Amagi Media Labsa Bengaluru-based company that sells cloud software used to run and monetize television and streaming channels saw its shares slide in its Indian debut after raising ₹17.89 billion (about $196 million) in an IPO — a standout deal in a market still dominated by consumer companies going public.
Shares opened at ₹318 on Wednesday, a 12% discount to the issue price of ₹361, before rising to ₹356.95 and later trading around ₹348.85, valuing Amagi at ₹75.44 billion (about $825.81 million), according to the National Stock Exchange. Amagi was last valued at $1.4 billion in a private funding round in November 2022, after a $100 million raise led by General Atlantic, and investors sought to buy more than 30 times available shares.
The company sells cloud software that helps TV networks and streaming services distribute and monetize video and earns almost all of its revenue from outside India — including about 73 percent from the U.S. and about 20 percent from Europe — CEO and co-founder Baskar Subramanian said in an interview, making it a rare first-export technology introduction to Indian stock markets.
The $196 million IPO included a new share issue worth ₹8.16 billion (about $89.33 million), while existing investors sold about 26.9 million shares through an offer for sale. The deal was smaller than Amagi’s previous plan, after the company limited the new issue and reduced the number of shares to be sold by existing backers from 34.2 million.
Norwest Venture Partners, Accel and Premji Invest were among Amagi’s existing shareholders who sold IPO shares. Subramanian told TechCrunch that the sales were only a “very small part” of the holdings and said the company’s founders were not selling a single share.
“For us as an event, it’s a pit stop on a long journey,” he said.
Accel notably retained close to 10% stake in Amagi after the IPO, even as the listing is locked in at about 3.3 times earnings on shares it acquired at around ₹108 per share. “To do the IPO, we are reluctant to divest as little as possible to make that happen,” said Shekhar Kirani, partner at Accel.
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Founded in 2008 by Subramanian, Srividhya Srinivasan and Arunachalam Srinivasan Karapattu, Amagi counts among its clients content companies such as Lionsgate Studios, Fox and Sinclair Broadcast Group, as well as distributors such as Roku, Vizio, Rakuten TV and advertising platforms and Disk des.
Subramanian said Amagi is making a shift as broadcasters and streamers move away from “big iron” hardware and satellite workflows to cloud-based operations, arguing that only a small part of the industry has completed the transition so far. The company has also started rolling out new automation and AI-based tools to help media companies cut heavy operating costs, he said.
The company’s revenue from operations rose 34.6% year-on-year to ₹7.05 billion (about $77.18 million) in the six months ended September 30, 2025, while net revenue retention was about 127% — meaning existing customers increased their spending by 27%, ad (PDF).
Amagi is betting that broadcast and live video are still in the early stages of moving to the cloud, Subramanian told TechCrunch, estimating that less than 10 percent of the industry has made the shift, leaving a long way to go as media groups modernize infrastructure and expand ad-supported streaming.
The company’s appeal lies in being a “premium” and highly reliable platform for blue-chip clients, Accel partner Rachit Parekh said, arguing that downtime during large live events can be very costly for broadcasters and streamers. This momentum has helped increase customer retention and expansion.
Still, Amagi is also competing against legacy broadcast vendors struggling to modernize their own cloud offerings, while its push into AI-driven automation will test whether Amagi can expand beyond infrastructure to better-margin software without increasing the cloud costs that drive profitability.
Amagi said it plans to channel most of the new revenue into cloud technology and infrastructure, setting aside ₹5.50 billion ($60.21 million) for that purpose, while setting aside funds for potential acquisitions and general corporate use, according to its prospectus.
Amagi’s debut comes as India’s IPO market has attracted a growing number of tech-led listings, supported by strong domestic investor demand, even as late-stage startup funding remains sluggish. The shift has positioned public markets as both a growth financing option and an exit route for early adopters, a dynamic that has become more visible as private capital becomes more selective.
technology sector of India recorded 42 IPOs in 2025from 36 in 2024, according to market intelligence firm Tracxn. Several venture-backed startups, including consumer and fintech companies, are also widely expected to test public markets in 2026 as the pipeline develops.
