A targeted advertising firm for TVC, Amagi Media Labs has raised about INR 30 Crore from Mayfield Fund and existing investors.
With this, Vikram Godse, from Mayfield has joined the board of Amagi.
Amagi has raised INR 37 crore in venture funding till date from Nadathur Investments and Ojas Ventures, both backed by Infosys co-founder NS Raghavan. With all the funding being primarily spent on R&D, technology, expansion into new cities and marketing.
Brain child of Baskar Subramanian, KA Srinivasan and Srividhya Srinivasan, Amagi just like other ad agencies creates advertising for clients, and buys media spots on TV channels. On a different note, while advertising on TV was only time slot based, Amagi added a geological element to it. Means, Amagi helps to play different ads in different regions on the same air-time band (say 30 seconds) it has bought on a particular channel thus arriving at a location based targeting even on TV.
One just needs to pick a target market & channel from the Amagi’s bouquet and buy a local spot at a fraction of national rate.
The firm was looking to raise INR 50 crore in second round of funding since last year, with a primary focus to use those funds in ramping up its revenue by scaling its ad inventory purchase from TV networks and for expanding its reach across all the Hindi-speaking markets.
Mayfield Fund is a global venture capital firm currently investing Mayfield XIV, a $365 million fund (US) and Mayfield India I, a $111 million fund focused on early-stage investments.
It has invested in 20 companies in India so far out of which 7 have had IPOs and 5 being acquired. Few of its portfolio companies include Dealsandyou, Genesis Colors, etc and notable past successes include India Games, MakeMyTrip, Persistent Systems.