Cloud-native SaaS platform Amagi Media Labs has officially filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), moving a step closer to launching its initial public offering (IPO). The Bengaluru-based company aims to raise ₹1,020 crore through a fresh issue of equity shares, while existing shareholders will offload up to 3.4 crore shares via an Offer for Sale (OFS).
Backed by marquee investors, Amagi’s OFS will see partial exits by Accel, Norwest Venture Partners, Avataar Ventures, and PI Opportunities Fund, among others. Notably, Accel India VI and Accel Growth VI are set to divest over 60 lakh shares, while Norwest Ventures and PI Fund will sell approximately 79 lakh and 99 lakh shares, respectively. Avataar’s AVP I Fund will offload nearly 18 lakh shares, alongside exits by other individual stakeholders including Trudy Holdings, Prem Gupta, Rahul Garg, and Rajesh Ramaiah.
Founded in 2008, Amagi provides end-to-end cloud broadcast and streaming TV solutions, empowering content owners to launch, distribute, and monetize live linear channels globally. The U.S. remains its largest market, with an impressive portfolio of global media and FAST (Free Ad-Supported Streaming TV) clients.
The company intends to deploy IPO proceeds from the fresh issue towards technology and product development, strategic investments, business expansion, and general corporate purposes. It is also considering a pre-IPO placement of up to ₹204 crore, which could reduce the size of the fresh issue accordingly.
Amagi recently converted into a public company in May 2025, a key preparatory step for its stock market debut. The IPO is being jointly managed by top investment banks including Kotak Mahindra Capital, Citigroup, Goldman Sachs, IIFL Capital, and Avendus.
Financially, Amagi reported a 32% YoY revenue growth, clocking ₹1,163 crore in FY25, up from ₹879 crore in FY24, while significantly narrowing its losses to ₹68.7 crore, a 72% drop from the ₹245 crore loss in FY24, according to its DRHP filings.
Amagi has raised around $340 million till date from reputed investors such as Premji Invest, Accel, General Atlantic, and others, according to startup data platform TheKredible.
The IPO aligns with a broader trend of Indian SaaS players turning to public markets. After Freshworks’ landmark Nasdaq listing, other SaaS players like Unicommerce (listed in August 2024) and Capillary Technologies have also pursued IPOs amid the sector’s rapid growth and investor interest.
As Amagi prepares to make its public debut, its IPO will be closely watched as a potential bellwether for India’s expanding SaaS ecosystem.
