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Amagi Media Labs<\/a>, a Bengaluru-headquartered company that sells cloud software used to run and monetize TV and streaming channels, saw its shares slide in its India market debut after raising \u20b917.89 billion (about $196 million) in an IPO \u2014 a deal that stands out in a market still dominated by consumer companies going public. <\/p>\n Shares opened at \u20b9318 on Wednesday, a 12% discount to the \u20b9361 issue price, before climbing to \u20b9356.95 and later trading around \u20b9348.85, valuing Amagi at \u20b975.44 billion (around $825.81 million), according to the National Stock Exchange. Amagi was last valued at $1.4 billion<\/a> in a private funding round in November 2022, after a $100 million raise led by General Atlantic, and investors sought to buy more than 30 times<\/a> the available shares.<\/p>\n The Bengaluru-headquartered company sells cloud software that helps TV networks and streaming services distribute and monetize video, and earns almost all of its revenue outside India \u2014 including around 73% from the U.S. and about 20% from Europe \u2014 CEO and co-founder Baskar Subramanian said in an interview, making it a rare export-first technology listing on Indian exchanges.<\/p>\n The $196 million IPO included a fresh issue of shares worth \u20b98.16 billion (about $89.33 million), while existing investors sold about 26.9 million shares through an offer-for-sale. The deal was smaller than Amagi\u2019s earlier plan, after the company trimmed the fresh issue and reduced the number of shares to be sold by existing backers from 34.2 million.<\/p>\n Norwest Venture Partners, Accel, and Premji Invest were among Amagi\u2019s existing shareholders who sold shares in the IPO. Subramanian told TechCrunch the sales were only a \u201cvery small portion\u201d of holdings, and said the company\u2019s founders were not selling a single share.<\/p>\n \u201cFor us as an event, it\u2019s a pit stop in a long journey,\u201d he said.<\/p>\n Accel has particularly retained close to a 10% stake in Amagi after the IPO, even as the listing locks in a roughly 3.3x gain on shares it acquired at around \u20b9108 per share. \u201cTo make the IPO, we are reluctantly exiting as little as possible to make this happen,\u201d said Shekhar Kirani, an Accel partner.<\/p>\n Techcrunch event<\/p>\n \n\t\t\t\t\t\t\t\t\tSan Francisco<\/span> Founded in 2008 by Subramanian, Srividhya Srinivasan, and Arunachalam Srinivasan Karapattu, Amagi counts content companies such as Lionsgate Studios, Fox, and Sinclair Broadcast Group among its clients, as well as distributors including Roku, Vizio, Rakuten TV, and DirecTV, and advertising platforms such as The Trade Desk and Index Exchange.<\/p>\n Subramanian said Amagi is riding a shift as broadcasters and streamers move away from \u201cbig iron\u201d hardware and satellite-based workflows toward cloud-based operations, arguing that only a small portion of the industry has completed the transition so far. The company has also begun pitching new automation and AI-driven tools to help media companies cut labor-heavy operating costs, he said.<\/p>\n The company\u2019s revenue from operations rose 34.6% year-over-year to \u20b97.05 billion (around $77.18 million) in the six months ended September 30, 2025, while net revenue retention was about 127% \u2014 meaning existing customers increased their spending by 27%, per its prospectus<\/a> (PDF).<\/p>\n Amagi is betting that broadcast and live video are still in the early stages of moving to the cloud, Subramanian told TechCrunch, estimating that less than 10% of the industry has made the shift, leaving a long runway as media groups modernise infrastructure and expand ad-supported streaming.<\/p>\n The company\u2019s appeal lies in being a \u201cpremium\u201d and highly reliable platform for blue-chip customers, said Rachit Parekh, a partner at Accel, arguing that downtime during major live events can be highly costly for broadcasters and streamers. This dynamic has helped drive high customer retention and expansion.<\/p>\n Nonetheless, Amagi is also competing against legacy broadcast vendors that are racing to modernize their own offerings for the cloud, while its push into AI-driven automation will test whether Amagi can expand beyond infrastructure into software with better profit margins without rising cloud costs eating into profitability.<\/p>\n Amagi said it plans to plow most of the fresh proceeds into technology and cloud infrastructure, allocating \u20b95.50 billion ($60.21 million) for that purpose, while also setting aside funds for potential acquisitions and general corporate use, per its prospectus.<\/p>\n Amagi\u2019s debut comes as India\u2019s IPO market has drawn a rising number of technology-led listings<\/a>, supported by strong domestic investor demand even as late-stage startup funding remains subdued. The shift has positioned public markets as both a growth-financing option and a path to exits for early backers, a dynamic that has become more visible as private capital has turned more selective<\/a>.<\/p>\n
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