Source: MediaBrief
Amagi, the Bengaluru-based media technology firm, has appointed two independent directors to its board of directors whilst in the process of preparing an Initial Public Offering (IPO) in the near future. Independent director appointments are obligatory under the Companies Act and will be done as part of the Company’s preparation to file its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI).
According to documents lodged with the Registrar of Companies (RoC), Amagi appointed Ira Gupta and Giridhar Sanjeevi as independent directors. Gupta has had a varied executive experience. Among some of her notable past executive roles, she was Head of Human Resources at Microsoft India, and then worked at GlaxoSmithKline. The only current public appointments of note she has, are Independent Director of SRF Limited and Senior Advisor, McKinsey & Company, while we have no information currently publicly available on Giridhar Sanjeevi’s professional background.
As per media reports, Amagi is seeking to raise around ₹3,200 crore via its IPO. The company has appointed Kotak Mahindra Capital, Citigroup, IIFL Capital, and Goldman Sachs as the lead managers for the IPO.
About Amagi
Amagi was founded in 2008, and is a provider of cloud-based services to media companies; its platform enables broadcasters to create, manage and publish content; it also offers tools for running customized advertisements. Among its customers are Warner Bros., NBCUniversal, Rakuten TV, and Paramount.
According to TheKredible, Amagi has raised around $340 million in investments from Premji Invest, Accel, and General Atlantic. In March 2022, the company became a unicorn after a $100 million raise in a General Atlantic led funding round; a unicorn is a startup that has been valued at $1 billion or more.
Financial Performance
For the financial year ended March 2024, Amagi increased its revenue 29% YoY to ₹879 crore and reduced its losses by almost 24% to ₹245 crore. The addition of independent directors is a common step for Indian startups planning to go public, for instance Mallika S. Janakiraman and Radha Venkatakrishnan were appointed by Milky Mist. Earlier this year, Shadowfax and PhysicsWallah each hired three directors. Following these hires and continuing its recent financial development, Amagi is preparing to go public in the goal of growing internationally within the media tech sector.
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