Accel, AVP Sell Over 1 Cr Amagi Shares In ₹587 Cr Block Deals

Venture capital firms Accel and AVP collectively sold more than one million shares of media SaaS startup Amagi in block deals valued at ₹587.3 Crore. On the National Stock Exchange (NSE), the shares exchanged hands at ₹560 each, which is a 3% reduction from the stock's closing price on Thursday. AVP's Trudy Holdings sold 31.7 Lakh shares, while AVP's I Fund sold 18.6 Lakh shares.

Additionally, Accel's subsidiaries, Accel Growth VI Holdings (Mauritius) and Accel India VI (Mauritius), offloaded 27.3 Lakh shares each. As of the end of the June quarter, Accel owned an 11.5% stake in Amagi on a fully diluted basis, while AVP held less than 1% through the AVP I Fund and 3.3% via Trudy Holdings. Mutual funds from SBI, Tata, ICICI Prudential, Edelweiss, Baroda BNP Paribas, and Susquehanna International Group purchased the shares that flooded the market.

SBI Mutual Fund acquired the largest number of shares at 50.9 Lakh, followed by HDFC Standard Life Insurance Company at 17.9 Lakh and ICICI Prudential Mutual Fund at 9.3 Lakh. Tata Mutual Fund, Susquehanna Pacific, Edelweiss Mutual Fund, Baroda BNP Paribas Mutual Fund, and BofA Securities Europe SA bought roughly 4.5 Lakh shares each.

Amagi, established in 2008 by Baskar Subramanian, Srinivasan KA, and Srividhya Srinivasan, provides cloud-based software solutions for content providers to launch, operate, and monetize internet-based streaming channels without any physical broadcast infrastructure. The company's shares debuted on the bourses in January of this year and have since surged more than 89% compared to its modest listing price.

This growth can be attributed to Amagi's improved financial performance and increasing revenues. During the June quarter, Amagi's consolidated net profit increased to ₹33.9 Crore, up from ₹4.0 Crore a year ago, while operating revenue jumped 32.4% YoY to ₹436.9 Crore. At the close of today's trading session on the Bombay Stock Exchange (BSE), Amagi's shares rose 3.99% to ₹599.85.