SaaS Unicorn Amagi's FY24 Loss Declines 24% To INR 245 Cr

Amagi’s operating revenue surged 29.18% to INR 879.1 Cr in FY24 from INR 680.5 Cr in the previous fiscal year.

The SaaS unicorn’s total expenditure increased only 13.43% to INR 1,179.1 Cr in FY24 from INR 1,039.5 Cr in FY23

Its EBITDA margin improved significantly to -25% in FY24 from -44% in FY23

Media-focussed SaaS unicorn Amagi’s consolidated net loss declined 23.72% to INR 245 Cr in the financial year 2023-24 (FY24) from INR 321.2 Cr in FY23, due to improvement in its EBITDA margin.

The company saw strong business growth, with its operating revenue rising 29.18% to INR 879.1 Cr in FY24 from INR 680.5 Cr in FY23.

The US region was the largest revenue contributor for the company, bringing in about 67% of its revenue. While it earned only INR 8 Cr revenue from India, the US brought in INR 591.5 Cr. Meanwhile, the UK accounted for INR 115.5 Cr of the revenue. The remaining revenue came from the rest of the world.

Eggs trimmed its EBITDA loss to INR 215.4 Cr from INR 302.6 Cr in FY23. EBITDA margin improved by 19 percentage points to -25% from -44% in the prior fiscal year.

Founded in 2008 by Subramanian, Srinivasan KA, and Srividhya Srinivasan, Amagi offers a full-stack cloud suite for clients to create, distribute and monetise content globally. It also offers broadcast and targeted advertising solutions for broadcast and streaming platforms.

Amagi achieved the unicorn status in March 2022 after raising $95 Mn from Accel, Norwest Venture Partners, and Avataar Ventures. Later that year, it raised additional $79 Mn from General Atlantic.

Earlier this month, the company acquired California-based AI-driven SaaS startup Argoid AI for an undisclosed sum.

Rising Costs Amid Revenue Growth

Despite the strong revenue growth, Amagi’s total expenditure increased only 13.43% to INR 1,179.1 Cr in FY24 from INR 1,039.5 Cr in FY23.

Employee Benefit Expenses: The company’s employee costs grew 10.81% to INR 663.4 Cr in FY24 from INR 598.7 Cr in FY23.

Advertising & Promotional Expenses: Amagi’s advertising and promotional expenses rose 18.01% to INR 24.9 Cr in FY24 from INR 21.1 Cr in FY23.

Telephone & Postage Expenses: The spending under the head jumped 13.51% to INR 270.6 Cr in FY24 from INR 238.4 Cr in FY23.