<SEC-DOCUMENT>0001974892-26-000010.txt : 20260408
<SEC-HEADER>0001974892-26-000010.hdr.sgml : 20260408
<ACCEPTANCE-DATETIME>20260408161500
ACCESSION NUMBER:		0001974892-26-000010
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20260406
FILED AS OF DATE:		20260408
DATE AS OF CHANGE:		20260408

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Klimenko Paulina
		CENTRAL INDEX KEY:			0001974892
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-39748
		FILM NUMBER:		26848286

	MAIL ADDRESS:	
		STREET 1:		C/O PUBMATIC, INC.
		STREET 2:		601 MARSHALL STREET
		CITY:			REDWOOD CITY
		STATE:			CA
		ZIP:			94065

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PubMatic, Inc.
		CENTRAL INDEX KEY:			0001422930
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROGRAMMING, DATA PROCESSING, ETC. [7370]
		ORGANIZATION NAME:           	06 Technology
		EIN:				205863224
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		601 MARSHALL STREET
		CITY:			REDWOOD CITY
		STATE:			CA
		ZIP:			94063
		BUSINESS PHONE:		650-331-3485

	MAIL ADDRESS:	
		STREET 1:		601 MARSHALL STREET
		CITY:			REDWOOD CITY
		STATE:			CA
		ZIP:			94063

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PUBMATIC, INC.
		DATE OF NAME CHANGE:	20140306

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Komli Inc
		DATE OF NAME CHANGE:	20080107
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>form4-04082026_080456.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0609</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2026-04-06</periodOfReport>

    <issuer>
        <issuerCik>0001422930</issuerCik>
        <issuerName>PubMatic, Inc.</issuerName>
        <issuerTradingSymbol>PUBM</issuerTradingSymbol>
        <issuerForeignTradingSymbol></issuerForeignTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001974892</rptOwnerCik>
            <rptOwnerName>Klimenko Paulina</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerNonUSAddressFlag>false</rptOwnerNonUSAddressFlag>
            <rptOwnerStreet1>C/O PUBMATIC, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>601 MARSHALL STREET</rptOwnerStreet2>
            <rptOwnerCity>REDWOOD CITY</rptOwnerCity>
            <rptOwnerState>CA</rptOwnerState>
            <rptOwnerZipCode>94063</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>false</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>CHIEF GROWTH OFFICER</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <aff10b5One>1</aff10b5One>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Class A Common Stock</value>
            </securityTitle>
            <transactionDate>
                <value>2026-04-06</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>S</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
                <footnoteId id="F1"/>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>11784</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>8.443</value>
                    <footnoteId id="F2"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>61436</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on May 8, 2025.</footnote>
        <footnote id="F2">The price reported in this line item is a weighted average price. These shares were sold at prices ranging from $8.32 to $8.52, inclusive. The Reporting Person undertakes to provide to the Issuer, any securityholder of the Issuer or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth herein.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Andrew Woods, Attorney-in-Fact</signatureName>
        <signatureDate>2026-04-08</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
