Amagi files for IPO, plans to raise Rs 1,020 Cr

Amagi Media Labs Ltd., a cloud-based media technology company, has filed draft papers with India’s market regulator to raise funds through an initial public offering (IPO). The public issue will comprise a fresh issue of equity shares aggregating up to Rs 1,020 crore and an offer-for-sale (OFS) of up to 3.41 crore shares by existing shareholders, including several major venture capital backers.

Founded in 2008 by Srividhya Srinivasan, Baskar Subramanian, and Srinivasan KA, Amagi has quietly emerged as one of India’s biggest $100 million annual recurring revenue (ARR) success stories. The company offers cloud-based broadcast and advertising solutions for streaming TV and has worked with global media giants such as NBC and Comcast.

The Bengaluru-headquartered firm has emerged as a significant player in the media-tech space, claiming to work with over 45% of the top 50 media and entertainment companies by revenue.

According to the draft red herring prospectus (DRHP) filed with the Securities and Exchange Board of India (SEBI), proceeds from the fresh issue will be used primarily to invest Rs 667 crore in technology and cloud infrastructure, support potential acquisitions, and fund general corporate expenses.

The offer-for-sale component will see partial exits by shareholders including PI Opportunities Fund I and II, Norwest Venture Partners, Accel India VI, Accel Growth VI Holdings, AVP I Fund, and other individual shareholders. The company may also explore a pre-IPO placement of up to Rs 204 crore. If undertaken, the size of the fresh issue will be adjusted accordingly.

Amagi has structured its business around three core verticals—Cloud Modernization, Streaming Unification, and Monetization & Marketplace—serving content creators, distributors, and advertisers. It positions itself as the only end-to-end, AI-enabled cloud platform in the video segment of the media and entertainment industry.

In financial terms, Amagi reported operating revenue of Rs 1,162 crore in FY25, reflecting a compound annual growth rate of nearly 31% from FY23. The company also turned EBITDA-positive in FY25, with an adjusted EBITDA margin of 2.02%, reversing losses of 17.69% and 20.62% in FY24 and FY23, respectively.

Kotak Mahindra Capital, Citigroup, Goldman Sachs India, IIFL Capital, and Avendus Capital are acting as the book-running lead managers to the IPO. The equity shares are proposed to be listed on the BSE and NSE.