Amagi Media Labs Ltd

Amagi Media Labs Ltd

Established in 2008, Amagi is one of the leading global media tech companies that provides SaaS solution for broadcast and streaming. The solutions provided by Amagi are cloud native and can be rapidly scaled and scaled back based on clients' needs. Their clients include BBC, Fox, NBC (Peacock), Lionsgate, Vevo (Syndicate of Universal Music, Sony Music and Warner Music), Sinclari and other media companies from different geographies.

Their software solution was used in Streaming of 2024 Paris Olympics, FIFA Women's Soccer, US Presidential Debate 2024 and Oscars 2024.

DRHP Date: 25th July 2025

BRLM: Kotak Mahindra Capital Company, Citigroup Global Markets India, Goldman Sachs (India) Securities, IIFL Capital Services (formerly known as IIFL Securities), Avendus Capital

Auditor: S.R. Batliboi & Associates LLP

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Amagi has built a tech stack that competes with and is establishing itself among global peers. The company has a marquee client base of leading Media companies like BBC, Fox, NBC, Lionsgate etc and is a beneficiary of the shift from traditional TVs to OTT platforms. However, at the IPO ask valuation of ~7,810 crore, the company is valued at ~5.5x H1 annualised sales (~6x TTM), which is on the higher side. It is currently loss-making and has not yet turned EBITDA positive with no clear path to profitability outlined by the management.

The current GMP of 5.5% (13th Jan) suggests a flat listing.

• Amagi is a big beneficiary of legacy media companies shifting to the cloud and OTT platforms. The company offers products catering to every step of the broadcasting process. The industries that they operate in are expected to grow at fast pace from here eg - The global video streaming software industry is currently valued at USD 1.6 Bn and is expected to grow to USD 3.5 Bn FY FY 29, the broadcasting software market is projected to expand from USD 1.7 Bn to USD 2.6 Bn, and CTV advertising from USD 1.8 Bn to USD 3.5 Bn in the same period.

• Amagi is also one of the leading players in the media tech space and competes with global peers like Evertz Technologies Limited M. Cap $ ~0.9 Bn, Harmonic Inc M. Cap $ ~1.18 Bn and private companies like GumGum, AKTA, Yospace etc.They work with 45% of the top 50 listed media & entertainment companies by revenue and 60% of the top 100 media brands.

• Traditional Broadcast companies spend ~5% of the revenue on Media tech but new age OTTs platforms have pumped this up to 8-12% of the revenue and the industry itself is shifting more towards on demand. Revenue from top 5 customer was 24% and top 10 was 34% in FY 25 with largest client contributing 11%.

• Amagi's cloud-based solution allows rapid scaling for the clients (eg broadcasting sports event for few hrs) and their cloud-based solution is ~35-50% cheaper than on-premises infrastructure. Amagi also has 22 patents globally.

• They've scaled from a revenue of 99 Cr in FY 16 to 1,162 Cr in FY 25, riding on bolt-on acquisitions (Streamwise in 2022, Tellyo OY in 2023, Argoid Analytics Inc in 2024 and others) and Streaming unification products. 

• The company is loss-making at EBITDA level, the employee expense was ~60% of the revenue for FY 25. The employee base has expanded from 772 in FY 23 to 986 as on H1 FY 26, For FY 25 at an employee base of 884 people the employee expense is very high at 694 Cr or ~80 lakh per employee. Even if we remove the stock-based compensation, the figure still hovers around ~68 lakhs which is high.

Issue Details

Issue size of ~1,789 Cr with Fresh issue of 816 Cr and OFS of ~973 Cr

Fresh Issue will be used to set up technology and cloud infrastructure (550 Cr) and funding inorganic growth opportunities. 

Selling Shareholders include PI Opportunities Fund-I, PI Opportunities Fund-II, Accel India VI (Mauritius) Ltd., Norwest Venture Partners X – Mauritius, Trudy Holdings and individual shareholders - Rahul Garg, Rajat Garg, Kollengode Ramanathan Lakshminarayana, Prem Gupta, and Rajesh Ramaiah.

Business Overview

Amagi has 3 main business verticles -

1. Cloud Modernization (19% of the revenues): They enable television networks to transition to cloud-based systems by moving their media operations from traditional, hardware-based on-premise broadcast infrastructure to flexible cloud-based systems managing content preparation, scheduling and channel delivery. Their product in this verticle are - Amagi CLOUDPPORT, DYNAMIC, CLIP.

1. Streaming Unification (57% of the revenues): Here they provide services like subscription video on demand (SVOD), advertising video on demand (AVOD), and free ad-supported streaming television (FAST) through their platform to address the distribution complexity of OTTs. Their solution products are Amagi PLANNER, ON DEMAND and CLOUDPORT.

1. Monetization and Marketplace (24% of the revenues): Here they help customer enhance revenues via advertising and global content licensing, they also proved targeted advertisement delivery solution and content syndication. They have build solutions like Amagi THUNDERSTORM, ADS PPLUS, CONNECT and ANALYTICS for this.

The revenue bifurcation for FY 25 based on geography is as follows: Americas 72.9%, Europe (incl. UK) 17.3%, Asia-Pacific (ex-India) 6.7%, Middle East 1.7% and India 1.4%.

The founder (MD & CEO) of the company is Baskar Subramanian, He's doen bachelor’s degree in engineering from Government College of Technology, Coimbatore. Before starting Amagi he was associated with ImpulseSoft Private Ltd. as its CTO and also worked at Texas Instruments (India) Ltd. Other promoters include Srividhya Srinivasan CTO and Arunachalam Srinivasan Karapattu Non ED and head of global business.

Quick Financials