SUMMARY
- MyGate launches its first physical product line, MyGate Locks, marking its entry into consumer electronics.
- The smart locks provide remote unlocking, end-to-end encryption, real-time notifications, and integration with the MyGate app.
- MyGate’s revenue grew by 35.3% in FY24, driven by SaaS subscriptions, advertising, and consumer services.
MyGate, a leader in community management software, has made a significant entry into the consumer electronics market with MyGate Locks, a new range of smart door locks designed to enhance home security through digital innovation and convenience.
Three versions of the new product line—Lock SE, Lock Plus, and Lock Pro, let consumers control house access remotely and transition entirely keyless. These smart locks are available on Amazon.com, the MyGate app, and the MyGate website.
Among the main attributes of MyGate Locks include remote unlocking with a quick OTP, enhanced security using end-to-end data encryption, real-time notifications, and much more.
Abhishek Kumar, co-founder and CEO of MyGate, expressed enthusiasm for the new venture, stating, “Our vision at Mygate is to continually push the boundaries of innovation to enhance everyday living. We are excited by the expanded scope the consumer devices market offers. We are happy that now our offerings would be available to everyone in the country, regardless of whether they are on the Mygate app. We will continue to innovate to make daily life more secure, convenient, and enjoyable.”
Meanwhile, Shreyans Daga, co-founder and CTO, added: “Over the past eight years, we have proven our ability to innovate and develop reliable solutions for modern families through our community app. In the consumer devices market, we aim to continue this approach—focusing on improving our consumers’ lives and creating smart products that are both advanced and easy to use. MyGate Locks is the first step in this journey, offering a revolutionary, user-friendly smart security solution ideal for every home.”
Founded in 2016, Mygate provides entrance and exit gate security solutions for apartment buildings. Daga, Vijay Arisetty, and Abhishek Kumar are the company’s founders. Additionally, the company says it can replace other security-related systems including vehicle stickers, biometrics, and RFID cards.
In the fiscal year 2023–24 (FY24), Mygate reported a 35.3% increase in operating revenue, from ₹71.1 crore to ₹96.2 crore. This increase was facilitated by growth in its primary income streams, which include software-as-a-service (SaaS) subscriptions and advertising.
The enterprise revenue for the company was ₹85.4 crore, up 35.1% YoY. This comprises earnings from commercial sources which include builders, security firms, and resident welfare societies. However, revenue from consumer services—which includes paying home services, maintenance bills, and utility bills—also increased by over 38% YoY to ₹10.9 crore in FY24.
