Amagi, a Cloud-based SaaS tech provider has raised over $100 million from Accel, Avataar Ventures, Norwest Venture Partners, and existing investor Premji Invest.
In addition, the transaction also saw the exit of its earlier investors, Emerald Media ( an investment platform and Mayfield Fund, while Nadathur Holdings continues as an existing investor.
Baskar Subramanian, Co-founder and CEO, Amagi, said, “Amagi will immensely benefit from the collective experience of Accel, Avataar, Norwest, and Premji Invest in rapidly scaling our business and expanding our global footprint.”
“Their deep understanding of B2B SaaS models will help us enhance value for our customers and partners. This will further nurture an entrepreneurial spirit in our employees, which is critical to building and embracing new technologies to solve complex business challenges,”
Established in 2008, the platform offers cloud-based broadcast and advertising technology solutions. Firstly, the company rolled out its offering in India, providing targeted TV advertising solutions, but later pivoted to lead cloud adoption and evangelised cloud technologies for broadcast.
Amagi has introduced a flexible pay-as-you-go model for the launch and operation of 24/7 channels by eliminating the need for traditional, hardware-driven, and high-cost physical operations.
Amagi also provides cloud broadcast and targeted advertising solutions to broadcast TV and streaming TV platforms, permitting content owners to launch, distribute, and monetise live linear channels on Free-Ad-Supported TV & video services platforms.
With more than 800 channels on its platform, including playout and redundancies, Amagi is distributed in 40 countries across cable, connected TV, and OTT. Furthermore, it has technical integrations with ad-supported platforms such as The Roku Channel, Samsung TV Plus, Pluto TV, Plex, Redbox, STIRR, VIZIO, Xumo, and other top 30 OTT platforms.
The company’s revenues have seen growth by 136 per cent in the fiscal ending March 21. The momentum will carry forward, driven by 44 per cent YoY growth in new customers, including brands such as NBCUniversal, USA Today, and ABS-CBN.
Amagi’s clients include A+E Networks UK, beIN Sports, CuriosityStream, Discovery Networks, Fox Networks, Fremantle, Tastemade, Tegna, Vice Media, and Warner Media.