Amagi has become the 11th startup this year to join the unicorn club
It will use the funding for business and product portfolio expansion among others
The startup has recorded a 108% year-on-year revenue growth
Media-focused SaaS startup Amagi has become the 11th startup this year to join the unicorn club after it raised $95 Mn in a funding round led by Accel. Existing investors such as Norwest Venture Partners and Avataar Ventures also participated in the funding round.
Amagi said that the latest investment brings its valuation to the unicorn territory.
According to the startup, it has recorded a 108% year-on-year revenue growth and aims to keep up the pace with the incoming funding.
Further, it said that it will use the funding to speed up its business expansion, diversify its product portfolio in the media and entertainment market. It plans to increase sales and marketing by five times across the globe as well.
Amagi also looks set to explore opportunities in the cloud and video market; eyeing market consolidation via mergers and acquisitions.
Founded in 2008 by Baskar Subramanian, Srinivasan KA and Srividhya Srinivasan, Amagi offers cloud broadcast and targeted advertising solutions to broadcast and streaming TV platforms.
The startup claims to enable content owners to launch, distribute and monetise live linear channels on free-ad-supported TV and video services platforms.
Amagi took 14 years to reach unicorn status.
The new unicorn has also recorded a 59% surge in customers onboarded in 2021, and a 112% year-on-year growth in ad impressions generated using Amagi’s dynamic ad insertion platform— Amagi THUNDERSTORM.
“This is a crucial juncture for our business as we look to hit a hyper-growth trajectory by creating a winning combination of goals, processes, team structures and more,” said Baskar Subramanian, CEO & cofounder, Amagi.
Baskar said that the startup will keep leveraging the SaaS market in order to fuel its momentum.
According to Amagi, the market opportunity for cloud-based M&E solutions is worth $50 Bn.
Also, per a report by Bain & Company, the first generation Indian SaaS-based startups have the potential to capture an 8-9% share of the global SaaS market and are well poised to reach $30 Bn in revenue by 2025.
Last September, Amagi raised $100 Mn from Accel, Avataar Ventures, Norwest Venture Partners, and existing investor Premji Invest. As part of the deal, the venture funds have bought out stakes held by Emerald Media (an investment platform backed by KKR) and Mayfield Fund, thus giving them an exit.
For the unicorn round, Accel and Norwest made a return.