General Atlantic Invests In SaaS Unicorn Amagi, Pumps In $79 Mn
Summary
General Atlantic will also acquire 1,12,374 equity and preference shares from an existing investor, which are currently valued at around INR 220 Cr ($26.6 Mn) Amagi will use the funding to undertake corporate restructuring activities to finance the growth and expansion This comes seven months after Amagi turned unicorn after raising $75 Mn in funding from Accel and other existing investorsMedia-focused SaaS startup Amagi has raised $79 Mn in funding from private equity (PE) firm General Atlantic. The deal will also see the PE major acquire stakes worth $26.6 Mn from existing investors, pegging the entire transaction at $105 Mn.Amagi will use the funding to undertake corporate restructuring activities to finance the growth and expansion.The startup made the disclosure in a regulatory filing before the Registrar of Companies (RoC). The two transactions together bring up the cumulative total to well over $105 Mn.Post the transaction, General Atlantic will hold an 8% stake in the Baskar Subramanian-led startup.Founded in 2008 by Subramanian, Srinivasan KA and Srividhya Srinivasan, Amagi offers a cloud suite for clients to create, distribute and monetise content. Cybersecurity startup BluSapphire Cyber Systems also bagged $9.2 Mn in a funding round led by Barings Private Equity India.This is emblematic of the larger SaaS ecosystem that continues to flourish in the country. A majority of these SaaS startups, just like Amagi, largely cater to a global clientele and create these products out of India.
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