Mar 17, 2022
By: kritti.bhalla@timesinternet.in
Credit: Amagi/BI India
Amagi, a cloud-based software-as-a-service (SaaS) company for broadcast and streaming television, has raised $95 million in a funding round led by Accel. The company is valued at over $1 billion, marking its entry into the unicorn club.
Credit: Amagi
Amagi joins companies like Mamaearth and CredAvenue as the 12th unicorn of 2022. According to Venture Intelligence, Amagi is the 15th SaaS unicorn startup in India. It joins the likes of Freshwork (now public in US), Druva, Icertis, Hasura, Uniphore, Darwinbox. Fractal, MindTickle, BrowserStack, Chargebee, Innovaccer, Zenoti and Postman. The list does not include Zoho, which is a bootstrapped company.
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Existing investors Norwest Venture Partners and Avataar Ventures also participated in the round. Amagi had previously raised $100 million in October 2021 from Accel, Avataar Ventures, Norwest Venture Partners and Premji Invest. Overall, the company has raised $245 million funding till date.
Credit: Canva
“This is a crucial juncture for our business as we look to hit a hyper growth trajectory by creating a winning combination of goals, processes, team structures and more,” Amagi’s founder and chief executive officer (CEO), Baskar Subramanian, said.
Credit: Amagi
Amagi was founded by Baskar Subramanian, Srinivasan KA and Srividhya Srinivasan nearly 14 years ago. The company enables content owners to launch, distribute and monetise live linear channels on free-ad-supported television and video services platforms.
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Amagi claims to support 650 content brands. Its clientele includes several large media conglomerates such as NBCUniversal, Paramount, A+E Networks UK, and Connected TV players — including Samsung TV Plus, Roku, Vizio, and LG Channels.
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The company has presence in New York, Toronto, London, Los Angeles, Paris and Singapore. It also has broadcast operations in New Delhi and an innovation centre in Bengaluru.
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"Amagi has enabled major media players to stay relevant in these times of change, while helping them to extract nearly 40 percent operational savings through cloud solutions," Nishant Rao, founding partner, Avataar Ventures said.
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The funding will enable Amagi to accelerate business expansion across multiple geographies and its product portfolio in the media and entertainment (M&E) market. The company also aims to increase its sales and marketing efforts five-fold across the globe.
Credit: Canva