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Amagi converts to public entity ahead of IPO plans

EntrackrEntrackr · 1m ago
Amagi converts to public entity ahead of IPO plans
Medial

Amagi, a leading cloud-based media SaaS company, is preparing for an initial public offering (IPO) and has taken a concrete step by converting its holding company into a public entity. The board of Amagi has approved a resolution to change its status to a public company and rename it from "Amagi Media Labs Private Limited" to "Amagi Media Labs Limited," according to its regulatory filing. As per media reports, Amagi is planning to raise Rs 3,200 crore through a public listing and has appointed Kotak Mahindra Capital, Citigroup, IIFL Capital, and Goldman Sachs as book-running lead managers. Earlier this month, the Accel-backed company also appointed Ira Gupta and Giridhar Sanjeevi as independent directors to meet the regulatory requirements of the Securities Exchange Board of India (SEBI). Amagi is a cloud-based media SaaS company offering solutions for content creation, distribution, and monetization. Its platform enables broadcasters to virtualize operations and deliver personalized ads for clients such as Warner Bros., NBCUniversal, Rakuten TV, and Paramount. As per the startup data intelligence platform TheKredible, the SaaS unicorn Amagi has raised approximately $340 million to date from prominent investors such as Premji Invest, Accel, General Atlantic, and others. The company, which established a steady revenue stream after navigating a difficult pivot, attained unicorn status in March 2022 following its largest funding round—a $100 million investment led by General Atlantic. During the fiscal year ending March 2024, the company recorded 29% year-on-year growth in its operating revenue to Rs 879 crore while managing to reduce its losses by 23.7% to Rs 245 crore in FY24.

SaaS unicorn Amagi acquires Argoid AI

EntrackrEntrackr · 7m ago
SaaS unicorn Amagi acquires Argoid AI
Medial

Amagi, a cloud media SaaS technology firm, has announced the acquisition of Argoid AI, an AI company specializing in recommendation engines and programming automation for OTT platforms. By integrating Argoid AI’s advanced algorithms into Amagi’s existing platform, this acquisition will significantly boost the functionality of Amagi’s product suite, Amagi NOW and CLOUDPORT offerings. This will enable the media companies to make faster, smarter, and personalized content scheduling decisions at scale. With the acquisition, Argoid’s founders, Gokul Muralidharan, Soundararajan Velu, and Chackaravarthy E, will join the Amagi team. Argoid AI has developed innovative AI products that enhance content recommendations and enable real-time programming decisions. According to the company, its solutions have been pivotal in increasing viewer engagement and optimizing channel operations for customers in the streaming media space. Amagi has emerged as a rare comeback story in the B2B SaaS space. The company pivoted in 2018 from providing advertising solutions for local businesses on television channels to a SaaS-based monetization platform for TV networks and content owners. Amagi achieved unicorn status after securing $95 million in a new funding round led by existing investor Accel in March 2022 along with an additional $110 million in November. According to media reports, it was in discussions to raise $250 million in a forthcoming round. According to data intelligence platform, TheKredible, Amagi’s revenue from operations spiked to Rs 879.15 crore during the last fiscal year from Rs 680 crore in FY23.

Amagi appoints independent directors ahead of IPO

EntrackrEntrackr · 2m ago
Amagi appoints independent directors ahead of IPO
Medial

Amagi, a cloud-based media SaaS company, has appointed two independent directors in compliance with the Companies Act, ahead of filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The board at Amagi has appointed Ira Gupta and Giridhar Sanjeevi as independent directors of the company, its regulatory filings accessed from the Registrar of Companies (RoC) shows. Gupta currently serves as an Independent Director at SRF Limited and Senior Advisor at McKinsey & Company. Previously, she was Head of HR at Microsoft India and held leadership roles at GlaxoSmithKline. The details about Sanjeevi couldn’t be ascertained. As per media reports, Amagi is planning to raise Rs 3,200 crore through public listing, and has appointed Kotak Mahindra Capital, Citigroup, IIFL Capital, and Goldman Sachs as book-running lead managers. Amagi is a cloud-based media SaaS company offering solutions for content creation, distribution, and monetization. Its platform enables broadcasters to virtualize operations and deliver personalized ads for clients such as Warner Bros., NBCUniversal, Rakuten TV, and Paramount. According to startup data intelligence platform TheKredible, the SaaS unicorn has raised around $340 million to date from investors including Premji Invest, Accel, General Atlantic and others. Amagi, which had secured a stable revenue stream following a challenging pivot, became a unicorn in March 2022 after raising $100 million in its largest funding round led by General Atlantic. During the fiscal year ending March 2024, the company recorded 29% year-on-year growth in its operating revenue to Rs 879 crore while managing to reduce its losses by 23.7% to Rs 245 crore in FY24. Several companies gearing up for their IPOs—such as Zepto, Milky Mist, PhysicsWallah, and Shadowfax—have recently added independent directors to their boards to comply with SEBI’s regulatory norms. In April, Zepto brought on Akhil Gupta, Vice Chairman of Bharti Enterprises, as an independent director. That same month, Milky Mist appointed Radha Venkatakrishnan and Mallika S. Janakiraman as additional (independent) directors. Earlier, edtech unicorn PhysicsWallah and logistics startup Shadowfax each named three independent directors in March and February, respectively.

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