Amagi Converts To Public Entity Ahead Of IPO Plans

Cloud-based media SaaS unicorn company Amagi has initiated its initial public offering (IPO) process by converting its holding company into a public entity. 

Amagi’s board has approved changing its status from a private to a public company, renaming it from “Amagi Media Labs Private Limited” to “Amagi Media Labs Limited,” as per a regulatory filing.

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According to media reports, Amagi plans to raise Rs 3,200 crore through an IPO and has brought on Kotak Mahindra Capital, Citigroup, IIFL Capital and Goldman Sachs as lead managers.

Earlier this month, the company also appointed Ira Gupta and Giridhar Sanjeevi as independent directors to meet SEBI’s regulatory requirements.

About Amagi 

Founded in 2008 by Srividhya Srinivasan, Baskar Subramanian, and Srinivasan KA, Amagi has quietly become one of India’s major success stories, reaching $100 million in yearly recurring revenue. 

The company provides cloud-based broadcasting and ad solutions for streaming TV and has partnered with big global media companies like NBC and Comcast.

In 2022, Amagi raised $109 million at a $1.4 billion valuation. Out of this, $80 million came directly from global investment firm General Atlantic, while the rest came from existing shareholders selling their stakes. 

Earlier, Amagi had raised $95 million in a round led by Accel, with support from Norwest Venture Partners and Avataar Ventures—this made it a unicorn.

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