Amagi’s IPO is notable less for its scale and more for what it represents.

As the company lists with a public issue of Rs 1,788 Cr, it joins a small set of Indian SaaS businesses that have built global relevance by operating deep inside industry infrastructure rather than at the surface. Most viewers have never encountered Amagi directly, yet a meaningful share of connected TV advertising flows through its systems every day.

Founded by Baskar Subramanian, Srividhya Srinivasan and Srinivasan KA, the company was shaped by founders who had already been through a full entrepreneurial cycle. After exiting Impulsesoft in 2006, they chose to work on a problem that was operationally complex but structurally large: how advertising actually gets delivered, measured and optimised in television and streaming environments.

Amagi’s early focus on geo-targeted TV advertising addressed a specific broadcaster pain point. That narrow entry allowed the company to move steadily into adjacent layers of the media stack. Over time, it became core infrastructure for FAST channels, cloud-managed broadcast operations and dynamic ad insertion across connected TV platforms. The product was never consumer-facing, but it became embedded in daily workflows for broadcasters and advertisers.

This positioning explains both the company’s steady build-up and the timing of its outcomes. Connected TV advertising did not mature overnight. Amagi’s relevance increased as streaming platforms scaled, ad budgets followed, and broadcasters migrated operations to the cloud. By the time demand accelerated, the company was already integrated across multiple touchpoints.

The IPO provides partial liquidity to long-term backers. Premji Invest, an investor since 2014, has sold shares worth about Rs 480 Cr, reflecting blended returns of roughly 14X. Accel and Avataar Venture Partners, which invested in 2021, are each realising around 3.3X returns through sales of approximately Rs 183 Cr. Norwest has monetised part of its holding at close to a 2X return. Early angel Prem Gupta stands out with an estimated 17X outcome.

What stands out is not just the return profile, but the duration over which value accrued. Amagi spent years compounding capability before the market environment fully aligned with its offering. That pattern is common in infrastructure-led businesses, particularly in media and advertising, where ecosystem shifts tend to be gradual and nonlinear.

As a listed company, Amagi adds another data point to India’s evolving public market landscape for technology firms. It shows that globally oriented SaaS businesses do not have to be high-visibility or fast-cycle to be durable. Some of the most consequential companies operate quietly, until scale makes their role difficult to ignore.