Amagi appoints independent directors ahead of Rs 3,200 crore IPO

Bengaluru-based media technology (mediatech) firm Amagi has appointed two independent directors—Ira Gupta and Giridhar Sanjeevi, former executive vice-president and chief financial officer of The Indian Hotels Company Ltd. (Taj Hotels)—to its board as it gears up to file its Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI).

The appointments, disclosed in filings with the Registrar of Companies, come as part of regulatory compliance under the Companies Act, which mandates the presence of independent directors ahead of a public listing.

Gupta brings considerable corporate experience, currently serving as an independent director at SRF Limited and as a Senior Advisor at McKinsey & Company. She previously held senior roles, including Head of HR at Microsoft India and leadership stints at GlaxoSmithKline.

Amagi, founded in 2008, is expected to raise around Rs 3,200 crore (approximately $385 million) through its IPO. The company has appointed Kotak Mahindra Capital, Citigroup, IIFL Capital, and Goldman Sachs as book-running lead managers.

What does Amagi do?

Amagi offers cloud-based media infrastructure solutions that help broadcasters, content owners, and streaming platforms manage and distribute content efficiently. Its technology enables the virtualisation of broadcast operations, automated channel playout, and targeted advertising delivery across geographies.

Its high-profile clients include Warner Bros. Discovery, NBCUniversal, Rakuten TV, and Paramount, placing it in a rare category of Indian SaaS firms with a global media footprint.

The company achieved unicorn status in March 2022 after raising $95 million in an Accel-led round. To date, it has raised around $340 million from marquee investors such as Premji Invest, Norwest Venture Partners, and General Atlantic.

IPO pipeline and governance moves

Amagi's move to induct independent directors mirrors a broader trend among Indian startups preparing for IPOs. In recent months, companies such as Zepto, Milky Mist, PhysicsWallah, and Shadowfax have added independent directors to their boards.

In April, Zepto appointed Akhil Gupta, vice chairman of Bharti Enterprises, while Milky Mist brought in Radha Venkatakrishnan and Mallika S. Janakiraman.

For Amagi, these appointments signal a critical step toward strengthening board governance in line with SEBI's listing guidelines and indicate the company's readiness to transition from private capital to public markets.