SaaS unicorn Amagi Media Labs gets SEBI nod for IPO

Amagi Media Labs Limited, a software-as-a-service (SaaS) company that connects media companies to their audiences through cloud-native technology and helps content providers and distributors upload and deliver video over the internet (streaming) through smart televisions, smartphones and applications, has received SEBI’s go ahead to raise funds through an initial public offering (IPO), an update with the capital markets regulator showed on Monday .

The proposed IPO of the Bengaluru-headquartered company is mix of a fresh issue of equity shares aggregating up to Rs. 1,020 crore and an offer for sale (OFS) of up to 3.41 crore equity shares by the selling shareholders, according to the draft red herring prospectus (DRHP).

As part of the OFS, the Investor Selling Shareholders - PI Opportunities Fund I, PI Opportunities Fund II, Norwest Venture Partners X – Mauritius, Accel India VI (Mauritius) Ltd., Accel Growth VI Holdings (Mauritius) Ltd., Trudy Holdings, AVP I Fund, and certain Individual Selling Shareholders will be offloading shares.

Amagi proposes to utilize Rs. 667 crore from the Net Proceeds of the Fresh Issue towards investment in technology and cloud infrastructure, and the remaining amount towards funding inorganic growth through unidentified acquisitions and general corporate purposes.

The company, which filed its draft papers with SEBI in July 2025, obtained its observations on November 18 , as per the update. In SEBI's parlance, receiving observations is equivalent to its go ahead to proceed with a public issue.

Amagi, founded in 2008 by its promoters Baskar Subramanian, Managing Director & CEO; Srividhya Srinivasan, Chief Technology Officer; and Arunachalam Srinivasan Karapattu, President—Global Business, is backed by leading venture capital firms, including Accel, Avataar Ventures, Norwest Venture Partners, and Premji Invest.

Amagi is the only end-to-end, AI-enabled cloud platform in the video category of the Media & Entertainment (M&E industry), serving as the ‘industry cloud’ for the sector. The company’s business is organized across three key divisions - Cloud Modernization, Streaming Unification, and Monetization and Marketplace which addresses the requirements of three main categories of customers - Content Providers (including television networks, movie studios, production companies, sports leagues, and other media creators), Distributors (such as OTT platforms, telecom operators, and smart television manufacturers) and Advertising platforms and advertisers (including demand-side platforms, ad agencies, brands and technology providers that facilitate digital advertising transactions.)

It works with more than 45% of the top 50 listed ‘media and entertainment’ companies by revenue.

On the financial front, Amagi reported revenue from operations of Rs. 1,162 crore in FY25, recording a compound annual growth rate of 30.70% from FY2023 to FY2025, driven by new customer acquisition and increased use of the platform by existing customers.

The company, in consultation with the BRLMs, may consider a Pre-IPO Placement aggregating up to Rs. 204 crore; prior to filing of the Red Herring Prospectus with the ROC. If the Pre- IPO Placement is undertaken, then the fresh issue will be reduced to the extent of such Pre-IPO placement.

Kotak Mahindra Capital Company Limited, Citigroup Global Markets India Private Limited, Goldman Sachs (India) Securities Private Limited, IIFL Capital Services Limited, and Avendus Capital Private Limited are the Book Running Lead Managers to the issue.