Published on: October 22, 2026
Eternal, formerly known as Zomato, is set to acquire an approximately 4.4% stake in the merged Mygate entity through a share-swap arrangement involving its entire holding in Adonmo, according to a regulatory filing dated October 21, 2026.
The stake in the combined entity is currently valued at Rs 156 crore. Eternal had invested Rs 112 crore in Adonmo in January 2022.
As part of the transaction, Eternal will transfer its holdings in Adonmo, comprising 11,214 Series B compulsorily convertible preference shares and 10 equity shares, to Mygate. In return, it will receive 1,84,091 Series C1 compulsorily convertible preference shares and 164 equity shares in Mygate.
The share swap is part of the proposed merger between Mygate and Adonmo. Following the completion of the merger, Adonmo’s other shareholders will also become shareholders in the combined Mygate entity, while Adonmo will cease to operate as a separate entity.
Founded in 2016, Adonmo runs an ambient digital advertising platform through a cloud-connected network of screens installed across residential communities. Mygate, meanwhile, provides technology solutions for gated communities, including visitor management, security, accounting and resident engagement services.
Mygate recorded 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.
The proposed merger remains subject to the execution of definitive agreements and the fulfilment of customary closing conditions.
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