Mygate Adonmo merger: Eternal to hold 4.4% stake
Mygate Adonmo merger: the proposed move
Eternal, formerly Zomato, will acquire an approximately 4.4% stake in Mygate on a fully diluted basis through a share swap involving its entire holding in Adonmo, according to a regulatory filing dated October 21. The stake in the merged Mygate entity is currently valued at Rs 156 crore.
Eternal will transfer 11,214 Series B compulsorily convertible preference shares and 10 equity shares held in Adonmo to Mygate. In exchange, it will receive 1,84,091 Series C1 compulsorily convertible preference shares and 164 equity shares in Mygate. Eternal had invested Rs 112 crore in Adonmo in January 2022.
The transaction is part of the proposed merger between Mygate and Adonmo. It remains subject to the execution of definitive agreements and the fulfilment of customary closing conditions.
Newsletter
The corridor, every morning.
Funding rounds and cross-border capital moves, one email, five minutes.
What Mygate and Adonmo do
Adonmo, founded in 2016, operates an ambient digital advertising platform with a cloud-connected network of screens across residential communities. Mygate provides technology solutions for gated residential communities, including visitor management, security, accounting and community engagement services for residents.
What the proposed merger would do
If completed, other Adonmo shareholders will also become shareholders of the merged Mygate entity, while Adonmo will cease to exist as a separate entity.
Mygate reported a 34% year-on-year increase in turnover to Rs 229 crore in FY26, compared with Rs 171 crore in FY25 and Rs 96 crore in FY24, according to the filing.
More in Market Move
