Amagi, a cloud-based SaaS technology platform for connected TV and broadcast, has reportedly become the newest entrant in India's expanding startup unicorn club after an Accel-led USD 95 million funding round.
Existing investors Avataar Ventures and Norwest Venture Partners also participated in this fundraiser, which brings the company's total capital to over USD 245 million.
As per sources, the latest funds will be used to boost business expansion across several new geographical markets, and its product portfolio in the media & entertainment (M&E) industry.
Amagi co-Founder and CEO, Baskar Subramanian was quoted saying that it is a critical juncture for the firm as they seek to achieve a hyper-growth trajectory by striking a balance between processes, goals, and team structures.
It is worth noting that the latest investment round came after the company recorded a 59% growth in the number of new customers in 2021, which translated to a 112% year-on-year growth in ad impressions and a 108% y-o-y revenue surge.
The company’s clients include well-known media conglomerates such as Paramount, NBCUniversal, A+E Networks UK, as well as connected TV players like Roku, Samsung TV Plus, Vizio, and LG Channels. It also serves content creators such as USA Today, Tastemade, and AccuWeather along with streaming platforms like STIRR, Fubo, Rakuten TV, and Redbox.
Over the next few years, Amagi stated that it would also try out new allied & adjunct opportunities in the video and cloud market to go deeper "across the value chain" as well as evaluate any M&A opportunities that may arise, to boost revenue growth or make advancements in technology capabilities to its products.
Notably, Amagi has become the 12th startup to enter India's prestigious unicorn club in 2022, which comprises companies like Hasura, Fractal Analytics, Mamaearth, ElasticRun, Darwinbox, and CredAvenue.
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