Bangalore based Amagi Media which allows local advertisers to get on the national TV platform to target their customers, has raised little over $5.5 million from Mayfield Fund and existing investors including ex Infosys co founder N.S Raghavan and Anand Nadathur.
Amagi founder Baskar Subramanian said he can not say anything about the funding at the moment. The deal was first reported by Iamwire.
Update 1: The company has confirmed the deal.
With this round the company has so far raised more than $6.5 million (approx Rs.38 crore). Prior to this round it had raised Rs. 7 crore from Nadathur Investments and Ojas Ventures. With this round, the company has raised a total of about $12 mn from investors. Earlier, Amagi had earlier raised Rs 37.5 Crores from Nadathur Investments.
Amagi lets local advertisers to buy spots on premium national television channels that will be played only in chosen cites. Moreover, it has localized TV advertising using its cloud based service. Like any other advertiser, Amagi buys space from television channels. After this, it slices them region-wise and sell the same spot to different advertisers in different regions.
Founded by Baskar Subramanian, KA Srinivasan and Srividhya Srinivasan, currently Amagi has more than 100 clients, and has partnership with leading television channels such as TimesNow, IndiaTv, Zoom, UTV Movies and CNBC including others. The company also partnered with TataSky – a direct to home service. Before starting Amagi, Baskar was CTO at Impulsesoft, which happens to be among the first successful IP exits from India.
Baskar was a speaker at the 6th Edition of UnPluggd. Watch him take the audience through the journey in this video.
Recommended Read: 7 ways Amagi re-imagined television and disrupted advertising