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Amagi, a cloud-based media SaaS company, has appointed two independent directors in compliance with the Companies Act, ahead of filing its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).
The board at Amagi has appointed Ira Gupta and Giridhar Sanjeevi as independent directors of the company, its regulatory filings accessed from the Registrar of Companies (RoC) shows.
Gupta currently serves as an Independent Director at SRF Limited and Senior Advisor at McKinsey & Company. Previously, she was Head of HR at Microsoft India and held leadership roles at GlaxoSmithKline.
The details about Sanjeevi couldn’t be ascertained.
As per media reports, Amagi is planning to raise Rs 3,200 crore through public listing, and has appointed Kotak Mahindra Capital, Citigroup, IIFL Capital, and Goldman Sachs as book-running lead managers.
Amagi is a cloud-based media SaaS company offering solutions for content creation, distribution, and monetization. Its platform enables broadcasters to virtualize operations and deliver personalized ads for clients such as Warner Bros., NBCUniversal, Rakuten TV, and Paramount.
According to startup data intelligence platform TheKredible, the SaaS unicorn has raised around $340 million to date from investors including Premji Invest, Accel, General Atlantic and others.
Amagi, which had secured a stable revenue stream following a challenging pivot, became a unicorn in March 2022 after raising $100 million in its largest funding round led by General Atlantic.
During the fiscal year ending March 2024, the company recorded 29% year-on-year growth in its operating revenue to Rs 879 crore while managing to reduce its losses by 23.7% to Rs 245 crore in FY24.
Several companies gearing up for their IPOs—such as Zepto, Milky Mist, PhysicsWallah, and Shadowfax—have recently added independent directors to their boards to comply with SEBI’s regulatory norms. In April, Zepto brought on Akhil Gupta, Vice Chairman of Bharti Enterprises, as an independent director. That same month, Milky Mist appointed Radha Venkatakrishnan and Mallika S. Janakiraman as additional (independent) directors. Earlier, edtech unicorn PhysicsWallah and logistics startup Shadowfax each named three independent directors in March and February, respectively.
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