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Media technology startup Amagi on Thursday said it has secured over $100 million (around ₹800 crore) in a fresh fundraise from global private equity firm General Atlantic, taking the company’s valuation to $1.4 billion.
According to a statement issued by the company, out of the $100 million raised, $80 million (around ₹640 crore) is a primary market transaction.
Amagi also claimed to have crossed $100 million in annual recurring revenue (ARR) after clocking record growth in the July-September quarter.
In August, VCCircle had exclusively reported that General Atlantic and TPG are in talks to invest $100 million in Amagi.
The Bengaluru-based firm plans to use the fresh funds to strengthen its support infrastructure for customers and invest in artificial intelligence-driven personalization, advertising and live streaming solutions.
Amagi was founded in 2008 by Baskar Subramanian, Srinivasan K.A. and Srividhya Srinivasan. It helps media companies create, distribute and monetize streamed content across cable, satellite, and Over-the-top media service.
“We have set ourselves the ambitious goal of developing futuristic technology solutions that can help media companies deliver premium personalized content and engaging advertising experiences to their consumers…,” said Subramanian.
“Amagi has demonstrated a consistent ability to anticipate key trends, acting as an early mover in the rise of free ad-supported streaming TV. The company has also championed the use of cloud technology to optimize results for their broadcast and streaming partners globally,” said Shantanu Rastogi, Managing Director and Head of India at General Atlantic.
Amagi turned a unicorn in March this year, after it raised $95 million in a funding round led by Accel, with participation from Norwest Venture Partners and Avataar Ventures. Amagi was last valued at over $1 billion.
In FY21, it reported a consolidated revenue from operations of ₹219.29 crore and a profit of ₹20.7 crore, according to documents filed with the Registrar of Companies.
Amagi’s platform connects content owners and distribution channels. The startup has a client list that includes media giants such as NBCUniversal, CBS, USA Today, and Japan’s Rakuten Group.
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John Miller has been writing about science, gaming, and tech culture for over a decade. He’s a top-rated reviewer with extensive experience helping people find the best deals on tech and more.
