Bengaluru-based Saas unicorn Amagi has recently raised a whopping $105 million in a mix of primary and secondary funding from private equity firm General Atlantic. 

The funding round saw participation from Norwest Venture Partners and Avataar Ventures, said the Bengaluru-headquartered startup in a statement. 

This is the second round of investment for the Bengaluru-based company in 2022. In the previous funding round, the startup raised $95 million from General Atlantic via a fresh allotment of preference shares, as per a regulatory disclosure. 

The funding round, which was led by Accel in March this year, provides the company with a complete suite of solutions for the creation, distribution, and monetization. 

The company, which has previously already attained a unicorn status, further bolstered its position in India’s saturated unicorn club. The recent investment gives General Atlantic an 8% stake in the company, with the company’s valuation at around $1.45 billion post-allotment.

Founded in 2008, Amagi is a media technology company that provides cloud broadcast and targeted advertising solutions to broadcast TV and streaming TV platforms. The company enables content owners to launch, distribute, and monetize live linear channels on free ad-supported streaming TV and video services platforms. The company also offers 24×7 cloud-managed services bringing simplicity, advanced automation, and transparency to the entire broadcast operations. 

Amagi has been looking to expand its international footprint as well as its product portfolio. The company was also exploring allied and adjunct opportunities in the cloud and video market and evaluating merger and acquisition (M&A) opportunities that can contribute to revenue growth or add technology capabilities to product lines. 

Among the customer’s customers are media conglomerates such as NBCUniversal and Paramount; connected TB majors such as Samsung TV Plus and LG Channels; Content owners like Tastemade, USA Today, and AccuWeather; and streaming companies such as Fubo, STIRR, and Rakuten TV. 

At present, Amagi claims to support 650+ content brands, 800+ playout chains, and over 2,000 channel deliveries on its platform, with a presence in over 40 countries, including cities and regions such as New York, Los Angeles, Toronto, London, Paris, Australia, South Korea, and Singapore.

Bolttech, which is one of the world’s fastest-growing international insurtech companies, announced that their Series B funding round will be led by Tokio Marine, alongside other shareholders. 

Tokio Marine and other shareholders will lead bolttech’s Series B funding round in a move that values the Singapore-based insurtech unicorn at approximately US$1.5 billion, one year after it closed the largest-ever Series A funding round for an insurtech. 

According to the company, the proceeds of the Series B funding round will be used primarily to fuel the business’ continued global expansion. The strategic partnership with Tokio Marine would also complement the capabilities and reach of the company, as well as enhances its distribution strength, product innovation, and balance-sheet capacity. 

Bolttech’s Chief Executive Officer, Rob Schimek, said that “securing a lead investor of Tokio Marine’s high caliber and esteem is a strong validation of international investors’ belief in the resilience of bolttech’s business model, our long-term proposition, and our role in shaping the future of insurance distribution. Tokio Marine will be a pivotal strategic partner as we continue to accelerate our growth strategy and global expansion.”

Bolttech is one of the world’s leading embedded insurance providers. The company is a global B2B2C insurtech that leverages its pioneering insurance coverage to connect insurers with distributors and their customers. The company has licenses to operate in more than 30 markets throughout Asia and Europe and all 50 US states. 

Bolttech’s platform provides businesses inside and outside the insurance industry with everything they need to offer insurance products to meet their customers’ evolving insurance and protection needs in this digital age. The company’s connectivity enables bolttech’s partners to reimagine their business models and find new revenue streams, accelerate digital transformation, and deepen customer relationships. 

Masashi Namatame, the managing executive officer and group chief digital officer, said Tokio Marine is excited to have the opportunity to lead bolttech’s Series B round and to join the company on its incredible growth trajectory as their strategic partner. 

He added that “the scale and breadth of bolttech’s platform, coupled with its industry-leading tech and digital capabilities, and extensive insurance experience, uniquely positions it as a clear leader in the insurtech space.” 

He further said that “we look forward to working with bolttech to take advantage of the commercial opportunities our new strategic partnership will offer.” 

Since its inception in 2020, the company has experienced rapid growth with approximately US$50 billion worth of annualized premiums, 800 distribution partners, 200 insurance providers, and offers in excess of 6,000 product variations.

In Line Man Wongnai’s latest funding round, Line Man Wongnai announced that they raised $265 million in a Series B funding round which values the company at over $1 billion, securing the company’s position as Thailand’s latest unicorn. 

The latest funding round was anchored by Singapore’s sovereign wealth fund GIC and Japan-based Line Corporation. The funding round was also participated by the likes of PTT Oil and Retail Business Public Company Limited, BRV Capital Management, Bualuang Ventures, and Taiwan Mobile. 

According to the company’s statement, the funding will strengthen Line Man Wongnai’s strong position in the food delivery market, expand new service categories, recruit tech talent and improve tech infrastructure. 

“The announcement opens the next chapter for Line Man Wongnai to grow from a local Thai startup to a regional tech platform. We thank LINE for embracing us into its deep mobile ecosystem and providing ongoing support for our journey,” said the company’s Chief Financial Officer In Young Chung. 

The valuation makes Line Man Wongnai the third unicorn in Thailand after logistics service operator Flash Express and fintech firm Ascend Money. 

The food delivery startup was formed in July 2020 from the merger of Line Man, Thailand’s on-demand assistant app, and Wongnai, a Thai restaurant aggregator. 

Yod Chinsupakul, CEO of Line Man Wongnai, said: “Food has been our passion since I co-founded Wongnai, and now, to collect millions of users with the biggest pool of restaurants we have is a dream come true. We are also proud to create over 100,000 rider jobs, most of whom earn more than twice the minimum wage.” 

Line Man Wongnai reported revenue of 1.05 billion baht in 2020, behind key rivals Grab at 7.21 billion and Foodpanda at 4.37 billion. 

The latest funding round is expected to fire up the competition while other players, which are weakening, are sharpening their focus on more specific areas. 

Competition could escalate next year, particularly when other rivals also receive funding.

Logistic enablement platform Shiprocket raised $32.6 million in the latest funding round from returning investors. The funding round was co-led by Singapore’s Temasek and Lightrock India. 

The firm was valued at around $1.2 billion with a fresh round of funding, joining India’s exclusive club of unicorn companies. Other investors that also joined the round include Bertelsmann, Moore Strategic Ventures, March Venture Capital, Huddle Collective, and Paypal. 

Publicly-listed food technology major Zomato, however, which had led the previous round of funding at Shiprocket in December 2021 did not participate in the latest funding round. 

The fresh funds will help Shiprocket extend its operating system by building newer software and intelligence products along with deepening its capability in the fulfillment and same-day delivery experience. 

Saahil Goel, CEO and Co-founder of Shiprocket said “This investment will help accelerate our roadmap and will also help us bring world-class e-commerce experiences to every direct commerce retailer in India.” 

Shiprocket was founded in 2017 by Saahil Goel, Gautam Kapoor, and Vinesh Khurana, the company then elevated its Chief Business Officer Akshay Ghulati to the post of Co-founder in 2020. The company currently delivers packets to more than 66 million consumers annually and is growing 3 times year on year. 

Since its latest funding round, Shiprocket has made five acquisitions, including cargo shipping business Rocketbox, supply chain management solution Glaucus, marketing automation platform Wigzo, logistics aggregator Pickrr, and Arvin Internet’s retail enablement business, Omuni.