Profitable company Amagi turns unicorn after $95 Mn round led by Accel

Cloud-based media Saas technology company Amagi has scooped up $95 million in a new round led by existing investor Accel with participation from Norwest Venture Partners and Avataar Ventures.

The company had raised $100 million from Accel, Avataar Ventures, Norwest Venture and Premji Invest in September last year.

According to Amagi, the company has raised fresh funds at a valuation of more than $1 billion. The company is the newest to join the coveted club of unicorns. It has raised over $245 million to date.

Founded by Baskar Subramanian, Srinivasan KA and Srividhya Srinivasan, 14-year-old Amagi enables content owners to launch, distribute and monetise live linear channels on free-ad-supported television and video services platforms through a suite of solutions.

The company has a presence in New York, Los Angeles, Toronto, London, Paris, Singapore, broadcast operations in New Delhi and an innovation centre in Bengaluru. The company’s clients include NBCUniversal, CBS, USA Today and Japan’s Rakuten Group Inc. Amagi claims to support over 650 content brands, more than 800 playout chains and over 2,000 channel deliveries on its platform in over 40 countries.

According to Amagi, it recorded a 59% surge in new customers in 2021 and a 108% year-on-year revenue growth. 

While Amagi did not disclose revenue numbers in detail, Entrackr had decoded its key financial numbers for fiscal ending March 2021. The company saw its revenue from operations grow around 2.3X to Rs 219.3 crore during FY21 from Rs 96.1 crore in FY20. Coupled with positive margins and a surge in collections, Amagi posted a net profit of Rs 20.7 crore during FY21 as compared to the loss of Rs 18.7 crore booked in FY20.

The United States is the largest market for the company followed by the United Kingdom and other countries including India.

Amagi has joined over a dozen startups that have gained unicorn status in the ongoing calendar year. The list includes Hasura, LEAD, Mamaearth, Fractal, Dealshare and Darwinbox among others.