Amagi slides in India debut, as cloud TV software firm tests investor appetite

Amagi Media Labs, a Bengaluru-headquartered institution that sells unreality bundle utilized to tally and monetize TV and streaming channels, saw its shares descent successful its India marketplace debut aft raising ₹17.89 cardinal (about $196 million) successful an IPO — a woody that stands retired successful a marketplace inactive dominated by user companies going public.

Shares opened astatine ₹318 connected Wednesday, a 12% discount to the ₹361 contented price, earlier climbing to ₹356.95 and aboriginal trading astir ₹348.85, valuing Amagi astatine ₹75.44 cardinal (around $825.81 million), according to the National Stock Exchange. Amagi was last valued astatine $1.4 billion successful a backstage backing circular successful November 2022, aft a $100 cardinal rise led by General Atlantic, and investors sought to bargain more than 30 times the disposable shares.

The Bengaluru-headquartered institution sells unreality bundle that helps TV networks and streaming services administer and monetize video, and earns astir each of its gross extracurricular India — including astir 73% from the U.S. and astir 20% from Europe — CEO and co-founder Baskar Subramanian said successful an interview, making it a uncommon export-first exertion listing connected Indian exchanges.

The $196 cardinal IPO included a caller contented of shares worthy ₹8.16 cardinal (about $89.33 million), portion existing investors sold astir 26.9 cardinal shares done an offer-for-sale. The woody was smaller than Amagi’s earlier plan, aft the institution trimmed the caller contented and reduced the fig of shares to beryllium sold by existing backers from 34.2 million.

Norwest Venture Partners, Accel, and Premji Invest were among Amagi’s existing shareholders who sold shares successful the IPO. Subramanian told TechCrunch the income were lone a “very tiny portion” of holdings, and said the company’s founders were not selling a azygous share.

“For america arsenic an event, it’s a pit halt successful a agelong journey,” helium said.

Accel has peculiarly retained adjacent to a 10% involvement successful Amagi aft the IPO, adjacent arsenic the listing locks successful a astir 3.3x summation connected shares it acquired astatine astir ₹108 per share. “To marque the IPO, we are reluctantly exiting arsenic small arsenic imaginable to marque this happen,” said Shekhar Kirani, an Accel partner.

Founded successful 2008 by Subramanian, Srividhya Srinivasan, and Arunachalam Srinivasan Karapattu, Amagi counts contented companies specified arsenic Lionsgate Studios, Fox, and Sinclair Broadcast Group among its clients, arsenic good arsenic distributors including Roku, Vizio, Rakuten TV, and DirecTV, and advertizing platforms specified arsenic The Trade Desk and Index Exchange.

Subramanian said Amagi is riding a displacement arsenic broadcasters and streamers determination distant from “big iron” hardware and satellite-based workflows toward cloud-based operations, arguing that lone a tiny information of the manufacture has completed the modulation truthful far. The institution has besides begun pitching caller automation and AI-driven tools to assistance media companies chopped labor-heavy operating costs, helium said.

The company’s gross from operations roseate 34.6% year-over-year to ₹7.05 cardinal (around $77.18 million) successful the six months ended September 30, 2025, portion nett gross retention was astir 127% — meaning existing customers accrued their spending by 27%, per its prospectus (PDF).

Amagi is betting that broadcast and unrecorded video are inactive successful the aboriginal stages of moving to the cloud, Subramanian told TechCrunch, estimating that little than 10% of the manufacture has made the shift, leaving a agelong runway arsenic media groups modernise infrastructure and grow ad-supported streaming.

The company’s entreaty lies successful being a “premium” and highly reliable level for blue-chip customers, said Rachit Parekh, a spouse astatine Accel, arguing that downtime during large unrecorded events tin beryllium highly costly for broadcasters and streamers. This dynamic has helped thrust precocious lawsuit retention and expansion.

Nonetheless, Amagi is besides competing against bequest broadcast vendors that are racing to modernize their ain offerings for the cloud, portion its propulsion into AI-driven automation volition trial whether Amagi tin grow beyond infrastructure into bundle with amended nett margins without rising unreality costs eating into profitability.

Amagi said it plans to plow astir of the caller proceeds into exertion and unreality infrastructure, allocating ₹5.50 cardinal ($60.21 million) for that purpose, portion besides mounting speech funds for imaginable acquisitions and wide firm use, per its prospectus.

Amagi’s debut comes arsenic India’s IPO marketplace has drawn a rising fig of technology-led listings, supported by beardown home capitalist request adjacent arsenic late-stage startup backing remains subdued. The displacement has positioned nationalist markets arsenic some a growth-financing enactment and a way to exits for aboriginal backers, a dynamic that has go much disposable arsenic private superior has turned much selective.

India’s tech assemblage recorded 42 IPOs successful 2025, up from 36 successful 2024, per marketplace quality steadfast Tracxn. Several venture-backed startups, including user and fintech firms, are besides wide expected to trial nationalist markets successful 2026 arsenic the pipeline builds.