Housing society management app Mygate has expanded into the consumer electronics market with the launch of Mygate Locks, a range of smart door locks aimed at enhancing home security with digital convenience. These smart locks enable users to manage home access remotely, offering keyless entry and features like remote unlocking via OTP, end-to-end data encryption, user management, real-time notifications, and integration with Mygate’s existing app for gated communities.
This move marks Mygate’s entry into the consumer device segment, broadening its product offerings beyond its core software solutions. The smart locks will be available to users across India, reflecting the company’s strategy to address the growing demand for smarter, more convenient home security solutions.
Abhishek Kumar, Mygate’s co-founder and CEO, expressed confidence in the new venture, projecting that the consumer device business could generate several hundred crore in revenue within the next two to three years. Kumar noted that Mygate identified a market opportunity for smarter home solutions, which led to the launch of Mygate Locks, expanding the company’s reach beyond gated communities.
Founded in 2016 by Abhishek Kumar, Vijay Arisetty, and Shreyans Daga, Mygate has grown significantly, with its community management app now serving over 4 million residents across 25,000 housing societies in India. The company reported a revenue of more than ₹100 crore in FY24, a 35% increase from ₹77 crore in FY23, primarily driven by subscriptions from resident welfare associations (RWAs) and advertising partnerships.
In addition to its foray into consumer devices, Mygate has also been diversifying into other sectors, including the insurance distribution business. The company recently obtained an aggregator license from the Insurance Regulatory and Development Authority of India (IRDAI) and partnered with Acko General Insurance to offer insurance products.