General Atlantic invests USD 100 mn in Amagi at USD 1.4 bn valuation

Private equity fund General Atlantic has invested USD 100 million in Amagi, valuing the media technology platform at USD 1.4 billion.

The infusion in the Bengaluru-based company includes USD 80 million in primary issuance, a statement said, adding this will be primarily deployed for growth purposes. The company had last raised capital in March 2022 at a valuation of USD 1 billion from a clutch of investors including Accel, Norwest Venture Partners and Avataar Ventures. In the past, it has also raised capital from Premji Invest and Nadathur Holdings.

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It has crossed the USD 100 million annual revenue rate mark in the July-September quarter, the statement said, adding that General Atlantic’s investment requires regulatory nods. The company offers solutions for the creation, distribution, and monetisation of live, linear, and on-demand channels across cable, OTT, and free ad-supported streaming TV (FAST) platforms globally. The latest fund raise will be utilised for strengthening the support infrastructure for customers and invest in AI-driven personalisation, advertising, and live streaming solutions, particularly in the FAST ecosystem, it noted.

Citing estimates showing the media industry growing to USD 3 trillion in revenues by 2026, the company said there are significant opportunities for growth through organic and inorganic activities. “We believe that General Atlantic, with their longstanding history of helping technology companies build enduring models, is the ideal investment partner for this stage of our growth journey,” the company’s co-founder and chief executive Baskar Subramanian said.

“Amagi has demonstrated a consistent ability to anticipate key trends, acting as an early mover in the rise of free ad-supported streaming TV. The company has also championed the use of cloud technology to optimize results for their broadcast and streaming partners globally,” said Shantanu Rastogi, head of India at General Atlantic. The company has expanded into Germany, South Korea, and Australia. Its clients include ABS-CBN, A+E Networks UK, beIN Sports, Curiosity Stream, Cinedigm, Warner Bros Discovery, Fox Networks, Fremantle, Gannett, Gusto TV, NBCUniversal, Tastemade, Tegna and Vice Media.