Meet man, who once worked as security guard in 14 hours shift, now owns Rs 1090000000 company named as…, he is…

Harsh Goenka recently shared a story of Abhishek Kumar, who is an IIT graduate. He built a security and community management app, Mygate. This app now provides services to over 4 million residents in 25,000 Indian housing societies and has 100 million monthly check-ins. 

Who Is Abhishek Kumar?

He is an IIT graduate and former Goldman Sachs executive. He once worked as a security guard and co-founded MyGate. Goenka revealed that Kumar once worked 14-hour shifts as a security guard to understand their problems. He got an idea that later became the company ‘MyGate’.

“In 2016, IIT grad & ex-Goldman exec Abhishek Kumar became a security guard working 14-hour shifts. That experience of understanding pain points led to his creating MyGate: now in 25,000+ communities, 100M+ check-ins/month,” the chairman of RPG Enterprises Harsh Goenka posted on X.

He added, “Moral: To build for others, first walk in their shoes.”

Foundation Of MyGate

It was founded in 2016 by Abhishek Kumar, Vijay Arisetty, and Shreyans Daga. MyGate manage visitor access, security, maintenance, housekeeping, and other daily services through an app. The MyGate platform is now used by over 4 million residents in 25,000 housing societies in India and has more than 100 million check-ins every month.

In 2022, MyGate raised Rs 100 crore in a funding round co-led by Urban Company and Acko.

MyGate’s Revenue

The company reported revenue of Rs 77 crore in FY23 which increased to Rs 109 crore in FY24. According to Tracxn, its net losses narrowed from Rs 227 crore in FY23 to Rs 39.7 crore in FY24.

In an interview, Kumar revealed that the company is targeting revenue of 165 crore in FY25. It has also been diversifying its business into new segments like insurance distribution. The company received an aggregator license from the Insurance Regulatory and Development Authority of India (IRDAI) to sell insurance products.

In September 2023, MyGate also entered into the consumer electronics space by launching MyGate Locks.

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