Bangalore-based technology and media startup Amagi – which facilitates geographic targeting of television advertisements has raised undisclosed amount of Series C round from Premji Invest, the family office of Wipro’s chairman, Azim Premji and a continuing investment from Mayfield Fund.
The investment represents a significant milestone for a company that has witnessed impressive growth over the past few years. The funds raised from this round will be used to bolster the company’s growth plans both in India and globally.
In India, the funds will be primarily used for expanding its geo-targeting network including addition of new channels to its bouquet. Having recently opened an office in Japan, Amagi also intends to use these funds to set up local offices in UK, Singapore and the US to expand its growing client base for its broadcast technology platform.
Earlier in June 2013, the company had raised Rs.68 Crore in funding from Mayfield along with existing investor Nadathur Group, an investment firm floated by Infosys’ co-founder NS Raghavan.
At present, more than 30 of the country’s top 50 advertisers work with Amagi’s platform to target their ads to specific markets.
Excited by what the investment holds for the company’s growth plans, Baskar Subramanian, co-founder of the company, said, “At this stage in our development, it is critical that we get the right investors on board whose vision matches ours and in this respect we are extremely pleased to have Premji Invest associate with us. This investment also reconfirms Mayfield Fund’s continuing confidence in our execution and growth. With over 300% growth in revenues from last year, we have become the de facto choice for brands in their pursuit for effective advertising.”
According to an industry estimate the targeted market currently to be in the region of Rs 4,500 cr. Most of this money is currently going to regional TV channels, print, radio, outdoor, primarily due to the lack of choice . Targeted television offers the advertiser a serious comparative option of advertising on national channels regionally . In delivery terms this is comparable (in most markets) to the best regional channels of the markets not only in the Hindi heartland but also in the western and eastern markets.