Mumbai: Amagi Media Labs Limited, a Bengaluru-based software-as-a-service (SaaS) company enabling media organisations to deliver cloud-native video and streaming services across connected devices, has received approval from the Securities and Exchange Board of India (SEBI) to launch its initial public offering (IPO). The clearance was reflected in the regulator’s latest update on Monday.
The IPO comprises a fresh issue of equity shares aggregating up to Rs. 1,020 crore and an offer for sale (OFS) of up to 3.41 crore equity shares, as outlined in the draft red herring prospectus (DRHP).
Under the OFS component, the investor selling shareholders—PI Opportunities Fund I, PI Opportunities Fund II, Norwest Venture Partners X – Mauritius, Accel India VI (Mauritius) Ltd., Accel Growth VI Holdings (Mauritius) Ltd., Trudy Holdings, AVP I Fund, and several individual shareholders—will offload a portion of their holdings.
According to the DRHP, Amagi plans to deploy Rs. 667 crore from the fresh issue towards investments in technology and cloud infrastructure, while the remainder will support inorganic growth via acquisitions and general corporate purposes.
The company had filed its draft papers with SEBI in July 2025 and received regulatory observations on November 18. In SEBI’s framework, receiving observations is treated as the formal go-ahead to proceed with an IPO.
Founded in 2008 by Baskar Subramanian (Managing Director & CEO), Srividhya Srinivasan (Chief Technology Officer), and Arunachalam Srinivasan Karapattu (President—Global Business), Amagi is backed by marquee venture investors including Accel, Avataar Ventures, Norwest Venture Partners, and Premji Invest.
Amagi describes itself as the only end-to-end, AI-enabled cloud platform in the video category of the Media & Entertainment industry, operating as an “industry cloud” for the sector. Its business spans three divisions—Cloud Modernization, Streaming Unification, and Monetization & Marketplace—serving content creators, distributors such as OTT platforms and smart TV manufacturers, and advertising technology partners.
The company works with more than 45% of the world’s top 50 listed media and entertainment companies by revenue, underscoring its global footprint and enterprise adoption.
On the financial front, Amagi reported Rs. 1,162 crore in revenue from operations in FY25, reflecting a CAGR of 30.70% between FY23 and FY25, driven by strong customer acquisition and deeper platform engagement.
The company may also consider a pre-IPO placement of up to Rs. 204 crore, which, if executed, will reduce the size of the fresh issue accordingly.
Kotak Mahindra Capital, Citigroup Global Markets India, Goldman Sachs (India), IIFL Capital Services, and Avendus Capital are serving as the book-running lead managers for the IPO. The equity shares are proposed to be listed on both BSE and NSE.
