Amagi Media Labsthe Bengaluru-headquartered company that sells cloud software used to run and monetize TV and streaming channels, saw its shares slide in its Indian market debut after raising ₹17.89 billion (about $196 million) in an IPO – a deal seen 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. Maybe there is the last cost is $ 1.4 billion in a private funding round in November 2022, after raising $100 million led by General Atlantic, and investors looking to buy more than 30 times available stock.
The Bengaluru-headquartered company sells cloud software that helps TV networks and streaming services distribute and monetize video, and earns almost all of its revenue outside India – including about 73% from the US and about 20% from Europe – CEO and co-founder Baskar Subramanian said in an interview, making it the rare first technology export listing on the Indian stock market.
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 is smaller than Amagi’s previous plan, after the company scrapped 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 are among Amagi’s shareholders that sold shares in the IPO. Subramanian told TechCrunch that the sale is only a “small part” of the holdings, and said the founders of the company did not sell 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, although the listing locked in a gain of about 3.3x from the stock it acquired at around ₹108 per share. “To do an IPO, we are reluctant to go out as little as possible to do this,” said Shekhar Kirani, a partner at Accel.
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Founded in 2008 by Subramanian, Srividhya Srinivasan, and Arunachalam Srinivasan Karapattu, Amagi counts content companies such as Lionsgate Studios, Fox, and Sinclair Broadcast Group among its clients, as well as distributors including Roku, Vizio, Rakuten TV, and DirecTV, and advertising platforms such as The Trade Desk and Index.
Subramanian said Amagi is riding the shift as broadcasters and streamers move away from “big iron” hardware and satellite-based 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 creating new automation and AI-driven tools to help media companies reduce their burdensome operating costs, he said.
The company’s income 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 stood at 127% — meaning existing customers increased spending by 27%, per the company. prospectus (PDF).
Betting that broadcast and live video are still in the early stages of moving to the cloud, Subramanian told TechCrunch, he estimates that less than 10% of the industry has made the switch, leaving a long runway as media groups modernize their infrastructure and develop ad-supported streaming.
The company’s appeal is that it is a “premium” and highly reliable platform for blue-chip customers, said Rachit Parekh, a partner at Accel, noting that downtime during major live events can be very costly for broadcasters and streamers. This dynamic helps drive high customer retention and expansion.
However, Amagi is also competing with legacy broadcast vendors who are racing to modernize their own offerings for the cloud, while the push towards AI-driven automation will test whether Amagi can scale infrastructure to software with better profit margins without increasing cloud costs to profitability.
Amagi said it plans to channel most of the new proceeds into cloud technology and infrastructure, allocating ₹5.50 billion ($60.21 million) to that end, while also setting aside funds for potential acquisitions and public company uses, according to the prospectus.
Amagi’s debut comes as the Indian IPO market has drawn a increasing the number of technology-led listssupported by strong domestic investor demand although late-stage startup funding remains low. The shift has made public markets a growth financing option and an exit route for early adopters, a dynamic that is becoming more visible as private capital has become more selective.
India’s technology sector record 42 IPOs in 2025up from 36 in 2024, according to market intelligence company Tracxn. Several venture-backed startups, including consumer and fintech companies, are also expected to test the public market in 2026 as the pipeline builds.