Mygate Enters Consumer Electronics Space With Launch Of Smart Door Locks

Mygate has ventured into the consumer devices market with the launch of a range of digital smart lock doors.

SUMMARY

Mygate Locks will enable users to manage access to their homes remotely via its app

The product is launched in three variants –Lock SE, Lock Plus and Lock Pro

Mygate posted a 35.3% rise in operating revenue to INR 96.2 Cr in the financial year 2023-24 (FY24) from INR 71.1 Cr in the previous fiscal

Community and security management startup myGate has ventured into the consumer devices market with the launch of a range of digital smart lock doors.

Mygate Locks will enable users to manage access to their homes remotely via its app. The lock will also facilitate remote unlocking via OTP, end-to-end data encryption, easy user management and real-time notifications, the company said in a statement.

The product is launched in three variants –Lock SE, Lock Plus and Lock Pro.

This comes on the back of the Bengaluru-based startup looking to expand into the smart home appliances segment.

“Mygate Locks is the very beginning of this journey and delivers a smart security solution that is both revolutionary and user-friendly, making it an ideal choice for every home,” said Mygate’s cofounder and chief technology officer Shreyans Daga.

Founded by Daga, Vijay Arisetty and Abhishek Kumar in 2016, Mygate offers security solutions for apartment complexes at entry and exit gates. The company also claims to be a replacement for other security-related systems such as RFID cards, biometrics and vehicle stickers.

Mygate posted a 35.3% rise in operating revenue to INR 96.2 Cr in the financial year 2023-24 (FY24) from INR 71.1 Cr in the previous fiscal, helped by growth in its key revenue streams of advertising and software-as-a-service (SaaS) subscriptions.

The startup earned INR 85.4 Cr as enterprise revenue, which increased 35.1% year-on-year (YoY), as per the startup’s business summary. This includes income from enterprise sources, including resident welfare associations, security agencies, and builders.

On the other hand, revenue from consumer services, which includes utility bill payments, maintenance bills, and home services, also grew almost 38% YoY to INR 10.9 Cr in FY24.

Mygate said its total revenue stood at INR 109.1 Cr in FY24, an increase of 41% from INR 77.2 Cr the previous year.

Meanwhile, the startup claimed to have reduced its cash burn by 85% during FY24, with zero cash burn recorded in the March quarter (Q4).

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