Amagi raises over $100M from General Atlantic
Media technology providerhas announced over $100 million in investment, inclusive of $80 million in primary capital, from global growth equity firm .
The investment brings Amagi’s valuation to $1.4 billion, representing an increase from the $1 billion valuation the company achieved in March 2022 with a $95 million investment from, and Avataar Venture Partners, even amidst prevailing market conditions.
The brand expects to infuse investment to strengthen its support infrastructure for customers and invest in advertising, AI-driven personalisation, and live streaming solutions, particularly in the FAST ecosystem.
Shantanu Rastogi, Managing Director and Head of India at General Atlantic, said, “Amagi has demonstrated a consistent ability to anticipate key trends, acting as an early mover in the rise of free ad-supported streaming TV. The company has also championed the use of cloud technology to optimise results for their broadcast and streaming partners globally. We look forward to partnering with the Amagi leadership team to further fast-track their growth as they continue to shape the future of cloud-based broadcast.”
Founded in 2008 by Srividhya Srinivasan, Baskar Subramanian, and Srinivasan KA, Amagi offers a full suite of solutions for the creation, distribution, and monetisation of live, linear, and on-demand channels across cable, OTT, and CTV-led free ad-supported streaming TV (FAST) platforms globally.
Since inception, Amagi has continued to grow and crossed the $100 million ARR threshold after a record second quarter (July-September). The three VC firms remain investors, along with Premji Invest and Nadathur Holdings. General Atlantic’s investment is expected to close following the receipt of regulatory approval.
“We have set ourselves the ambitious goal of developing futuristic technology solutions that can help media companies deliver premium personalised content and engaging advertising experiences to their consumers," said Baskar Subramanian, Co-founder and CEO of Amagi.
"We believe that General Atlantic, with its longstanding history of helping technology companies build enduring models, is the ideal investment partner for this stage of our growth journey. We are thrilled to have their backing and look forward to leveraging their expertise,” he adds.