MyGate Elevates Rohit Jindal To Cofounder

Community and security management startup myGate has elevated its chief business officer, Rohit Jindal, to the role of a cofounder.

Cofounder Abhishek Kumar announced the promotion in a LinkedIn post.

Jindal joined the company in 2017. Prior to joining Mygate, he held leadership positions at Practo, HSBC, and Citibank India. 

He served as a business leader at Practo between 2015 and 2017, sales lead at Citibank between 2011 and 2013, followed by a stint as Associate VP – Sales Head at HSBC from 2013 to 2015.

The company has undergone notable leadership transitions in recent years. Last year, Abhishek Kumar, previously COO, was named the new CEO. While Vijay Arisetty, who previously served as the chief executive, took the role of chairman of the board. Arisetty also joined fintech startup Aurm as CEO and founder. 

Founded in 2016 by Kumar, Shreyans Daga and Arisetty, MyGate provides tech-driven security solutions for gated communities, managing entry and exit points through its app-based system. 

The platform also positions itself as a comprehensive alternative to traditional security tools like RFID cards, biometrics, and vehicle stickers.

MyGate competes with the likes of Gate Keeper, NoBrokerHood and JioGate. 

The startup generates its primary revenue through a software-as-a-service (SaaS) subscription model, where residential communities and housing societies pay annual or multi-year fees to access its platform. 

This subscription model provides communities with access to security and management tools. Last year, it entered the consumer devices market with the launch of a range of digital smart locks.

On the financial front, MyGate CEO Kumar said it will achieve profitability for the first time in the financial year FY25. The startup also projected its revenue to grow 75% YoY in FY25. 

For FY24, it reported a 36% rise in operating revenue to INR 96.2 Cr from INR 71.1 Cr in the previous fiscal year. The startup claimed to have reduced its cash burn by 85% during FY24, with zero cash burn recorded in the March quarter (Q4).