Amagi IPO Soon: From Cloud Streams to Capital Dreams with ₹1,020 Cr Plan

As the Indian startup ecosystem evolves, 2025 is shaping up to be a defining year—especially for new-age tech ventures daring to test public waters. One such company making headlines this week is Amagi Media Labs, a media-tech unicorn that's now stepping into the IPO spotlight.

Amagi, known for revolutionising cloud-based broadcast technology, has officially filed its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI), aiming to raise a whopping ₹1,020 crore through a fresh issue of shares. But that’s not all—the IPO will also include a massive offer-for-sale (OFS) where existing stakeholders will offload 3.41 crore shares.

Let’s break down what this means and why Amagi’s public listing could mark a new milestone for India’s SaaS and media-tech story.

What’s in the IPO Bag?

According to the DRHP, Amagi plans to:

• Raise ₹1,020 Cr through fresh equity shares

• Include an Offer for Sale (OFS) of 3.41 Cr shares from existing investors

• Explore a pre-IPO placement of up to ₹204 Cr, which—if executed—will reduce the fresh issue proportionately

The fresh capital will be deployed towards technology upgrades, cloud infrastructure enhancement, and strategic acquisitions, signalling the company’s ambition to strengthen its core and accelerate inorganic growth.

This filing comes just a few months after Amagi transitioned into a public entity, a necessary step in its IPO journey.

Who’s Cashing Out?

Amagi’s investor cap table features some of the biggest names in venture capital, and many are now looking to realise partial returns through the OFS route.

The DRHP lists the following key sellers:

• Premji Invest (offloading the biggest chunk—1.42 Cr equity shares)

• Norwest Venture Partners

• Accel India

• Trudy Holdings

• Avaatar Ventures Partners

• Angel investors including Prem Gupta, Rahul Garg, Rajesh Ramaiah, Rajat Garg, and Kollengode Ramanathan Lakshminarayana

Interestingly, the three co-founders—Baskar Subramanian, Srinivasan KA, and Srividhya Srinivasan—still hold a collective 14.05% stake, underscoring their continued skin in the game.

Amagi has made commendable progress in getting its financial house in order.

For the financial year ended March 2025 (FY25):

• Net loss reduced by a massive 72% to ₹68.7 Cr (from ₹245 Cr in FY24)

• Revenue from operations jumped 32.2% to ₹1,162.6 Cr (from ₹879 Cr in FY24)

The DRHP does note, however, that a significant 57.14% of its FY25 revenue came from its streaming unification solutions, a critical product vertical that, if disrupted, could impact the company's overall performance.

What Exactly Does Amagi Do?

Founded in 2008, Amagi offers a cloud-native platform that allows broadcasters and content owners to create, distribute, and monetise content globally. It also provides targeted advertising solutions for streaming and broadcast TV platforms.

In essence, Amagi sits at the intersection of media and SaaS—enabling the future of television in a streaming-first world.

The startup reached unicorn status in 2022, after raising $95 million in a round led by Accel, which continues to back the company through this next phase.

Earlier this year, Amagi also bolstered its corporate governance by appointing former Microsoft executive Ira Gupta and former IHCL CFO Giridhar Sanjeevi as independent directors—a strategic move in line with SEBI’s listing norms and investor expectations.

Upcoming IPOs

Amagi isn’t alone in this IPO rally. It has joined the league of new-age Indian tech companies including:

• Wakefit

• Pine Labs

• Curefoods

• Capillary Technologies

• Shadowfax

• Shiprocket

• Urban Company

All of them have filed draft papers with SEBI and are waiting in the wings to launch their own public issues.

Meanwhile, edtech unicorn Physics Wallah has already received SEBI’s nod for its $531 million IPO, marking a strong signal for tech IPO sentiment.

Amagi’s IPO could set the tone for SaaS and media-tech startups that have traditionally been overshadowed by consumer tech and fintech unicorns. With strong financials, high-profile backers, and a globally scalable product, Amagi is well-positioned to leverage the public markets to further its global ambitions.

But IPO success will depend on market sentiment, valuation appetite, and Amagi’s ability to continue innovating in a fast-changing media landscape.

As India’s startup ecosystem continues to mature, Amagi’s IPOccc may just be the media-tech moment the industry has been waiting for.