The two transactions together bring up the cumulative total to well over $105 Mn. Post the transaction, General Atlantic will hold an 8% stake in the Baskar Subramanian-led startup.
Media-focused SaaS startup Amagi has raised $79 Mn in funding from private equity (PE) firm General Atlantic. The deal will also see the PE major acquire stakes worth $26.6 Mn from existing investors, pegging the entire transaction at $105 Mn. Amagi will use the funding to undertake corporate restructuring activities to finance the growth and expansion.
The startup made the disclosure in a regulatory filing before the Registrar of Companies (RoC). According to documents accessed by media sources, the deal has a primary and a secondary component to it which will enable Amagi to raise the money in two tranches.
The board at Amagi passed a special resolution to issue 3,35,854 Series F compulsorily convertible preference shares (CCPS) at an issue price of INR 19,505.5 per share, totalling INR INR 655 Cr ($79.2 Mn). “…it is proposed to issue, offer and subsequently allot 335,854 series F compulsorily convertible preference shares having a face value of INR 100/- each and a premium of INR 19,405.54 each aggregating to INR 6,551,013,631.16 on preferential allotment,” said the filings.
Under the secondary transaction, General Atlantic will acquire 1,12,374 equity and preference shares from an existing investor, which are currently valued at around INR 220 Cr ($26.6 Mn). The two transactions together bring up the cumulative total to well over $105 Mn. Post the transaction, General Atlantic will hold an 8% stake in the Baskar Subramanian-led startup.