amagi revenue: Amagi reports 58% rise in FY23 revenue to Rs 680 crore, sharp drop in loss

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Media technology software provider Amagi saw its revenue from operations rise 58% to Rs 680.5 crore in FY23, even as it cut losses significantly during the period.

The company reported a 70% drop in total loss to Rs 321.2 crore during the year, from Rs 1,078.4 crore in the previous fiscal.

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Founded in 2008, Amagi allows broadcasters to virtualise operations on the cloud, helping manage, schedule content and streamline programming remotely through its ‘CloudPort’ offering.

It also provides solutions for personalised insertions of advertisements through its ‘Thunderstorm’ offering. Other solutions include PayTV solutions and analytics for broadcasters.

In November 2022, Amagi raised $109 million in a mix of primary and secondary capital at a valuation of $1.4 billion.

The same year the startup had also raised $95 million led by Accel at a $1.1-billion valuation, catapulting it into the Indian unicorn league. A unicorn is a privately held startup valued at $1 billion or more.

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The company is looking to turn profitable in the first half of 2024, with its annual revenue run rate (ARR) topping $100 million, chief executive Baskar Subramanian had told ET last month.The startup currently derives 78% of its topline from the US market and 15% from Europe, with Asia and India accounting for the remainder.

Last year, Amagi signed a definitive agreement to acquire cloud-based remote video production platform Tellyo for an undisclosed amount.

It has raised close to $340 million in equity funding, till date, and counts General Atlantic, Accel, Norwest Venture Partners and Premji Invest as investors.

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