SUMMARY
- Amagi’s operational revenue surged 29.2% YoY to Rs 879.15 crore in FY24.
- The Bengaluru-based company cut its losses by 23.7% to Rs 245 crore in FY24.
- Amagi’s total expenses rose by 15.46% to Rs 1,189 crore in FY24.
Cloud media SaaS firm Amagi‘s operational revenue surged 29.2% YoY to Rs 879.15 crore in FY24 from Rs 680 crore in FY23, as per its consolidated financial reports submitted to the Registrar of Companies (RoC).
The company also saw an additional Rs 63 crore in interest and investment income, taking its total revenue to Rs 942.15 crore in the year under review.
In November 2023, Amagi secured over $100 million in funding, valuing the company at $1.4 billion, which seems to have contributed to this growth in FY24.
Amagi offers solutions to content creators for launching, distributing, and earning from live linear channels on both free, ad-supported television and video platforms. The company generates revenue primarily through two products: Thunderstorm, a platform for ad insertion on OTT content, and Cloudport, a high-quality platform for broadcasting TV and OTT channels.
The United States remains the leading market for Amagi, accounting for 67.3% of its total revenue or Rs 591.5 crore in FY24. The United Kingdom was the second-largest market, contributing 13.1% of total income, which saw a 31.10% increase to Rs 115.5 crore.
India’s contribution to Amagi’s total revenue was less than 1%, and it experienced a drop of 54.29% YoY to Rs 8 crores. However, revenue from other regions grew 78.95% to Rs 164.1 crore in FY24.
Employee benefit expenses were the largest category, rising by 10.8% to Rs 66.34 crore in FY24. The expenses for depreciation and amortization also jumped 84% YoY to Rs 16.3 crore, while finance costs rose 58.10% to Rs 5.2 crore. Other operational costs, including IT, legal, and professional services, amounted to Rs 49.33 crore. Overall, Amagi’s total expenses rose by 15.46% to Rs 1,189 crore in FY24 from Rs 1,039 crore in FY23.
Amagi revised its financial reports for FY23, recording Rs 100 per share as share capital and the remainder as securities premium.
The Bengaluru-based company cut its losses by 23.7% to Rs 245 crore in FY24. Its ROCE and EBITDA margin were -24.43% and -22.86%, respectively. On a per-unit basis, the company spent Rs 1.34 to generate a rupee of operating revenue in FY24.
The company reported having Rs 262.9 crore in cash and cash equivalents, dropping from Rs 740 crore in FY23. The company also kept Rs 514 crore in other bank balances from having none in FY23. Trade receivables rose to Rs 252 crore in the year under review from Rs 204 crore in FY23.
Amagi reached unicorn status after securing $95 million in a new funding round in March 2022, led by its existing investor Accel, with an additional $110 million raised in November. It is speculated that the company is in talks to raise $250 million in a future round.
In the B2B SaaS industry, Amagi made a shift in 2018 from offering advertising solutions to local businesses on television channels to developing a SaaS-based platform for monetizing TV networks and content creators. Later on, the company’s revenue from the U.S. market started to increase. It reported an operating revenue of Rs 219 crore and a profit of Rs 20.7 crore in FY21.
Amagi’s continued growth and shrinking losses indicate that its founders and board are likely getting ready for an IPO in the near future, for which, the discussions began in July 2022.
