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Amagi gets funding from Azim Premji, Mayfield Fund
MUMBAI: Leading ad network Amagi Media Labs has raised an undisclosed amount in Series C funding. The round was led by Premji Invest, the family office of Wipro chairman Azim Premji, with participation also of existing investor Mayfield Fund.
Media reports suggested that the company has raised $15 million from this round.
Amagi said that the funds raised will be used to bolster the company’s growth plans, both in India and globally. In India, the funds will be primarily used for expanding its geo-targeting network including addition of new channels to its bouquet.
Having recently opened an office in Japan, Amagi also intends to use these funds to set up local offices in UK, Singapore and the US to expand its growing client base for its broadcast technology platform.
Initially incubated in NSRCEL at IIM-Bangalore, Amagi Media had previously raised $12 million from Nadathur Investments and Mayfield fund.
Amagi Media co-founder Baskar Subramanian said, “At this stage in our development, it is critical that we get the right investors on board whose vision matches ours and in this respect we are extremely pleased to have Premji Invest associate with us. This investment also reconfirms Mayfield Fund’s continuing confidence in our execution and growth. With over 300 per cent growth in revenues from last year, we have become the de facto choice for brands in their pursuit for effective advertising.”
Amagi claims that its geo-targeted ad network is used by more than 30 of the country’s top 50 advertisers to target their advertisements to specific markets or regions depending on their requirements.
Amagi says it handles over a million ad seconds per month today and with its constantly expanding ad network the company works with more than 2,500 advertisers including HUL, P&G, GSK, Wipro and ITC.