Amagi, a cloud-based technology provider for broadcast and connected TV, has struck a new funding round led by private equity firm General Atlantic.
The development comes barely eight months after Amagi dashing into the unicorn club with a $95 million funding round involving VC firms Accel, Norwest and Avataar.
The startup has raised Rs 655 crore ($82 million) from General Atlantic via a fresh allotment of preference shares, as per a regulatory disclosure.
News website Entrackr, which first reported the development, said the firm has raised the funding at a post-money valuation of around $1.45 billion.
The funding round also involves a secondary component where General Atlantic will acquire shares worth Rs 220 crore ($27.5 million) from an existing shareholder.
The new funding round comes a year after Emerald Media, an investment platform backed by private equity firm KKR, and venture capital firm Mayfield India sold their stake in Amagi to Accel, Avataar, Norwest and existing investor PremjiInvest, the family office of Wipro Ltd founding chairman Azim Premji.
At the time, Accel and the three other investors collectively invested “well over $100 million”—or about Rs 740 crore then—to pick up Emerald’s and Mayfield’s stake.
Mayfield was the first institutional investor in Amagi, having backed the company in its Series A round of $5 million (Rs 30 crore) in 2013. KKR led the company’s Series D round of $35 million (Rs 237 crore) in December 2016. At the time, Mayfield and PremjiInvest had also pitched in.
Amagi had started in 2008 in India as a cloud-based geo-targeted TV advertising company. It pivoted in 2018 towards SaaS-based broadcast and streaming of 24×7 live linear channels. The company supports over 2,000 channels on its platform and provides content owners distribution coverage in the US, Latin America, Europe and Asia.
The company’s customers include media conglomerates such as NBCUniversal and Paramount; connected TV majors such as Samsung TV Plus and LG Channels; content owners like Tastemade, USA Today and AccuWeather; and streaming companies such as Fubo, STIRR and Rakuten TV.
Amagi has been looking to expand its international footprint as well as its product portfolio. The company was also exploring allied and adjunct opportunities in the cloud and video market, and evaluating merger and acquisition (M&A) opportunities that can contribute to revenue growth or add technology capabilities to product lines.
Amagi had previously said it recorded a 108% year-on-year jump in revenue and a 59% surge in the number of customers onboarded in 2021, as it benefited from a boom in video streaming. It didn’t disclose the absolute numbers.
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