Amagi Appoints Independent Directors for Upcoming IPO

Amagi, a cloud-based media SaaS company, is making strides in its preparations for an Initial Public Offering (IPO) by appointing two independent directors in line with the Companies Act. This move is crucial as the company prepares to submit its Draft Red Herring Prospectus (DRHP) to the Securities and Exchange Board of India (SEBI).

Independent Directors Appointed

The board at Amagi has welcomed Ira Gupta and Giridhar Sanjeevi as independent directors, as indicated by their regulatory filings retrieved from the Registrar of Companies (RoC). Gupta currently holds a position as an Independent Director at SRF Limited and serves as a Senior Advisor at McKinsey & Company. Her previous experience includes being Head of HR at Microsoft India and occupying leadership positions at GlaxoSmithKline. Information regarding Sanjeevi is currently limited.

IPO Plans and Financial Aspirations

As per various media reports, Amagi aims to generate Rs 3,200 crore through its forthcoming public listing. The company has selected Kotak Mahindra Capital, Citigroup, IIFL Capital, and Goldman Sachs as the lead managers to facilitate the IPO process.

About Amagi

Amagi is renowned for offering innovative cloud-based media SaaS solutions, focusing on content creation, distribution, and monetization. Its advanced platform allows broadcasters to virtualize operations while delivering tailored advertisements for notable clients, including Warner Bros., NBCUniversal, Rakuten TV, and Paramount.

Funding and Growth Trajectory

Data from various startup intelligence platforms indicate that Amagi has successfully raised approximately $340 million from a range of investors, including Premji Invest, Accel, and General Atlantic. Following a strategic pivot that provided a consistent revenue stream, Amagi achieved unicorn status in March 2022, following a substantial funding round that raised $100 million, primarily led by General Atlantic.

Recent Financial Performance

In the fiscal year ending March 2024, the company achieved a remarkable 29% year-on-year growth in operating revenue, reaching Rs 879 crore. Additionally, Amagi has made strides in reducing its losses by 23.7%, reporting a loss of Rs 245 crore in FY24.

Industry Trends: Independent Directors in IPO Preparations

Multiple companies preparing for their IPOs—such as Zepto, Milky Mist, PhysicsWallah, and Shadowfax—have been actively adding independent directors to their boards to meet SEBI’s regulatory requirements. For instance, Zepto recently appointed Akhil Gupta, Vice Chairman of Bharti Enterprises, as an independent director, while Milky Mist brought on Radha Venkatakrishnan and Mallika S. Janakiraman as additional independent directors. Earlier in the year, edtech unicorn PhysicsWallah and logistics startup Shadowfax similarly expanded their boards with the addition of independent directors.