)
Mayfield Fund also invested in the network.
The funds raised will be used to bolster the company's growth plans both in India and globally.
In India, the funds will be primarily used for expanding its geo-targeting network including addition of new channels to its bouquet. Having recently opened an office in Japan, Amagi also intends to use these funds to set up local offices in UK, Singapore and the US to expand the client base for its broadcast technology platform.
Baskar Subramanian, co-founder of the company, said, "At this stage in our development, it is critical that we get the right investors on board whose vision matches ours and in this respect we are extremely pleased to have Premji Invest associate with us. This investment also reconfirms Mayfield Fund's continuing confidence in our execution and growth. With over 300% growth in revenues from last year, we have become the de facto choice for brands in their pursuit for effective advertising."
As a highly diverse market with varied culture, languages, food habits and purchasing parities, India poses a unique marketing challenge. National and regional brands use Amagi's platform to target their advertisements to specific markets or regions depending on their requirements.
Initially incubated in NSRCEL at IIM-Bangalore, Amagi Media had previously raised $12 million from Nadathur Investments and Mayfield fund.
Amagi handles over a million ad seconds per month today and with its constantly expanding ad network the company works with more than 2,500 advertisers including HUL, P&G, GSK, Wipro and ITC.
The company claims that it runs the country's largest geo-targeted ad network. More than 30 of the country's top 50 advertisers work with Amagi's platform to target their ads to specific markets.
