Amagi DRHP: A Look At The Shareholding Pattern & Top Leaders

Media-focused SaaS unicorn Amagi Media Labs filed draft red herring prospectus (DRHP) last week to raise up to INR 1,020 Cr through a fresh issue.

The initial public offering (IPO) will also include an offer for sale (OFS) of up to 3.4 Cr shares by investors, including PI Opportunities Fund, Norwest Venture Partners, Accel, Trudy Holdings, and AVP. 

The 474-page DRHP provides a detailed look into the company’s capital structure and ownership.

At the time of filing DRHP, Premji Invest, through its PI Opportunities Fund-I Scheme II, PI Opportunities Fund-II, and PI Opportunities Fund-I, collectively held a 26.6% stake in Amagi. 

Accel, with its funds Accel India VI (Mauritius) and Accel Growth VI Holdings (Mauritius) Ltd. followed with an aggregate 15.6% stake, while Norwest Venture Partners X – Mauritius held 14.2% ownership. 

General Atlantic Singapore AML Pte. Ltd. owned 8.3%, Trudy Holdings held 6.2%, and Vida Trustees Pvt. Ltd. (representing Kalpa Partners) held 4.54%, respectively.

The company’s three cofounders, Baskar Subramanian, Srividhya Srinivasan, and Arunachalam Srinivasan Karapattu, together owned 14.05% as of the DRHP filing date. Subramanian and Srinivasan each held 4.6%, while Karapattu owned 4.7%. 

Overall, promoters collectively held 15.7%, while the remaining 84.2% of shares were owned by public shareholders, including the aforementioned investors.

Founded in 2008 by Subramanian, Srinivasan, and Karapattu, Amagi offers a full-stack cloud suite enabling clients to create, distribute, and monetise content globally.

The OFS will include partial exits by investors, including Norwest Venture Partners, PI Opportunities Fund I & II, Accel India VI, Trudy Holdings, and AVP I Fund. 

Of these, PI Opportunities Fund-I plans to sell up to 98.8 Lakh equity shares, Norwest Venture Partners X 79 Lakh, Accel India VI up to 43 Lakh, and AVP I Fund up to 18.6 Lakh shares.

Amagi, which filed its DRHP on July 26, also stated that it may consider a pre-IPO placement of up to INR 204 Cr. If this round is raised, the amount will be deducted from the fresh issue, the DRHP added. Amagi entered the coveted unicorn club in 2022, raising $95 Mn in a funding round led by Accel.

The company is on its path towards profitability and has also narrowed down its net loss by nearly 72% to INR 68.7 Cr in FY25 from a net loss of INR 245 Cr in the previous fiscal. While curbing its losses, the company was also able to increase its operating revenue by 32.2% to INR 1,162.6 Cr in the fiscal under review from INR 879 Cr in FY24. 

Decoding The Leadership Deck 

Board Of Directors

Baskar Subramanian

Baskar Subramanian cofounded Amagi in 2008 and is one of the promoters, managing director and chief executive (CEO) of the company. He has over 23 years of experience in the technology and media sector. Prior to this, Subramanian was associated with ImpulseSoft Private Limited as its chief technology officer and before that worked with Texas Instruments (India) Limited. He holds a bachelor’s degree in engineering from Government College of Technology, Coimbatore.

In the financial year 2025, Subramanian received a total remuneration of INR 2.4 Cr.

Giridhar Sanjeevi

Giridhar Sanjeevi is the non-executive chairman of Amagi and an independent director on the company’s board. Sanjeevi has more than 25 years of experience in finance. He is a chartered accountant and holds a post graduate diploma in management from Indian Institute of Management, Ahmedabad. Prior to joining Amagi, Sanjeevi was associated with Indian Hotels Company Limited, as its executive vice president and chief financial officer.

In FY2025, Sanjeevi received a total remuneration of INR 2.6 Lakh. 

Arunachalam Srinivasan Karapattu 

Arunachalam Srinivasan Karapattu is one of the founders, promoters, non-executive director and president, global business of Amagi. He has over 23 years of experience in the technology and broadcasting sector.

Karapattu holds a bachelor’s degree in engineering from Government College of Technology, Coimbatore. Previously, he was associated with ImpulseSoft Private Limited as a program manager and with SiRF Technologies (India) Private Limited as a senior manager (business development). Prior to that, he had served Integrated Decisions and Systems as a senior software engineer and Texas Instruments (India) Limited as a software design engineer. 

For FY2025, Karapattu received a total remuneration of INR 5.59 Cr. 

Ira Gupta 

Ira Gupta is an independent director on the board of Amagi. She has over 27 years of work experience and is currently a senior advisor to McKinsey & Company. Gupta holds a post-graduate diploma in personnel management and industrial relations from XLRI, Jamshedpur. Earlier, she was associated with Microsoft Corporation (India) Private Limited for 11 years where she held the position of general manager, human resources, India. She was also associated with GlaxoSmithKline, previously. 

Sandesh Kaveripatnam

Sandesh Kaveripatnam is a nominee director on the board of Amagi. He is also a managing partner at PI International Holdings LLC (a Premji Invest group entity). Kaveripatnam has more than 10 years of experience in private and public equity investment strategies. He holds a bachelor of science degree in electrical engineering from the University of Rochester, New York, and a master’s degree in business administration from the Wharton School, University of Pennsylvania. 

Shekhar Kirani Hanumanthasetty

Shekhar Kirani Hanumanthasetty is a nominee director on the board of Amagi. He holds a doctor of philosophy degree from the University of Minnesota. He has over 14 years of experience in leading investment in early-stage software and mobile startups. 

Hanumanthasetty is currently a designated partner of Accel Partners India LLP and has been associated with Accel India Management LLP (formerly Accel India Management Private Limited). 

Key Managerial Personnel

Vijay N P

Vijay N P is the chief financial officer (CFO) of Amagi since January 9, 2023. He has over a decade and a half of experience in the field of finance. 

N P holds a bachelor’s degree in commerce from the University of Mumbai and a master’s degree in business administration from National Institute of Technology, Tiruchirappalli. Earlier, he was associated with Amazon Web Services India Private Limited as a senior finance manager and with General Electric for more than 13 years. During the financial year 2025, N P received a remuneration of INR 2.81 Cr from Amagi. 

Sridhar Muthukrishnan

Sridhar Muthukrishnan is the company secretary of Amagi since February 26, 2025 and the compliance officer since April 17, 2025. He has over 21 years of work experience with over 18 years of experience as a company secretary. 

Previously, Muthukrishnan was associated with companies including Swiggy Limited, Himatsingka Seide Limited, Prestige Estates Projects Limited, Shyamaraju & Company (India) Private Limited and GMR Energy Limited. He holds a bachelor’s degree in commerce from University of Calcutta, bachelor’s in general law from Annamalai University and is a fellow member of the Institute of Company Secretaries of India.

During FY2025, he received a remuneration of INR 7.8 Lakh from Amagi. 

Srividhya Srinivasan 

Srividhya Srinivasan is one of the founders, promoters and chief technology officer of Amagi. She holds a bachelor’s degree in engineering from Government College of Technology, Coimbatore. 

Srinivasan has more than 23 years of experience in the technology and broadcasting sector. Earlier, she was associated with ImpulseSoft Private Limited as its technical marketing officer and prior to that with Texas Instruments (India) Limited. During FY2025, she received a remuneration of INR 2.45 Cr from Amagi. 

N Prasad 

N Prasad is the chief people officer of Amagi and joined the company on July 14, 2022. He has over 25 years of experience in the field of human resources. 

Earlier, Prasad was associated with companies, including Edifecs Technologies Private Limited, Cleartrip Private Limited, Flipkart Internet Private Limited and McAfee Software (India) Private Limited.

He holds a bachelor’s degree in mechanical engineering from Madurai Kamaraj University. 

During FY2025, Prasad received a remuneration of INR 2.63 Cr from Amagi. 

Rajagopal Govindakrishnan

Rajagopal Govindakrishnan is the chief operating officer (COO) of Amagi and joined the company on October 1, 2021. He has over 25 years of experience in the field of engineering and software.

Prior to joining Amagi, Govindakrishnan was associated with SiRF Technology (India) Private Limited, Samsung R&D Institute India – Bangalore Private Limited, Tektronix Engineering Development (India) Limited, Texas Instruments (India) Limited, Zebu Communications Private Limited and Arevuk Advisory Services Private Limited. 

During FY2025, he received a remuneration of INR 2.33 Cr from Amagi.