Amagi Media Labs which offers local, city based advertisers to buy ad spots on TV channels in India has raised close to Rs 30 Crore from Mayfield Fund and existing investors, Nadathur Group and Ojas Ventures, reports iamwire.com. The report also states that Vikram Godse, from Mayfield will be joining the board of the company. It is not clear what the company plans to do with the funding.
Amagi had previously raised about Rs 37 crore from Nadathur Group and Ojas Ventures. Amagi and its competitors SureWaves and Rediff owned Vubites allow local, city based advertisers to buy ad spots on TV channels in India, potentially increasing monetization for Multi System Operators (MSOs) and television channels.
Amagi targets national advertisers who have otherwise launched a single ad on multiple channels, or released different ads on different channels suggesting that advertisers can serve different variants of ads for different regions in India, in the same ad spot on the same channel.
In February 2012, the company had announced its entry into more tier 1 and tier 2 cities. Amagi is now functional in 35 cities in India including the metros. The company claims that nearly 400 small and medium scale businesses have used its platform to buy ad spots on TV.