Private Equity

PE Fund Investments

Media tech co Amagi raises $95-M from Accel, Norwest, Avatar; turns unicorn

Business Standard  

Amagi Media Labs, a Bengaluru-headquartered cloud-based platform for broadcast and connected TV, has raised USD 95 million led by Accel India with participation from existing investors Norwest and Avatar Venture Partners. The round valued Amagi upwards of USD 1 Billion, making it the the latest Indian Unicorn. Amagi offers creation, distribution, and monetisation tools for live, linear, and on-demand channels across cable, OTT, and Free Ad-supported Streaming TV (FAST) platforms. This funding will be used for business expansion, both in terms of Amagi's international footprint, as well as its product portfolio in the media and entertainment market. Amagi will also explore mergers and acquisitions (M&A) opportunities that can contribute to revenue growth or add technology capabilities to product lines.

From the Venture Intelligence PE-VC Deal Database: In Sep-21, Amagi was reported to have raised over $100 million from investors such as Accel India, Avataar Ventures, Norwest and existing investor Premji Invest. Among other existing investors, KKR Emerald Media and Mayfield India had sold their stakes as part of the new round, while Nadathur Holdings continues to remain invested. Prior to that, between Oct-09 and Dec-16, Amagi had raised about $60-M from Nadathur Holdings, Mayfield, KKR Emerald Media and PremjiInvest.