SaaS firm Amagi Media Labs secures SEBI approval for IPO

New Delhi: Amagi Media Labs, the Bengaluru-based software-as-a-service provider that supports media companies with cloud-native technology for content delivery, has received regulatory approval from SEBI to proceed with an initial public offering.

According to the draft red herring prospectus, the offering comprises a fresh issue of equity shares worth up to Rs 1,020 crore and an offer for sale of up to 3.41 crore equity shares by existing investors.

The OFS will see participation from PI Opportunities Fund I, PI Opportunities Fund II, Norwest Venture Partners X, Mauritius, Accel India VI (Mauritius), Accel Growth VI Holdings (Mauritius), Trudy Holdings, AVP I Fund and several individual shareholders.

Of the proceeds from the fresh issue, Amagi plans to allocate Rs. 667 crore towards technology and cloud infrastructure. The remaining funds are earmarked for inorganic expansion through yet-to-be-identified acquisitions, along with general corporate requirements.

The company filed its draft papers in July 2025 and received SEBI’s observations on 18 November, which constitute regulatory clearance to move ahead with the offering.
Founded in 2008 by Baskar Subramanian (Managing Director and CEO), Srividhya Srinivasan (Chief Technology Officer) and Arunachalam Srinivasan Karapattu (President, Global Business), Amagi is backed by Accel, Avataar Ventures, Norwest Venture Partners and Premji Invest.

The company describes itself as an end-to-end, AI-enabled cloud platform for the video segment within the media and entertainment sector. Its operations are structured across Cloud Modernisation, Streaming Unification, and Monetisation and Marketplace, catering to content providers, distributors and advertising ecosystem players.

Amagi works with more than 45% of the top 50 listed media and entertainment companies by revenue.

For FY25, the firm reported revenue from operations of Rs. 1,162 crore, registering a compound annual growth rate of 30.70 per cent between FY23 and FY25, supported by customer additions and increased usage from existing clients.

The company may consider a pre-IPO placement of up to Rs. 204 crore before filing the red herring prospectus. Should this take place, the size of the fresh issue will be adjusted accordingly.

Kotak Mahindra Capital, Citigroup Global Markets India, Goldman Sachs (India) Securities, IIFL Capital Services and Avendus Capital are the book-running lead managers. The equity shares are proposed to be listed on the BSE and NSE.