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General Atlantic values media tech Amagi at $1.4 billion in new funding • ZebethMedia

By zebethcontrolPosted on November 10, 2022Posted in Amagi, general atlantic, india, Media & Entertainment, StartupsNo Comments

Amagi, which offers cloud broadcast and targeted advertising software to scores of media and entertainment giants, has raised a large new funding round as it looks to expand its tech offerings and invest in AI-powered personalization stack. General Atlantic led a new round of over $100 million, which included about $20 million in secondary buybacks, the New York and Bengaluru-headquartered startup said in a statement. The Series F funding has propelled Amagi’s valuation to $1.4 billion, up from $100 million in March this year. The startup, which has raised about $350 million to date (according to insight firm Tracxn), said it crossed the $100 million annualized recurring revenue (ARR) for the second time in the quarter that ended in September. Amagi’s platform allows its clients to create content that can be monetized and distributed via broadcast TV and streaming TV platforms such as The Roku Channel, Samsung TV Plus and Pluto TV. The company already supports more than 2,000 channels on its platform across dozens of countries including Australia, Germany and South Korea — markets where it recently expanded. The startup — whose backers include Accel, Norwest Venture Partners, Avataar Ventures, and Premji Invest — told ZebethMedia in an earlier interview that it has simplified its tech stack to a point that even a client without much technology resources can use and scale with it. Amagi said at the time that it had helped customers bring down their operational cost savings by up to 40%, compared to traditional delivery models as ad impressions shot up by up to 10 times. Its clients include NBCUniversal, Warner Bros. Discovery, Fox Network, ABS-CBN, A+E Networks UK, beIN Sports, Curiosity Stream, Gannett, Gusto TV and Vice Media. “We have set ourselves the ambitious goal of developing futuristic technology solutions that can help media companies deliver premium personalised content and engaging advertising experiences to their consumers,” said Baskar Subramanian, Co-founder and CEO of Amagi. Amagi plans to deploy the fresh funds to expand its infrastructure offerings and invest in AI-driven personalisation, advertising, and live streaming solutions, it said. “Amagi has demonstrated a consistent ability to anticipate key trends, acting as an early mover in the rise of free ad-supported streaming TV. The company has also championed the use of cloud technology to optimise results for their broadcast and streaming partners globally,” said Shantanu Rastogi, Managing Director and Head of India at General Atlantic, in a statement.

General Atlantic eyes increasing stake in Amazon-backed insurtech Acko • ZebethMedia

By zebethcontrolPosted on October 20, 2022Posted in acko, general atlantic, india, Startups, VentureNo Comments

General Atlantic is in talks to invest about $50 million in Acko, two sources familiar with the matter told ZebethMedia, doubling down on its bet on the Indian insurtech at a time when most investors are treading investment opportunities carefully. The New York-headquartered growth equity investor is positioning to lead a new financing round of about $100 million in the Indian startup, the sources said, requesting anonymity as the details are private. The new round — which is shaping up to be nearly entirely financed by existing backers — is likely to move ahead at a flat valuation of $1.1 billion, one of the sources said. The investment hasn’t closed, so terms of the deal may still change, the sources cautioned. Acko, which became a unicorn last year after securing a funding round led by General Atlantic, and the investment firm declined to comment Wednesday. The new deliberations follow Acko engaging with PayU earlier this year to raise a round of over $200 million at a valuation of $1.8 billion, one of the sources said. It’s unclear why those talks fell through. Indian newspaper Economic Times reported last month that PayU had offered a term sheet to Acko. Acko — which counts Lightspeed Venture Partners India, CPPIB, Amazon and Multiples Private Equity among existing backers — is among a handful of startups that is attempting to take on the country’s antiquated insurance industry with a digital-first product. It develops and sells bite-sized auto insurance products (aimed at drivers and others in transportation-related scenarios), healthcare protections to employers, as well as protection on gadgets. The startup has distribution partners with a number of firms including Amazon, which is an existing investor in Acko, as well as travel and hotel booking platform MakeMyTrip, ride-hailing firm Ola, insurance giant Bajaj Finance and Urban Company. Acko said last year that it covers nearly a million gig workers in the country through partnerships with companies including food delivery giants Swiggy and Zomato. Offering a large catalog of bite-sized insurance policies is crucial for firms in India. Only a fraction of the nation’s 1.3 billion people currently have access to insurance and most can’t afford sizable policies. According to rating agency ICRA, insurance products had reached less than 3% of the population as of 2017. An average Indian makes about $2,100 a year, according to the World Bank. ICRA estimated that of those Indians who had purchased an insurance product, they were spending less than $50 on it in 2017. Its new funding deliberations come at a time when the dealflow activity has taken a severe hit in the South Asian market as investors grow cautious of writing new checks and evaluate their underwriting models after valuations of publicly listed firms take a tumble. Indian startups raised $3 billion in the quarter that ended in September, down 57% from the previous quarter and 80% year-over-year, according to market intelligence platform Tracxn.