Amagi raises over $100 million in new funding round led by General Atlantic

• ByStartupStory     |    November 2, 2022

Amagi, a provider of cloud-based media SaaS technologies, has raised $82 million from General Atlantic. The Bengaluru-based company’s second round of investments will take place in 2022.

According to a regulatory filing with the Registrar of Companies (Roc), the board of Amagi approved a special resolution to issue 3,35,854 Series F CCPS at a price of Rs 19,505.5 per share in order to raise Rs 655 crore, or $82 million.

General Atlantic would purchase 1,12,374 equity and preference shares from the current investor, which are now valued at Rs 220 crore. As a result of the primary and secondary transactions, the new round’s total capital now stands at $110 million.

Amagi offers a full range of solutions for content creation, delivery, and monetization. The company recently achieved unicorn status after raising $95 million in a round-headed by Accel in March of this year. According to the company, its platform supports more than 650 content brands, 800 playout chains, and more than 2,000 channel deliveries across more than 40 countries.

The Baskar Subramanian-led company’s major market in terms of sales is the United States. After this deal, General Atlantic will own 8% of the business. After allotment, Fintrackr calculates that the company is now worth about $1.45 billion. Amagi has already raised more than $350 million, and this round may see additional funding. In August, a report was published regarding the anticipated funding.

Amagi purchased back stock shares from company founders and workers in April for Rs 91.8 crore. By adding new options in July, the company also increased the number of employee stock options and stock appreciation rights.

Amagi had a growth in operating revenue of about 2.3X, from Rs 96.1 crore in FY20 to Rs 219.3 crore in FY21. It reported a net profit of Rs 20.7 crore during the period as opposed to a loss of Rs 18.7 crore during the previous fiscal. The business has not yet submitted its FY22 financial statements. General Atlantic, a private equity firm, is also forming a $2 billion fund to support growth-stage firms in the nation. Over the next two years, the firm intends to invest the money in India and Southeast Asia, according to a report.

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