Amagi bags $100-million investment from General Atlantic; crosses $100-million ARR milestone

Baskar Subramanian, Co-founder & CEO, Amagi

Amagi, a cloud SaaS technology provider for broadcast and streaming television, announced on November 10 that it has raised over $100 million investment from private-equity firm General Atlantic, underlining the rapid adoption of cloud-based media software solutions despite tough market conditions.

As part of this financing round, General Atlantic will be investing $80 million in primary capital, subject to regulatory approval, the company said.

The investment values Amagi at $1.4 billion, up from the $1 billion valuation when the startup last raised funding in March 2022. The company said the investment is expected to close following the receipt of regulatory approval.

With this financing, Amagi would have raised a total of $345 million to date, of which about $295 million has come in the past 15 months. It counts Accel, Norwest Venture Partners, Avataar Ventures, Premji Invest and Nadathur Holdings among its investors.

The Bengaluru-based company also announced that it has crossed a key milestone of $100 million in annual recurring revenue (ARR) after clocking record growth in the July-September quarter. The company however didn't disclose any further details.

Read: Media tech unicorn Amagi aims to IPO in India: Co-founder Baskar Subramanian

Founded in 2008 by Subramanian, Srinivasan KA and Srividhya Srinivasan, Amagi enables content owners to launch, distribute and monetise live linear channels and on-demand channels across free-ad-supported television and video services platforms through a suite of solutions.

The startup plans to use the funds raised to invest in artificial intelligence-driven personalisation, advertising, and live streaming solutions, particularly in the free-ad-supported streaming market and strengthen its support infrastructure for customers.

“We have set ourselves the ambitious goal of developing futuristic technology solutions that can help media companies deliver premium personalized content and engaging advertising experiences to their consumers,” said Baskar Subramanian, Co-founder and CEO of Amagi.

Amagi's clients include ABS-CBN, A+E Networks UK, beIN Sports, Curiosity Stream, Cinedigm, Warner Bros. Discovery, Fox Networks, Fremantle, Gannett, Gusto TV, NBCUniversal, Tastemade, Tegna, and Vice Media, among others.

The company, which is among the few unicorns that are profitable, has also bolstered its international presence by expanding to markets such as Germany, South Korea, and Australia.

Overall, Amagi supports more than 700 content brands, 800-plus playout chains, and over 2,100 channel deliveries on its platform across more than 40 countries.

“Amagi has demonstrated a consistent ability to anticipate key trends, acting as an early mover in the rise of free ad-supported streaming TV. The company has also championed the use of cloud technology to optimise results for their broadcast and streaming partners globally,” said Shantanu Rastogi, Managing Director and Head of India at General Atlantic.