How Did Mygate Slash Cash Burn By 85%?

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Mygate’s Early Challenges

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Expansion Without Revenue Focus

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Strategic Shift to Revenue Generation

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Tech-Driven Cost Efficiency

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Revenue from Advertising

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Future Prospects

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How Mygate Reduced Cash Burn By 85% In FY24, Turned Ad Sales Into Biggest Revenue Generator

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How Did Mygate Slash Cash Burn By 85%?

Mygate’s Early Challenges

Founded in 2016, Mygate led in gated community security. By FY23, financial losses raised concerns over its long-term viability.

Expansion Without Revenue Focus

Mygate expanded rapidly during the pandemic, offering services at low cost or free, leading to significant cash burn.

Strategic Shift to Revenue Generation

In FY23, Mygate refocused on revenue, halting freebies, laying off 200 staff, and achieving a 41% revenue boost by FY24.

Tech-Driven Cost Efficiency

Mygate adopted microservices, handling 600K check-ins per minute, doubling growth while keeping infrastructure costs up by just 10%.

Revenue from Advertising

65-70% of Mygate’s revenue now comes from targeted ads, with major brands like Flipkart and Swiggy using the platform.

Future Prospects

Rebranding as a living experience tech company, Mygate plans to integrate healthcare and insurance, aiming for long-term growth.

How Mygate Reduced Cash Burn By 85% In FY24, Turned Ad Sales Into Biggest Revenue Generator