Amagi raises $100Mn📺

5 firms add Rs 62508 Crores, India to grow 10% during FY22 and more.

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Media tech company Amagi raises $100 mn📺

Amagi, which provides software-as-service technology for broadcast and connected TV has raised $100 million from Accel, Avataar Ventures, Norwest Venture Partners, and existing investor Premji Invest.

With over 800 channels on its platform, including playout and redundancies, Amagi has emerged as one of the largest cloud deployment partners in the world, with distribution in 40 countries across cable, connected TV, and OTT.

Amagi is tapping the $50 billion cloud-based video content creation, distribution, and monetization market.


Five firms add Rs 62,508 Cr to market valuation💰

Five of the 10 most valued firms added Rs 62,508.32 crore to their total market valuation last week, with Reliance Industries emerging as the biggest gainer.

Hindustan Unilever Limited, HDFC, State Bank of India and Bharti Airtel were the other gainers.

The market capitalization (m-cap) of Reliance Industries jumped Rs 23,582.73 crore to reach Rs 15,37,600.23 crore at the close on Thursday, becoming the biggest gainer among the top-10 firms.

While Tata Consultancy Services, HDFC Bank, Infosys, ICICI Bank and Bajaj Finance took a hit in their market valuation.

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Hot Shorts⚡

  • Lido Learning, an edtech startup, announced on Friday that it has raised $10 million from Ronnie Screwvala's Unilazer Ventures.

  • Coutloot, a social commerce startup, raises $8 million in funding led by Ameba Capital. The startup is expected to raise a bigger $25 Mn round soon.


India expected to grow 10% during FY22📈

The Indian economy is expected to grow around 10% during the current financial year on the likelihood of fewer COVID-19-linked supply disruptions and buoyancy in the global economy, said Poonam Gupta, director general of economic think-tank NCAER.

On the challenges being faced by the Indian economy, she said the first one is to recover from the impact of COVID-19 and the second is to sustain post-COVID-19 growth rates of at least 7-8%.

India's economic growth surged to 20.1% in the April-June quarter of this fiscal.


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