India: Media-focused SaaS firm Amagi raises $100m from Accel, Premji Invest, others

Photo: Pramugdha Mamgain/DealStreetAsia

Media-focussed SaaS, or software-as-a-service, company Amagi on Saturday said it has raised $100 million in investment from Accel, Avataar Ventures, Norwest Venture Partners, and existing investor Premji Invest.

As part of the investment, the venture funds have bought out stake held by KKR’s Emerald Media and Mayfield Fund. Nadathur Holdings continues to remain invested in Amagi.

Amagi works with broadcast and connected TV media clients such as A+E Networks UK, beIN Sports, CuriosityStream, Discovery Networks, Fox Networks, Fremantle, Tastemade, Tegna, Vice Media, and Warner Media and offers solutions for content creation, distribution, and monetisation.

It participates in the $50 billion cloud-based video content creation, distribution, and monetisation market.

The company will use the funds to expand its global footprint.

“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,” said Baskar Subramanian, Amagi co-founder and CEO.

Fresh investments will provide media companies the much-needed efficiency to succeed in the traditional broadcast and the evolving OTT and streaming TV universe, he said.

Amagi started in 2008 in India as a cloud-based geo-targeted TV advertising company, but turned to SaaS-based broadcasting and streaming of 24×7 live linear channels in 2018.

With 800 channels on its platform, Amagi’s distribution stretches to 40 countries across cable, connected TV, and OTT. In addition, it has developed technical integration with ad-supported platforms such as The Roku Channel, Samsung TV Plus, Pluto TV, Plex, Redbox, STIRR, VIZIO, Xumo, and other 30 OTT platforms. This provides a comprehensive distribution coverage for content owners to reach audiences in the US, Latin America, Europe, and Asia.

The move comes as advertising spends shift to connected TV and OTT. Media companies, on the other hand, are working towards maximising revenues and focussing profitable amid shifting consumer preferences.

“The global media and entertainment industry is poised for unprecedented growth. Amagi’s market-leading cloud-based technology is enabling content owners – big and small – to reach wider audiences, deliver personalized content, attract advertisers, and reduce cost of operations,” said Shekhar Kirani, Partner, Accel.

The article was first published on livemint.com.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.