SaaS unicorn Amagi converts to public entity ahead of IPO
According to the regulatory filings, the company's board has approved the transition of ‘Amagi Media Labs Private Limited’ to ‘Amagi Media Labs Limited’.
Cloud-based media SaaS company Amagi has initiated its initial public offering (IPO) process by converting its holding company into a public entity.
According to the regulatory filings, the company's board has approved the transition of ‘Amagi Media Labs Private Limited’ to ‘Amagi Media Labs Limited’.
Entrackr first reported the development.
The cloud-based media technology firm is expected to raise Rs 3,200 crore through the IPO, according to multiple media reports. Kotak Mahindra Capital, Citigroup, IIFL Capital, and Goldman Sachs have been appointed as book-running lead managers for the proposed issue.
The firm has appointed Ira Gupta and Giridhar Sanjeevi as independent directors to its board in accordance with Securities and Exchange Board of India (SEBI) regulations.
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.
Before this, the trio had also co-founded Impulsesoft, which was acquired by Nasdaq-listed SiRF.
Speaking at TechSparks 2024, Amagi CEO Baskar Subramanian had earlier confirmed the company’s plans to go public in the near term.
“We are looking at an IPO pretty soon... somewhere in the next couple of years, given, I think, we are pretty profitable as a company. To give you context, from half a million dollars in 2016, we are at about $150 million right now,” he said.
The Bengaluru-based media technology provider launches, distributes, and monetises live linear channels on ad-supported streaming platforms.
In 2022, Amagi raised $109 million at a valuation of $1.4 billion. The company secured $80 million in primary capital from global growth equity firm General Atlantic, and the rest through secondary stake sales.
Prior to that, the firm had also raised $95 million in a funding round led by Accel, with participation from existing investors Norwest Venture Partners and Avataar Ventures, which catapulted it into the unicorn club.
The company has a presence in New York, Los Angeles, Toronto, Mexico City, London, Paris, Sydney, Seoul, Singapore, and broadcast operations in New Delhi, as well as innovation centres in Bengaluru, Zagreb, and Lódz.
Edited by Suman Singh