Amagi Media Labs, a Bengaluru-headquartered firm that sells cloud software program used to run and monetize TV and streaming channels, noticed its shares slide in its India market debut after elevating ₹17.89 billion (about $196 million) in an IPO — a deal that stands out in a market nonetheless dominated by shopper firms going public.
Shares opened at ₹318 on Wednesday, a 12% low cost to the ₹361 situation value, earlier than climbing to ₹356.95 and later buying and selling round ₹348.85, valuing Amagi at ₹75.44 billion (round $825.81 million), in line with the Nationwide Inventory Change. Amagi was final valued at $1.4 billion in a personal funding spherical in November 2022, after a $100 million increase led by Normal Atlantic, and buyers sought to purchase more than 30 times the obtainable shares.
The Bengaluru-headquartered firm sells cloud software program that helps TV networks and streaming companies distribute and monetize video, and earns nearly all of its income exterior India — together with round 73% from the U.S. and about 20% from Europe — CEO and co-founder Baskar Subramanian stated in an interview, making it a uncommon export-first expertise itemizing on Indian exchanges.
The $196 million IPO included a recent situation of shares price ₹8.16 billion (about $89.33 million), whereas current buyers offered about 26.9 million shares by way of an offer-for-sale. The deal was smaller than Amagi’s earlier plan, after the corporate trimmed the recent situation and diminished the variety of shares to be offered by current backers from 34.2 million.
Norwest Enterprise Companions, Accel, and Premji Make investments have been amongst Amagi’s current shareholders who offered shares within the IPO. Subramanian informed TechCrunch the gross sales have been solely a “very small portion” of holdings, and stated the corporate’s founders weren’t promoting a single share.
“For us as an occasion, it’s a pit cease in an extended journey,” he stated.
Accel has significantly retained near a ten% stake in Amagi after the IPO, even because the itemizing locks in a roughly 3.3x acquire on shares it acquired at round ₹108 per share. “To make the IPO, we’re reluctantly exiting as little as attainable to make this occur,” stated Shekhar Kirani, an Accel companion.
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Based in 2008 by Subramanian, Srividhya Srinivasan, and Arunachalam Srinivasan Karapattu, Amagi counts content material firms akin to Lionsgate Studios, Fox, and Sinclair Broadcast Group amongst its shoppers, in addition to distributors together with Roku, Vizio, Rakuten TV, and DirecTV, and promoting platforms akin to The Commerce Desk and Index Change.
Subramanian stated Amagi is driving a shift as broadcasters and streamers transfer away from “massive iron” {hardware} and satellite-based workflows towards cloud-based operations, arguing that solely a small portion of the trade has accomplished the transition thus far. The corporate has additionally begun pitching new automation and AI-driven instruments to assist media firms lower labor-heavy working prices, he stated.
The corporate’s income from operations rose 34.6% year-over-year to ₹7.05 billion (round $77.18 million) within the six months ended September 30, 2025, whereas web income retention was about 127% — which means current clients elevated their spending by 27%, per its prospectus (PDF).
Amagi is betting that broadcast and dwell video are nonetheless within the early levels of transferring to the cloud, Subramanian informed TechCrunch, estimating that lower than 10% of the trade has made the shift, leaving an extended runway as media teams modernise infrastructure and broaden ad-supported streaming.
The corporate’s enchantment lies in being a “premium” and extremely dependable platform for blue-chip clients, stated Rachit Parekh, a companion at Accel, arguing that downtime throughout main dwell occasions may be extremely expensive for broadcasters and streamers. This dynamic has helped drive excessive buyer retention and growth.
Nonetheless, Amagi can be competing towards legacy broadcast distributors which are racing to modernize their very own choices for the cloud, whereas its push into AI-driven automation will take a look at whether or not Amagi can broaden past infrastructure into software program with higher revenue margins with out rising cloud prices consuming into profitability.
Amagi stated it plans to plow a lot of the recent proceeds into expertise and cloud infrastructure, allocating ₹5.50 billion ($60.21 million) for that function, whereas additionally setting apart funds for potential acquisitions and normal company use, per its prospectus.
Amagi’s debut comes as India’s IPO market has drawn a rising variety of technology-led listings, supported by robust home investor demand whilst late-stage startup funding stays subdued. The shift has positioned public markets as each a growth-financing possibility and a path to exits for early backers, a dynamic that has turn out to be extra seen as non-public capital has turned extra selective.
India’s tech sector recorded 42 IPOs in 2025, up from 36 in 2024, per market intelligence agency Tracxn. A number of venture-backed startups, together with shopper and fintech companies, are additionally broadly anticipated to check public markets in 2026 because the pipeline builds.
