Amagi has introduced worth INR 75K stock appreciation rights scheme (SARs IV)
Its board of directors passed a resolution to issue 147,528 equity shares under the new ESOP scheme at a face value of INR 5 each
It also issued 15000 units under SARs IV scheme at a price of INR 5 apiece
SaaS unicorn Amagi has introduced INR 7,37,640 Lakh worth ESOP scheme (ESOP IV) and INR 75K worth stock appreciation rights scheme (SARs IV).
As per the regulatory filings, Amagi’s board of directors passed a resolution to issue 147,528 equity shares under the new ESOP scheme at a face value of INR 5 each. It also issued 15000 units under SARs IV scheme at a price of INR 5 apiece.
The latest development comes after Amagi entered the coveted unicorn club after raising $95 Mn from Accel, Norwest Venture Partners and Avataar Ventures.
Founded in 2008 by Baskar Subramanian, Srinivasan KA and Srividhya Srinivasan, Amagi provides cloud-based broadcast and targeted advertising solutions to broadcasters and television streaming platforms. It facilitates content creators to set up, distribute and monetise live linear channels on ad-free television and video services platforms.
Earlier in March, it claimed to have clocked a 108% year-on-year (YoY) revenue growth. It also asserted that it witnessed a surge of 59% in its customer base in 2021.
According to the startup, it recorded a 112% year-on-year growth in ad impressions generated via its ad insertion platform called Amagi THUNDERSTORM.
In late 2021, it secured $100 Mn from a bunch of investors including Accel, Avataar Ventures, Norwest Venture Partners, and Premji Invest. As part of the deal, Emerald Media and Mayfield Fund exited the startup.
It is to be noted here that, Indian startups have been using ESOPs as an important tool to retain existing employees and attract talents across sectors.
Examples include logistic unicorn Delhivery, which earlier today, passed ESOP schemes despite institutional investors’ disapproval. Its non-public institutions and promoters helped pass the ESOP schemes by voting in the startup’s favour in a company meeting today.
Another startup, iD Fresh Food granted ESOPs worth INR 46 Cr to its employees earlier this month, thereby, taking its overall ESOPs grant to INR 300 Cr till date.
In June, MPL made a slew of changes into the ESOP scheme and employee pay package structure to fortify trust with existing employees and also, attract new ones.
