13 September , 2021 Fdiindia
Accel, Premji Invest and Others Invest Over $100 Million in Amagi
Accel, Avataar Ventures, Norwest Venture Partners, and current investor Premji Invest have together invested over $100 million (about Rs 735.2 crore) in IT startup Amagi, the company said on Saturday. Emerald Media (an investment platform sponsored by KKR) and Mayfield Fund sold their stakes to the venture funds, according to a statement.
According to the company, Nadathur Holdings will continue to invest in Amagi, a cloud-based SaaS (software as a service) solution for broadcast and connected TV.
"The deal marks the joining of best-in-class SaaS venture funds and one of the world's biggest media SaaS businesses to further accelerate the great momentum for the $50 billion cloud-based video content creation, distribution, and monetisation industry," it added.
The collaboration will provide media businesses the agility and efficiency they need to thrive in both conventional broadcast and the emerging OTT and streaming TV worlds, according to the statement.
Amagi co-founder and CEO Baskar Subramanian said that the firm would greatly benefit from Accel, Avataar, Norwest, and Premji Invest's combined expertise in quickly growing its business and extending its worldwide presence.
"Their extensive knowledge of B2B SaaS models will aid us in providing more value to our clients and partners. This will help our workers develop an entrepreneurial mindset, which is essential for developing and adopting innovative solutions to address difficult business problems " he added.