Amagi Goes Public 🎬📈

☕ Good Morning, Masala Crew!

It’s Wednesday, May 28—and your midweek mojo just got a major upgrade. The headlines are hotter than a Mumbai summer, with IPO dreams, lightning-fast fashion delivery, and stock market mood swings all jostling for your attention. And yes, today’s pun is piping hot and proudly brewed in-house: Amagi-cally Public! Don't judge—we’re pretty proud of it 😎

Let’s stir the stories, shall we? 👇

☕ Chai Shots

• 🛬 IndiGo Hit With ₹2.76 Cr in Customs Fines: Customs authorities in Ahmedabad and Chennai slapped IndiGo with hefty penalties over alleged duty issues. The airline says it played by the rules and will challenge the fines in court.

• 📱 India Overtakes China in iPhone Exports to the U.S.: Apple shipped 3 million iPhones from India to the U.S. in April — a 76% YoY surge. China, meanwhile, saw its iPhone exports tumble. But with Trump threatening a 25% tariff and Beijing blocking tech flows, Apple’s India bet won’t be smooth sailing.

• 🔷 Gold and Silver Prices Tumble: Gold prices dropped ₹800 per 10g to ₹99,000 while silver slid ₹1,370/kg. The dip comes amid easing safe-haven demand as trade talks between the U.S. and Brussels pick up pace.

• 💍 Amagi-cally Public: Bengaluru-based media SaaS unicorn Amagi has flipped its status from private to public as it preps for a ₹3,200 crore IPO. With global clients like Warner Bros. and NBCUniversal, and a revenue leap of 29% in FY24, the company is stacking its board with independent heavyweights and getting SEBI-ready. More in the Big Brew ☕️👇

📉 Market Masala

• 📉 Markets Lose Steam After Two-Day Rally: The Sensex shed 625 points to land at 81,552, and the Nifty slipped 176 points to 24,826. Heavyweight sell-offs, FII withdrawals, and earnings disappointments did the damage. On the flip side, midcaps and smallcaps stayed steady, boosted by strong Q4 numbers.

• 💼 Large Caps Lag, Broader Market Resilient: The Nifty Midcap 100 inched up 0.15% while Smallcap 100 added 0.10%, thanks to earnings beats and easing valuation pressure. Sectors like FMCG, IT, and autos dragged, while realty and healthcare showed green shoots.

• 🔍 All Eyes on GDP & IIP Data: With key economic data due this week, including April's industrial output and Q1 GDP, the market may stay on edge. Foreign institutional investors net bought equities worth ₹136 crore on Monday but seem skittish overall.

• 🌟 Myntra Gets a Fresh $125M Boost: Flipkart pumped in ₹1,062.5 crore into fashion e-tailer Myntra. The platform recently turned profitable and is doubling down on fast delivery via its new quick commerce play, M-Now.

🌍 Global Masala

• 📈 Wall Street Cheers Tariff Delay: The Dow rocketed 741 points, snapping a four-day losing streak after President Trump postponed his proposed 50% tariff on the EU. The S&P 500 climbed 2.05%, and the Nasdaq soared 2.47%—with Tesla jumping 7% after Musk vowed to refocus on business. Nearly every S&P stock ended in the green.

• 🌐 More Deals on Deck?: The White House says more trade agreements could be inked this week, fueling optimism. Stronger-than-expected U.S. consumer confidence data added to the rally.

• 🔋 Tech Reigns Again: Big names like Nvidia, AMD, Apple, and Microsoft led the charge, while even U.S. Steel gained as takeover talks gained traction.

• 🌎 Tariffs Still a Wildcard: While iPhones have temporarily dodged Trump’s latest tariff list, his rhetoric suggests more pressure ahead. Apple may be forced into uncomfortable trade-offs as both Washington and Beijing push back.

🍺 The Big Brew: Amagi Gets IPO-Ready 🍿

India’s SaaS playbook just got a fresh page—and Amagi is writing it in bold.

• 🎬 The Bengaluru-based cloud media tech firm has officially turned into a public company, changing its name from "Amagi Media Labs Private Ltd" to simply "Limited"—a mandatory step before filing for an IPO.

• 💰 It’s gearing up to raise a massive ₹3,200 crore through its listing. The IPO will be managed by big-league bankers including Kotak, Citi, IIFL, and Goldman Sachs.

• 🌍 Amagi helps broadcasters and content owners like Warner Bros., NBCUniversal, and Rakuten TV stream, manage, and monetize video content—making it a silent powerhouse in the OTT back-end space.

• 📈 Financials? For FY24, the company posted ₹879 crore in revenue (up 29% YoY) and narrowed losses to ₹245 crore—a solid move toward profitability.

• 💸 With investors like Accel, General Atlantic, and Premji Invest behind it, Amagi has raised $340M to date. It hit unicorn status back in 2022.

• 🌎 Global presence? Offices in NY, LA, London, Paris, Sydney, Singapore... even Zagreb and Lódz!

What does this mean?
India’s SaaS ecosystem is not just growing—it's going global and going public. Amagi's move could spark an IPO rush among tech unicorns, signaling investor appetite is warming up again. Eyes on Razorpay, Pine Labs, and Zepto next.

🚀 Startup Scoop

• 💳 Cred Eyes Comeback With $75M Raise: Once a $6.4B darling, Cred is now raising $75M at a down-round valuation of $3.5B. But don’t count it out—its revenue jumped 66% last year to ₹2,473 crore, and operating losses shrunk nearly 40%. New products like credit tracker Svalbard and financial dashboard Cred Money are Cred’s bet on a leaner, meaner future.

• 🧳 EUME Zips Up ₹25 Cr in Series A: Premium luggage D2C brand EUME has packed in ₹25 crore from investor Ashish Kacholia and others. The money will roll out flagship stores in Mumbai, Bengaluru, and Hyderabad—and boost offline + corporate gifting growth.

• 🍵 TOVA Gets a Wellness Boost: Beverage brand TOVA bagged funding from the Poonawalla family to scale its six-flavour wellness drink range across India. Financial terms were not disclosed.

• 🚿 Snabbit Scores $5.5M to Scrub Mumbai Clean: Quick-service home task app Snabbit has raised $5.5 million in a Series A round led by Elevation Capital and Nexus. The Zepto-style service connects you to pros for dishwashing, laundry, and more—in under 15 minutes! Mumbai’s domestic help scene is about to get appified.

🧠 Chai Break Trivia

🧐 Did you know that India’s highest ATM is located in Thegu, Sikkim, perched at a dizzying 13,200 feet above sea level? Installed by Union Bank, it's not just functional—it's frost-proof, earthquake-resistant, and solar-powered!

🔮 What’s Brewing Next?

• 📦 Eyes on more IPO filings from Razorpay and Urban Company as Amagi leads the charge.

That’s all for today’s edition of Masala Chai — brewed hot, served bold, and always on time (unlike your 8 a.m. meeting).

Until tomorrow, keep your chai hot and your insights hotter ☕️