<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/ownership" xmlns:ns2="http://www.sec.gov/edgar/common">
    <headerData>
        <submissionType>144</submissionType>
        <filerInfo>
            <filer>
                <filerCredentials>
                    <cik>0001833465</cik>
                    <ccc>XXXXXXXX</ccc>
                </filerCredentials>
            </filer>
            <liveTestFlag>LIVE</liveTestFlag>



        </filerInfo>
    </headerData>
    <formData>
        <issuerInfo>
            <issuerCik>0001422930</issuerCik>
            <issuerName>PUBMATIC, INC.</issuerName>
            <secFileNumber>001-39748</secFileNumber>
            <issuerAddress>
                <ns2:street1>3 Lagoon Drive, Suite 180</ns2:street1>
                <ns2:city>Redwood City</ns2:city>
                <ns2:stateOrCountry>CA</ns2:stateOrCountry>
                <ns2:zipCode>94065</ns2:zipCode>
            </issuerAddress>
            <issuerContactPhone>000-000-0000</issuerContactPhone>
            <nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>STEVE M PANTELICK</nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <relationshipsToIssuer>
                <relationshipToIssuer>Officer</relationshipToIssuer>
            </relationshipsToIssuer>
        </issuerInfo>
        <securitiesInformation>
            <securitiesClassTitle>common</securitiesClassTitle>
            <brokerOrMarketmakerDetails>
                <name>Morgan Stanley Smith Barney LLC Executive Financial Services</name>
                <address>
                    <ns2:street1>1 New York Plaza</ns2:street1>
                    <ns2:street2>38th Floor</ns2:street2>
                    <ns2:city>New York</ns2:city>
                    <ns2:stateOrCountry>NY</ns2:stateOrCountry>
                    <ns2:zipCode>10004</ns2:zipCode>
                </address>
            </brokerOrMarketmakerDetails>
            <noOfUnitsSold>15000</noOfUnitsSold>
            <aggregateMarketValue>272659.50</aggregateMarketValue>
            <noOfUnitsOutstanding>42687521</noOfUnitsOutstanding>
            <approxSaleDate>06/02/2023</approxSaleDate>
            <securitiesExchangeName>NASDAQ</securitiesExchangeName>
        </securitiesInformation>
        <securitiesToBeSold>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <acquiredDate>11/25/2020</acquiredDate>
            <natureOfAcquisitionTransaction>Exercise of options under a registered plan</natureOfAcquisitionTransaction>
            <nameOfPersonfromWhomAcquired>Issuer</nameOfPersonfromWhomAcquired>
            <isGiftTransaction>N</isGiftTransaction>
            <amountOfSecuritiesAcquired>15000</amountOfSecuritiesAcquired>
            <paymentDate>11/25/2020</paymentDate>
            <natureOfPayment>Cash</natureOfPayment>
        </securitiesToBeSold>
        <nothingToReportFlagOnSecuritiesSoldInPast3Months>N</nothingToReportFlagOnSecuritiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>Steve Pantelick</name>
                <address>
                    <ns2:street1>3 Lagoon Drive, Suite 180</ns2:street1>
                    <ns2:city>Redwood City</ns2:city>
                    <ns2:stateOrCountry>CA</ns2:stateOrCountry>
                    <ns2:zipCode>94065</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <saleDate>05/31/2023</saleDate>
            <amountOfSecuritiesSold>6141</amountOfSecuritiesSold>
            <grossProceeds>108209.00</grossProceeds>
        </securitiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>Steve Pantelick</name>
                <address>
                    <ns2:street1>3 Lagoon Drive, Suite 180</ns2:street1>
                    <ns2:city>Redwood City</ns2:city>
                    <ns2:stateOrCountry>CA</ns2:stateOrCountry>
                    <ns2:zipCode>94065</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <saleDate>04/05/2023</saleDate>
            <amountOfSecuritiesSold>4673</amountOfSecuritiesSold>
            <grossProceeds>62550.00</grossProceeds>
        </securitiesSoldInPast3Months>
        <securitiesSoldInPast3Months>
            <sellerDetails>
                <name>Steve Pantelick</name>
                <address>
                    <ns2:street1>3 Lagoon Drive, Suite 180</ns2:street1>
                    <ns2:city>Redwood City</ns2:city>
                    <ns2:stateOrCountry>CA</ns2:stateOrCountry>
                    <ns2:zipCode>94065</ns2:zipCode>
                </address>
            </sellerDetails>
            <securitiesClassTitle>Common</securitiesClassTitle>
            <saleDate>04/03/2023</saleDate>
            <amountOfSecuritiesSold>6049</amountOfSecuritiesSold>
            <grossProceeds>82875.00</grossProceeds>
        </securitiesSoldInPast3Months>
        <noticeSignature>
            <noticeDate>06/02/2023</noticeDate>
            <planAdoptionDates/>
            <signature>/s/ STEVE M PANTELICK</signature>
        </noticeSignature>
    </formData>
</edgarSubmission>
[{"type": "144", "sequence": "1", "filename": "primary_doc.xml", "secsgml_size_bytes": 5345}]
144
0001833465
XXXXXXXX
LIVE
0001422930
PUBMATIC, INC.
001-39748
3 Lagoon Drive, Suite 180
Redwood City
CA
94065
000-000-0000
STEVE M PANTELICK
Officer
common
Morgan Stanley Smith Barney LLC Executive Financial Services
1 New York Plaza
38th Floor
New York
NY
10004
15000
272659.50
42687521
06/02/2023
NASDAQ
Common
11/25/2020
Exercise of options under a registered plan
Issuer
N
15000
11/25/2020
Cash
N
Steve Pantelick
3 Lagoon Drive, Suite 180
Redwood City
CA
94065
Common
05/31/2023
6141
108209.00
Steve Pantelick
3 Lagoon Drive, Suite 180
Redwood City
CA
94065
Common
04/05/2023
4673
62550.00
Steve Pantelick
3 Lagoon Drive, Suite 180
Redwood City
CA
94065
Common
04/03/2023
6049
82875.00
06/02/2023
/s/ STEVE M PANTELICK