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Amagi Media Labs Ltd. is a global leader in cloud-based broadcast and connected TV technology. Founded in 2008 and based in Bengaluru, India, Amagi provides end-to-end solutions for creating, distributing, and monetizing content across traditional TV and streaming platforms.
The company allows broadcasters, content owners, and streaming platforms to launch, manage, and monetize live linear channels on Free Ad-supported Streaming TV FAST platforms like Pluto TV, Samsung TV Plus, Roku Channel, and many others. Amagi's suite of products includes cloud playout, content scheduling, ad insertion, and data analytics tools.With a strong presence across the U.S., Europe, and Asia, Amagi services more than 700 content brands and delivers over 2,000 channel deployments across 100+ countries. Its innovative SaaS offerings have significantly reduced the infrastructure costs for media companies while increasing flexibility, scalability, and revenue opportunities.
Amagi provides a wide variety of cloud-based products and services for both TV broadcasters and content owners, and for streaming platforms.
Amagi CLOUDPORT - A cloud-based playout platform that empowers broadcasters to manage and deliver linear TV channels globally without traditional infrastructure. It supports UHD/HD/SD playout with automated scheduling and media asset management.
Amagi PLANNER: Content blocks through an intuitive interface.
Amagi THUNDERSTORM: A server-side ad insertion platform that provides targeted, personalized ads on live and on-demand content. This supports monetization across both OTT and FAST platforms.
Amagi ON-DEMAND & FAST Solution: Empowers content owners to launch 24 X 7 channels on Free Ad-supported Streaming TV platforms such as Samsung TV Plus, Roku, and Pluto TV. It comprises channel creation, playout, and revenue-sharing partnerships with FAST platforms.
As of 31 March 2025, the Company employed 884 full-time staff across the world. Of these, 652 were in technology and engineering roles at its hubs in Bengaluru, US, Croatia, and Poland. There were also 181 staff in customer-facing roles, reflecting our emphasis on engagement, delivery, and support.
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Amagi Media Labs IPO - Issue Objectives
The company will use ₹667.2 crore towards technology and cloud infrastructure expenses.
Use some net proceeds for an unspecified acquisition and general corporate purposes.
Capital expenditure
81.76%
Inorganic growth and general corporate purposes
18.24%
1
Capital expenditure
The company will use ₹667.2 crore towards technology and cloud infrastructure expenses.
81.76%
2
Inorganic growth and general corporate purposes
Use some net proceeds for an unspecified acquisition and general corporate purposes.
18.24%
IPO Subscription Status
QIB
33.13x
NII
38.26x
Individual
9.54x
Total
30.24x
Times subscribed by category (bars capped at 10x for readability). Dashed line marks 1.0x (fully subscribed).
Financials of Amagi Media Labs
In Cr.
Key Performance Indicator
30-Sep-25 (In Cr.)
31-Mar-25 (In Cr.)
31-Mar-24 (In Cr.)
31-Mar-23 (In Cr.)
Revenue
733.93
1223.31
942.24
724.72
EBITDA
58.23
23.49
-155.53
-140.34
Expenses
Profit After Tax
6.47
-68.71
-245.00
-321.27
Assets
1352.16
1425.00
1308.08
1405.96
Net Worth
859.34
509.45
496.80
644.49
Reserves
-25.57
227.73
-379.40
-372.68
Borrowing
0.00
0.00
0.00
0.00
Amagi Media Labs - Promoter(s)
Baskar Subramanian
Srividhya Srinivasan
Arunachalam Srinivasan Karapattu
Pre Issue Share Holding
15.76%
Post Issue Share Holding
14.14%
About Strength & Risks
Why this IPO looks interesting
Key positives investors may want to consider before applying.
01
Integrated video technology platform
The company provides a comprehensive "glass-to-glass"(camera-to-screen) technology stack that produces, delivers, and generates revenue from live content through ads and playout. Cloud, native products like Amagi NOW, CLOUDPORT, STUDIO, CONNECT, ADS PLUS, and THUNDERSTORM help the media industry switch from an on-premises environment to a flexible cloud workflow. This integrated value proposition allows the company to embed itself deeply into customer operations, thus increasing the usage of several products and securing long-term revenue growth.
The company collaborates with content publishers, distributors, and advertisers to offer a marketplace that is sustainable through itself. As of its H1FY26, it enabled monetisation for 1,823 crore advertising impressions on its marketplace, increasing from 1,077 crore advertising impressions in H1FY25. This expansion is expected to create increasing demand for advertising, distribution, and monetisation from both publishers and advertisers
03
AI-led technology stack
What investors should watch closely
Risk factors and possible pressure points around the offer.
01
Significant revenue concentration in the US
Geographical concentration is a significant risk, with the America region contributing 73.23% of revenue as of September 2025 and 72.86% of revenue in FY25. Any economic slowdown, regulatory changes, or cuts in technology and media spending in these areas could severely affect revenue and growth.
02
Dependence on a limited set of large customers
Revenue concentration among major customers remains high. The largest customer represented 14.06% of revenue as of September 2025. The top five and top ten customers accounted for 30.94% and 40.19%, respectively. Losing, not renewing, or reducing contracts with one or more major clients could significantly harm revenue and cash flow visibility.
Contact Details
Amagi Media Labs
Raj Alkaa Park, Survey No. 29/3 and 32/2 4th Floor, Kalena Agrahara Village, Begur Hobli Bengaluru, Karnataka, 560076
Amagi Media Labs IPO is a Mainboard
Listed IPO. The issue is priced at ₹343 to ₹361 per share. The minimum order quantity is 41 Shares.
The IPO opens on 13 Jan, and closes on 16 Jan.
MUFG Intime India Pvt.Ltd. is the registrar for the IPO. The shares are proposed to be listed on BSE, NSE.
AI is integrated throughout the platform in the Amagi INTELLIGENCE suite. This includes content scheduling, ad yield optimisation, and analytics. As of September 30, 2025, the company had 547 R&D engineers, making up 55.48% of its workforce. It held 10 patents in areas such as playout automation, ad insertion, and cloud broadcast infrastructure.
04
Growing global customer base
As of September 30, 2025, the company served 481 customers, an increase from 463 in FY25, 396 in FY24, and 283 in FY23. The number of customers contributing more than US$1 increased from 22 in FY24 to 28 in FY25. Net revenue retention stood at 126.90% in FY25, which is an indication of strong growth. The company partnered with more than 45% of the top 50 media and entertainment companies in terms of revenue as of September 30, 2025.
05
High customer stickiness
Over the last three years and from June 30, 2025, to September 30, 2025, there was no attrition among the top 10 customers, demonstrating the company's high customer stickiness and long-term relationships. As of September 30, 2025, the top 10 clients had an average relationship tenure of 4 years.
03
Reliance on third-party cloud infrastructure
The company relies heavily on third-party cloud providers, particularly Amazon Web Services, for its operations. Technology and cloud infrastructure costs reached 26.48% of revenue as of September 2025 and 28.59% of revenue in FY25. Any service disruptions, price increases, or failure to negotiate favourable contract terms could raise costs, hinder service delivery, and damage customer relationships.
04
Exposure to technology failures and service disruption
The technology made by the company is essential for live and on-demand streaming events, like international political and sports broadcasts. If there were any failures or interruptions in the availability or functionality of the company's technology due to technical or human errors, cyberattacks, natural disasters, or other causes, the company would face the risk of, e.g., contractual penalties, damage to its reputation, and potential legal problems. Besides, customers could suffer from loss of content, data, or revenue.
