IPO · Enterprise Software & IT

Amagi appoints independent directors ahead of IPO

What they do

Amagi provides cloud-based software for TV and video content creation, distribution and monetisation

It appointed Ira Gupta and Giridhar Sanjeevi as independent directors before filing its DRHP for a Rs 3,200 crore IPO

The appointments comply with Companies Act rules for public listing, a step also taken by Zepto and other startups

Amagi appointed Ira Gupta and Giridhar Sanjeevi as independent directors on its board.
The appointments were disclosed in RoC filings ahead of filing the DRHP for an IPO.
The IPO is expected to raise Rs 3,200 crore (approx $385 million).
Book-running lead managers are Kotak Mahindra Capital, Citigroup, IIFL Capital and Goldman Sachs.
Amagi became a unicorn in March 2022 after a round of about $95-100 million.
The company has raised approximately $340 million to date.
Investors include Premji Invest, Norwest Venture Partners, General Atlantic and Accel.

Adding independent directors is a compliance requirement under the Companies Act for a public listing.
Other startups such as Zepto, Milky Mist, PhysicsWallah and Shadowfax have also added independent directors before their IPOs.
The move signals Amagi is progressing toward its stock market debut.

Amagi is a cloud-based media SaaS platform for content creation, distribution and monetisation.
It virtualises broadcast operations with automated channel playout and targeted advertising.
Clients include Warner Bros. Discovery, NBCUniversal, Rakuten TV and Paramount.
It delivers 9,000+ channels across multiple geographies.
Its AI-driven channel programming reduces scheduling time by 75%.
Amagi THUNDERSTORM delivers 26B+ ad impressions annually.
A single feed reaches 300+ streaming platforms and pay-TV operators.
FY24 operating revenue was Rs 879 crore, up 29% year-on-year.
FY24 losses reduced 23.7% to Rs 245 crore.

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