Exclusive: Amagi raises over $100 Mn in new round led by General Atlantic

Cloud-based media SaaS technology company Amagi has raised Rs 655 crore or $82 million from General Atlantic. This is the second round of investment for the Bengaluru-based company in 2022.

The board at Amagi passed a special resolution to issue 3,35,854 Series F CCPS at an issue price of Rs 19,505.5 per share to raise Rs 655 crore or $82 million, regulatory filing with the Registrar of Companies (Roc) shows.

There’s also a secondary transaction element: General Atlantic will acquire 1,12,374 equity and preference shares from the existing investor, which is now worth Rs 220 crore or 27.5 million. The primary and secondary transaction takes the total funding in the new round to $110 million.

Amagi, which turned unicorn following a $95 million round led by Accel in March this year, provides a complete suite of solutions for content creation, distribution, and monetization. The company 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.

In terms of revenue, the U.S. is the largest market for the Baskar Subramanian-led company.

Following this transaction, General Atlantic will hold an 8% stake in the company. As per Fintrackr’s estimates, the company has been valued at around $1.45 billion post allotment. So far, Amagi has raised over $350 million and it may receive more funds in this round.

Mint had reported about the upcoming funding in August.

In April, Amagi bought back equity shares worth Rs 91.8 crore or $12 million from its founders and employees. The firm also expanded its employee stock option and stock appreciation rights by adding fresh options in July.

Amagi saw its revenue from operations grow around 2.3X to Rs 219.3 crore in FY21 from Rs 96.1 crore in FY20. During the period, it posted a net profit of Rs 20.7 crore as compared to the loss of Rs 18.7 crore in the preceding fiscal. The company is yet to file its FY22 numbers.

Private equity firm General Atlantic is also launching a $2 billion worth fund for backing growth stage startups in the country. According to a Reuters report, the fund plans to invest the capital into India and Southeast Asia over the next two years.