Mygate merges with Adonmo in all stock deal worth ₹3,500cr
Business
Mygate, the app that helps manage housing societies, is merging with digital ad firm Adonmo in an all-stock deal.
Together, they're expected to be valued at around ₹3,500 crore and expect to pull in about ₹500 crore a year.
This move follows Mygate's ₹225 crore round in June this year.
Mygate to enter housing society advertising
By teaming up, Mygate gets to branch out into housing society advertising, an area where Adonmo is currently present.
As Mygate cofounder and CEO Abhishek Kumar put it, this merger will help the company diversify its business beyond in-app ads to advertising in housing societies, where Adonmo is currently present.