Premji Invest, the family office of Wipro chairman Azim Premji, has invested an unspecified amount in Amagi Media Labs, the country's leading advertisement network.
"We have raised a fresh round of investment from Premji Invest and existing institutional investor Mayfield Fund to fund our growth plans in India and overseas," the city-based company said in a statement here Tuesday.
Incubated in N.S. Raghavan Centre for Entrepreneurial Learning at the Indian Institute of Management (IIM-B) here, Amagi raised $12 million from Nadathur Investments and Mayfield in fiscal 2008-09.
"The fresh capital will be primarily used for expanding our geo-targeting network, including addition of new channels to our bouquet and in setting up our offices in Britain, Singapore and the US subsequently," Amagi co-founder Baskar Subramanian said on the occasion.
As a broadcast tech firm, Amagi operates the largest geo-targeted advertisement (ad)network, with 30 of the top 50 advertisers using its platform to target their ads in specific markets.
National and regional brands use Amagi's platform to target their advertisements to specific markets or regions depending on their requirements.
"We handle a million ad seconds per month by working with about 2,500 advertisers, including leading corporates such as HUL, P&G, GSK, Wipro and ITC," Subramanian said in the statement.
"At this stage in our development, it is critical that we get right investors on board whose vision matches ours. We are pleased to have Premji Invest associate with us," Subramanian added.
