It is the moment every SaaS founder dreams of. This week, Amagi Media Labs received the final nod from SEBI to launch its Initial Public Offering (IPO), paving the way for one of the most anticipated tech listings of 2025.

The Bengaluru-based media technology giant is set to raise ₹1,020 Crore via a fresh issue, alongside an Offer for Sale (OFS) of over 3.4 Crore shares by early backers. For the Indian startup ecosystem, this isn't just a liquidity event; it's a validation of the "Build in India, Sell to the World" thesis.

The Offering Deconstructed

  • Fresh Issue: ₹1,020 Crore (approx. $120M) to fund growth and tech infrastructure.
  • Offer For Sale (OFS): 3.41 Cr shares. Key exits for Accel, Norwest, and Avataar Ventures.
  • Use of Funds: ₹667 Cr specifically allocated for cloud infrastructure expansion and M&A.

The Founder Journey

Founded in 2008 by Baskar Subramanian, Srividhya Srinivasan, and Srinivasan KA, Amagi is a story of resilience. The trio had previously built and sold Impulsesoft to SiRF, but with Amagi, they aimed bigger: revolutionizing how TV content is broadcast.

They pioneered cloud-based broadcasting, allowing TV channels to replace expensive satellite infrastructure with software. Today, Amagi powers over 700 content brands (including NBCUniversal and ABS-CBN) across 40 countries.

"We didn't just want to build a product; we wanted to change the architecture of television. The IPO is a milestone, but the shift to cloud broadcasting is still in its first inning."

Why It Matters

Amagi’s listing will be a bellwether for Indian DeepTech. Unlike consumer internet startups that often burn cash to acquire users, Amagi boasts high gross margins and a sticky B2B client base.

With revenue crossing ₹1,162 Cr in FY25 and a CAGR of over 30%, the company has proven that India can produce global-standard enterprise software. As the "cord-cutting" phenomenon accelerates globally, Amagi's tech stack—which powers FAST (Free Ad-supported Streaming TV) channels—is perfectly positioned to capture the shift from cable to cloud.

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