Amagi Onboards Two Independent Directors Ahead Of IPO

SUMMARY

Amagi has appointed Ira Gupta and Giridhar Sanjeevi as independent directors of the company

While Gupta has close to three decades of experience, Sanjeevi brings an experience of nearly four decades

Both the new independent directors are appointed for a tenure of three years

In the run-up to IPO, media-focussed SaaS unicorn Amagi has appointed Ira Gupta and Giridhar Sanjeevi as independent directors of the company.

As per its MCA filings assessed by Inc42, both Gupta and Sanjeevi have been appointed as independent directors to the company’s board for a period of three years.

Entrackr reported the development first.

While Gupta has close to three decades of experience, Sanjeevi brings an experience of nearly four decades.

Gupta is also non-executive independent director on the board of SRF Limited, Eicher Motors and Max Estates. Besides, she is also senior advisor to management consulting company Mckinsey.

Until last year, she was associated with Microsoft serving the company for more than 11 years. She last held the role of chief of human resources officer for the India and SouthAsia region of the IT giant.

Prior to that, she had served GlaxoSmithKline Consumer Healthcare for more than 15 years, ending in 2012.

Meanwhile, Sanjeevi, with over 37 years of experience, was associated with The Indian Hotels Company Limited (IHCL) till last year as its executive vice president and chief financial officer (CFO).

Prior to that, he has held roles at MSD, Aditya Birla Group, Diageo, Shoppers Stop, ITC and others.

Founded in 2008 by Baskar Subramanian, Srinivasan KA and Srividhya Srinivasan, Amagi offers a full stack cloud suite for clients to create, distribute and monetise content globally. It also offers broadcast and targeted advertising solutions for broadcast and streaming TV platforms.

It claims to support over 800 content brands, 800 playout chains and 5,000 channel deliveries via its platforms in over 150 countries. Amagi has a presence across continents, including cities such as New York, Los Angeles, Toronto, Mexico City, London, Paris, Sydney, Seoul and Singapore.

Amagi’s Run For IPO

The SaaS company with media as its focus area is reportedly planning to raise INR 3,200 Cr via public listing.

A Mint report in January said that Amagi Media Labs hired Kotak Mahindra Capital, Citigroup, IIFL Capital and Goldman Sachs as investment banks for its IPO.

The company is expected to file its draft papers in the coming months, the report further added.

On the financial front, Amagi’s consolidated net loss declined 23.72% to INR 245 Cr in the financial year 2023-24 (FY24) from INR 321.2 Cr in the previous fiscal year, due to improvement in its EBITDA margin.

The company saw strong business growth, with its operating revenue rising 29.18% to INR 879.1 Cr in FY24 from INR 680.5 Cr in the previous fiscal year.

The US region was the largest revenue contributor for the company, bringing in about 67% of its revenue. While it earned only INR 8 Cr revenue from India, the US brought in INR 591.5 Cr. Meanwhile, the UK accounted for INR 115.5 Cr of the revenue. The remaining revenue came from the rest of the world.

Last year in December, Amagi acquired California-based AI-driven SaaS startup Argoid AI for an undisclosed sum.