflection yet, the ₹140.32 Cr net worth provides over three years of runway at the FY2024 loss rate. The founders are not in distress; they have time. But the FY2026 filing is when the thesis is either confirmed or needs explaining.

The FY2026 filing is also when the insurance subsidiary's contribution will begin to appear. That is where the high-margin expansion story either materialises or does not.