TPG, General Atlantic could invest $100 million in Amagi; details here

Amagi has achieved over 100 per cent year-on-year (YoY) revenue growth in the quarter ending June 2022, as per an announcement earlier this month

FP Trending August 23, 2022 14:09:55 IST
TPG, General Atlantic could invest $100 million in Amagi; details here

Representational image. AFP

Private equity giants TPG and General Atlantic are in talks to invest $100 million in the media technology firm Amagi, as per news reports. This will bring the value of the company to $1.4 billion. Some early-stage investors and existing employees may also partially sell their stake in Amagi to bring a new investor on board. Three people with direct knowledge of the development confirmed to Live Mint that “Around $40 million of the total fundraising will be a secondary share sale." However, a spokesperson of Amagi denied all rumours that the company was planning to sell its shares.

“Amagi raised $95 million from investors only in March this year. We are not looking for new investments at the moment,” said the spokesperson in an email. Furthermore, TPG and General Atlantic declined to comment on the matter.

All you need to know about Amagi:

Amagi, which helps companies create, distribute and monetise streamed content, is a profitable start-up. The company has crossed over $100 million in revenue. Amagi is a software as a service (SaaS) venture and provides targeting advertising software and cloud broadcast. It was established in 2008 by Srinivasan KA Baskar Subramanian and Srividhya Srinivasan.

In March this year, Amagi raised $95 million in a funding round led by Accel. The round also saw participation from existing investors Avataar Ventures and Norwest Venture Partners. The funding brought Amagi’s valuation to over $1 billion, making it one of the most highly-valued tech companies in the world. The unicorn’s clients include CBS, USA Today, NBCUniversal, and Japan’s Rakuten Group Inc.

In September 2021, Amagi had raised $100 million from Avataar Ventures, Accel and Norwest Venture Partners.

How has the company achieved so much success?

Amagi has achieved over 100 per cent year-on-year (YoY) revenue growth in the quarter ending June 2022, as per an announcement earlier this month. The global surge in demand for connected TV devices and free ad-supported TV (FAST) viewing experience has given Amagi a substantial boost.

According to reports, the company is planning a new round of funding to facilitate its “aggressive global plans".
Amagi is also hoping to unify broadcast operations and participate in the growing FAST market in India. The company already has partnerships with prominent content providers like B4U, Shemaroo, Discovery Networks and more.

Read all the Latest News, Trending NewsCricket News, Bollywood News,
India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.

Updated Date:

also read

What is a pet insurance policy and how is it beneficial for your adorable pet? Details here
Business

What is a pet insurance policy and how is it beneficial for your adorable pet? Details here

In the event that your pet attacks someone or damages their vehicles or property, third-party liability insurance will shield you from the subsequent financial loss. The policy compensates for any costs paid if your dog or cat is stolen or lost

GHCL Limited to build Rs 3500 crore soda ash plant in Gujarat to boost production, says report
Business

GHCL Limited to build Rs 3500 crore soda ash plant in Gujarat to boost production, says report

GHCL has already purchased more than 850 acres of property, and it anticipates finishing the process in the coming several months. India only produces about 3.7 million tonnes of soda ash annually, falling far short of the 4.5 million tonnes it needs every year

Retail inflation falls to 6.77% in October
Business

Retail inflation falls to 6.77% in October

The Consumer Price Index (CPI) based retail inflation has remained above the 6 per cent target since January this year