MyGate Unveils Digital Smart Locks: A New Era in Home Security

Community and security management startup MyGate is making a notable entry into the consumer electronics market with its launch of a new range of digital smart door locks. This move marks an expansion into smart home appliances, further diversifying the company’s product offerings.

Smart Security Solutions

MyGate’s new smart locks provide advanced features designed to enhance home security and convenience:

• Remote Access Management: Users can control and manage access to their homes through the MyGate app.
• Remote Unlocking: The lock supports OTP-based remote unlocking.
• Data Encryption: Ensures end-to-end encryption for secure operations.
• User Management: Simplifies the process of adding and managing users.
• Real-Time Notifications: Keeps users informed about access activities.

The smart locks are available in three distinct variants: Lock SE, Lock Plus, and Lock Pro, catering to different security needs and preferences.

Company Expansion and Future Outlook

This product launch is a strategic move for the Bengaluru-based startup as it expands into the smart home segment. Shreyans Daga, co-founder and Chief Technology Officer of MyGate, highlighted the significance of this new product line: “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.”

Founded in 2016 by Shreyans Daga, Vijay Arisetty, and Abhishek Kumar, MyGate initially focused on security solutions for apartment complexes. The company provides alternatives to traditional security systems, such as RFID cards, biometrics, and vehicle stickers.

Business Growth and Financial Performance

In the financial year 2023-24 (FY24), MyGate achieved significant revenue growth:

• Operating Revenue: Increased by 35.3% to INR 96.2 Cr from INR 71.1 Cr in FY23.
• Enterprise Revenue: Reached INR 85.4 Cr, reflecting a 35.1% year-on-year growth. This includes income from resident welfare associations, security agencies, and builders.
• Consumer Services Revenue: Grew nearly 38% year-on-year to INR 10.9 Cr, encompassing utility bill payments, maintenance bills, and home services.
• Total Revenue: Stood at INR 109.1 Cr in FY24, a 41% increase from INR 77.2 Cr the previous year.

Additionally, MyGate successfully reduced its cash burn by 85% during FY24, achieving zero cash burn in the March quarter.

MyGate’s foray into smart door locks marks a significant step in its evolution, aiming to offer innovative solutions that enhance security and convenience for modern homes.