Cloud based SaaS technology provider Amagi raises $100M in a round led by General Atlantic

By Prathiksha BU
November 02, 2022, Updated on : Wed Nov 02 2022 07:15:41 GMT+0000
Cloud based SaaS technology provider Amagi raises $100M in a round led by General Atlantic
The primary and secondary transaction brings the total funds raised by Amagi to $110 million.
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India and the US-based global media SaaS technology provider Amagihas raised $82 million from General Atlantic. As per the company notice, General Atlantic will hold 8% equity in the company.


This was first reported by Entrackr.


Filings also reveal that there is secondary transaction. The funds were raised through preferential allotment cum private placement in two tranches, and General Atlantic will acquire 1,12,374 equity and preference shares from the existing investor, which is 27.5 million.


The primary and secondary transaction brings the total funds raised to $110 million.


As per the notice, the board at Amagi issued 3,35,854 Series F CCPS at a company face value of an issue price of Rs 19,505.5 per share to raise $82 million.


Founded in 2008, Amagi provides cloud-based broadcast and advertising technology solutions. The company was originally started in India to provide targeted TV advertising solutions, but later pivoted to lead cloud adoption and evangelised cloud technologies for broadcast.


In March, the firm turned unicorn after raising $95 million for over $1 billion valuation in the funding round led by Accel with participation from investors including Norwest Venture Partners and Avataar Ventures. The funding round followed a 108% year-on-year (YoY) growth and it has also seen a 59% surge in customers since 2021.


The company offers creation, distribution, and monetisation of live, linear, and on-demand channels across cable, OTT, and CTV-led Free Ad-supported Streaming TV (FAST) platforms, worldwide.


At present, Amagi supports 700 plus content brands, 800 plus playout chains, and over 2,000 channel deliveries on its platform in over 40 countries and with its presence in New York, Los Angeles, Toronto, London, Paris, Australia, South Korea, Singapore. It also conducts its broadcast operations in New Delhi, with an innovation center in Bengaluru.


(The copy was updated to correct a typo)


Edited by Megha Reddy