MyGate Cofounder Claims ‘No Burn November’

SUMMARY

MyGate cofounder Abhishek Kumar said that the company has finally hit zero cash burn last month and now the journey towards generating free cash flow starts

Earlier this year, MyGate laid off 30% of its workforce after letting go of a similar percentage of employees in December 2022

The startup said in its FY23 financial statement that it took various measures to contain costs and increase revenue after reporting a net loss of INR 227.1 Cr that year

Community and security management platform myGate hit zero cash burn in November, said cofounder Abhishek Kumar in a LinkedIn post on Friday (December 15).

“We finally hit Zero cash burn last month. Now the journey towards generating free cash flow starts…,” Kumar said.

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