insights from Mr. Abhishek Kumar, COO and Co-Founder of MyGate on the 2020 year end and 2021 future outlook from the community management and startup ecosystem
“2020 was an eventful year for all industries. It has been challenging in terms of trying to adapt to the ‘new normal’ and adjusting to the new ways of living. Technology adoption had become the epicentre of all conversations including gated communities. The adoption of technology within residential communities increased from the gates to all aspects of community living including connecting with essential service providers to payments to even managing quarantine. In fact, gated communities realised that technology can help them to exercise and enjoy the benefit of the “power of collective.” The biggest testimony of this is the kind of receptiveness we have been receiving. We have grown to over 12,000+ societies and 60+ cities during the pandemic. The rate of adoption is still strong and we are expecting to reach over 10 million homes by the end of 2021. We also expect the demand to remain strong in metros and grow significantly in tier-1 and -2 cities. As per our estimates, around 40% of all housing societies in India will have adopted a community management solution by the end of 2021, as compared to just 6% at the end of 2019.”
While in community management, the year 2020 saw tech giving shape to the concept of “power of collective” and “collective living”, start-up eco-system witnessed another new wave. Companies with proven tech solutions and operations were able to highlight their relevance and improve customer acquisition. The pandemic also witnessed a lot of non-tech companies evolving and adapting to become tech efficient. What was interesting was despite being a difficult year, investors did not shy away from identifying and investing in the start-ups that saw a potential for growth. However, the focus was towards business metrics than vanity metrics unlike before. The start-ups that were able to prove their existence and offerings attracted funding and sustained in the market and this trend is expected to continue in 2021.
Further, with vaccine expected to be rolled out soon, we are likely to see discretionary spends hitting a new high as people are geared up to satisfy their cravings from the previous year. Another aspect that is here to stay is technology, it will continue to play a lead role in many businesses across sectors even once we move back to our ‘old normal”