Amagi Enters Unicorn Club after Raising $95 M In Funding Round
Amagi is the 11th startup to join the unicorn club this year. Founded in 2008 by Baskar Subramanian, Srinivasan KA and Srividhya Srinivasan, Amagi provides cloud broadcast and targeted advertising solutions for broadcast and streaming TV platforms
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Media-focused SaaS startup Amagi became the 11th startup this year to join the unicorn club after raising $95 million in a funding round led by Accel. Existing investors such as Norwest Venture Partners and Avataar Ventures also participated in the funding round.
The company had raised $100 million from Accel, Avataar Ventures, Norwest Venture and Premji Invest in September last year.
According to the startup, it has seen annual revenue growth of 108% and is aiming to keep up with the incoming funding.
In addition, it said it will use the financing to accelerate its business expansion and diversify its product portfolio in the media and entertainment market. The plan is to increase sales and marketing worldwide by a factor of five as well.
Amagi is also poised to explore opportunities in the cloud and video markets; Market consolidation through mergers and acquisitions in mind.
Founded in 2008 by Baskar Subramanian, Srinivasan KA and Srividhya Srinivasan, Amagi provides cloud broadcast and targeted advertising solutions for broadcast and streaming TV platforms.
The startup claims to enable content owners to launch, distribute and monetize live linear channels on free ad-supported TV and video service platforms.
The new unicorn also saw a 59% increase in customer base in 2021 and 112% annual growth in ad impressions generated using Amagi’s dynamic ad insertion platform – Amagi THUNDERSTORM.
“This is critical for our company as we seek to embark on a hyper-growth trajectory by creating a winning combination of goals, processes, team structures and more,” said Baskar Subramanian, CEO and co-founder of Amagi.
Baskar said the startup will continue to leverage the SaaS market to increase its momentum.
According to Amagi, the market opportunity for cloud-based M&E solutions is worth $50 billion.
Also per a report by Bain & Company, the first-generation Indian SaaS-based startups have the potential to capture an 8-9% share of the global SaaS market and are well-positioned to reach $30 billion in revenue by 2025.
last september, Amagi raised $100 million by Accel, Avataar Ventures, Norwest Venture Partners and existing investor Premji Invest. As part of the deal, the venture funds bought shares in Emerald Media (an investment platform backed by KKR) and Mayfield Fund, allowing them an exit.
