Software-as-a-Service (SaaS) unicorn Amagi Media Labs raised Rs 655 crore from General Atlantic. It will use the fresh funding to restructure corporate activities and expand growth.
With this deal, General Atlantic will own 8 per cent stake, worth Rs 220 crore, in the media company. Amagi is valued at around $1.45 billion post allotment, according to Fintrackr’s estimates.
Amagi's board of directors passed a special resolution to issue 3,35,854 series F Compulsory Convertible Preference Shares (CCPS) at an issue price of Rs 19,505.5 per share in order for this funding round, the company revealed in regulatory filing with the Register of Companies (RoC).
It entered the unicorn club in March 2022 after its last funding round where it bagged over Rs 780 crore. Accel led the funding round, which also saw the participation of Norwest Venture Partners and Avataar Ventures.
Amagi, founded in 2008 by Baskar Subramanian, Srividhya Srinivasan and Srinivasan KA, reported a 2.3X increase in its operational revenues in FY 2020-21, which stood at Rs 219.3 crore, up from Rs 96.1 crore in FY2019-20. The media-focussed firm also reported a profit of Rs 20.7 crore compared to a net loss of Rs 18.7 crore in the same period.
The SaaS company functions in over 40 countries, where they provide a cloud-based solution platform for content creation, distribution, and monetisation. Last month, Amagi began its operations in the northeast Asian market when it started services in South Korea.