Bengaluru-based cloud media technology company Amagi is readying to file the Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) as it gets set to go for a highly anticipated IPO to raise INR 3,200 crore. This is not just about Amagi’s growth plans in the media SaaS space but also about the company becoming a public market ready entity.
As part of the Companies Act requirements, the company has added two independent directors—Ira Gupta and Giridhar Sanjeevi—to the board which is a pre-requisite for filing the DRHP. RoC filings confirm the appointments.
Boardroom Reinforcement Ahead of Listing
Ira Gupta brings significant depth to Amagi’s board. She is an Independent Director at SRF Limited and a Senior Advisor at McKinsey & Company. Her corporate experience includes being Head of Human Resources at Microsoft India and roles at GlaxoSmithKline. She is a seasoned leader with cross-industry expertise in strategic human capital and corporate governance.
Details of Giridhar Sanjeevi’s current or past roles are not disclosed in public filings. However, his selection signals the company’s intent to ensure board independence and diversity as it steps into the public market.
Amagi IPO is managed by a quartet of top investment banks: Kotak Mahindra Capital, Citigroup, IIFL Capital, and Goldman Sachs. All are book-running lead managers.
A SaaS Pioneer in Media Technology
Founded in 2008, the company is a cloud-based media SaaS company. The company provides technology solutions that help broadcasters and content owners create, distribute and monetize video content efficiently. Its platform is used globally to virtualize broadcast operations, enable dynamic ad insertions and personalized advertising.
Amagi’s clients include Warner Bros., NBCUniversal, Rakuten TV, and Paramount. That’s a who’s who of media giants.
Funding and Valuation
According to market data, Amagi has raised around USD 340 million (~INR 2,908 crore) from a bunch of marquee investors including Premji Invest, Accel and General Atlantic. In March 2022, the company became a unicorn after a USD 100 million (~INR 855 crire) funding round led by General Atlantic. As of November 2022, the company was valued at INR 11,600 crore. That’s a part of the top 10 startup club in India.
FY24 Financials
Amagi has shown significant operational momentum. For the FY 2024, the company reported INR 879 crore in revenue, a 29% y-o-y growth. More importantly, the company managed to reduce its losses by 23.7% and brought it down to INR 245 crore, on the path to profitability.
Industry-Wide Governance Trends
Amagi adding independent directors is a trend among Indian startups getting ready for IPOs. Companies like Zepto, Milky Mist, PhysicsWallah, and Shadowfax have recently added independent directors to their boards to comply with SEBI regulations. For example, Zepto added Akhil Gupta (Vice Chairman, Bharti Enterprises) in April 2025 and Milky Mist added Mallika S. Janakiraman and Radha Venkatakrishnan. Similarly, both PhysicsWallah and Shadowfax inducted three independent directors each earlier this year.
Looking Ahead
With robust investor backing, global clientele, and improving financials, the company appears poised for a successful public market debut. Amagi IPO is expected not only to bolster its capital base but also to enhance its global competitiveness in the cloud-based media services arena. As Amagi readies its DRHP, market observers will be watching closely—not just to evaluate the offering but also to gauge the broader appetite for Indian tech IPOs in 2025.
In the first four months of 2025, a total of 10 Mainboard IPOs were listed in the Indian markets. Notably, there were no IPO listings in March and April 2025. Collectively, these IPOs raised INR 18,963.81 crore. Hexaware Technologies was the biggest IPO in the last 4 months, which raised INR 8,750 crore. Out of the 10 IPOs, three delivered negative listing returns. Despite this, the average listing gain for the period stood at an impressive 17.53%. For more details related to IPO GMP, and Live Subscription stay tuned to IPO Central.