KKR's Emerald Media joins $35m round for India-based Amagi

Existing backer Premji Invest, the investment arm of Azim Premji, also took part in the round. It comprises a combination of primary and secondary shares, but early investors Mayfield India and Nadathur Holdings will retain holdings in the company.

According to AVCJ Research, Amagi first raised $3 million from Ojas Ventures and Wondergrass in early 2010. This was followed by a $5.46 million Series A round led by Nadathur a year later. Nadathur then returned in 2013 to invest an undisclosed sum alongside Ojas and Mayfield, before Premji Invest led a Series C round - reportedly worth $15 million - in early 2015.

Amagi enables TV networks to create a complete broadcast workflow in the cloud and deliver content via satellite, cable, IPTV and over-the-top (OTT) platforms. Its services are also used by advertisers to target audiences at a regional level across traditional TV and OTT multiscreen platforms.

The company claims to be India's largest television ad network, supporting more than 3,000 brands and playing around a million ad-seconds every month on premium channels. In addition, Amagi has deployments in more than 30 countries for leading TV networks, with offices in New York, London and Hong Kong.

The new capital will go towards expanding the company's targeted advertising platforms globally, entering new international markets with its cloud-based managed broadcast services, and introducing new products that cater to the various needs of TV broadcasters and OTT networks.

"Amagi has harnessed the transformative power of technology (both hardware and software) to change the way TV networks and brands perceive content delivery and monetization. Their cutting-edge technology is disruptive and the need of the hour. Emerald Media will assist Amagi in driving this change in the broadcast and digital industry by providing a distinctive combination of capital, domain knowledge and management bandwidth," said Rajesh Kamat, Emerald's managing director.

KKR formed Emerald last year, committing $300 million and bringing in The Chernin Group as a minority co-investor. The platform seeks control and minority growth investments of $15-75 million in media and entertainment companies across the region. Previous investments include a $50 million commitment to India and US-based video-streaming provider YuppTV.

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