<?xml version="1.0" encoding="UTF-8"?><ns2:edgarSubmission xmlns:com="http://www.sec.gov/edgar/common" xmlns:ns2="http://www.sec.gov/edgar/ownership">
    <ns2:headerData>
        <ns2:submissionType>144</ns2:submissionType>
        <ns2:filerInfo>
            <ns2:filer>
                <ns2:filerCredentials>
                    <ns2:cik>0001833511</ns2:cik>
                    <ns2:ccc>XXXXXXXX</ns2:ccc>
                </ns2:filerCredentials>
            </ns2:filer>
            <ns2:liveTestFlag>LIVE</ns2:liveTestFlag>



        </ns2:filerInfo>
    </ns2:headerData>
    <ns2:formData>
        <ns2:issuerInfo>
            <ns2:issuerCik>0001422930</ns2:issuerCik>
            <ns2:issuerName>PubMatic, Inc.</ns2:issuerName>
            <ns2:secFileNumber>001-39748</ns2:secFileNumber>
            <ns2:issuerAddress>
                <com:street1>3 Lagoon Drive</com:street1>
                <com:street2>Suite 180</com:street2>
                <com:city>Redwood City</com:city>
                <com:stateOrCountry>CA</com:stateOrCountry>
                <com:zipCode>94065</com:zipCode>
            </ns2:issuerAddress>
            <ns2:issuerContactPhone>1-650-331-3485</ns2:issuerContactPhone>
            <ns2:nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>Rajeev Goel</ns2:nameOfPersonForWhoseAccountTheSecuritiesAreToBeSold>
            <ns2:relationshipsToIssuer>
                <ns2:relationshipToIssuer>Officer</ns2:relationshipToIssuer>
            </ns2:relationshipsToIssuer>
        </ns2:issuerInfo>
        <ns2:securitiesInformation>
            <ns2:securitiesClassTitle>Common</ns2:securitiesClassTitle>
            <ns2:brokerOrMarketmakerDetails>
                <ns2:name>Goldman Sachs &amp; Co. LLC</ns2:name>
                <ns2:address>
                    <com:street1>200 West Street</com:street1>
                    <com:city>New York</com:city>
                    <com:stateOrCountry>NY</com:stateOrCountry>
                    <com:zipCode>10282</com:zipCode>
                </ns2:address>
            </ns2:brokerOrMarketmakerDetails>
            <ns2:noOfUnitsSold>7500</ns2:noOfUnitsSold>
            <ns2:aggregateMarketValue>114150</ns2:aggregateMarketValue>
            <ns2:noOfUnitsOutstanding>41603870</ns2:noOfUnitsOutstanding>
            <ns2:approxSaleDate>02/02/2024</ns2:approxSaleDate>
            <ns2:securitiesExchangeName>NASD</ns2:securitiesExchangeName>
        </ns2:securitiesInformation>
        <ns2:securitiesToBeSold>
            <ns2:securitiesClassTitle>Common</ns2:securitiesClassTitle>
            <ns2:acquiredDate>01/01/2024</ns2:acquiredDate>
            <ns2:natureOfAcquisitionTransaction>Acquired as compensation -- Restricted Stock Units</ns2:natureOfAcquisitionTransaction>
            <ns2:nameOfPersonfromWhomAcquired>Issuer</ns2:nameOfPersonfromWhomAcquired>
            <ns2:isGiftTransaction>N</ns2:isGiftTransaction>
            <ns2:amountOfSecuritiesAcquired>7500</ns2:amountOfSecuritiesAcquired>
            <ns2:paymentDate>01/01/2024</ns2:paymentDate>
            <ns2:natureOfPayment>Compensation</ns2:natureOfPayment>
        </ns2:securitiesToBeSold>
        <ns2:nothingToReportFlagOnSecuritiesSoldInPast3Months>N</ns2:nothingToReportFlagOnSecuritiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Goel Family Trust DTD 09/25/2012</ns2:name>
                <ns2:address>
                    <com:street1>3 Lagoon Drive</com:street1>
                    <com:street2>Suite 180</com:street2>
                    <com:city>Redwood City</com:city>
                    <com:stateOrCountry>CA</com:stateOrCountry>
                    <com:zipCode>94065</com:zipCode>
                </ns2:address>
            </ns2:sellerDetails>
            <ns2:securitiesClassTitle>Common</ns2:securitiesClassTitle>
            <ns2:saleDate>01/04/2024</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>7500</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>114655.5</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:securitiesSoldInPast3Months>
            <ns2:sellerDetails>
                <ns2:name>Goel Family Trust DTD 09/25/2012</ns2:name>
                <ns2:address>
                    <com:street1>3 Lagoon Drive</com:street1>
                    <com:street2>Suite 180</com:street2>
                    <com:city>Redwood City</com:city>
                    <com:stateOrCountry>CA</com:stateOrCountry>
                    <com:zipCode>94065</com:zipCode>
                </ns2:address>
            </ns2:sellerDetails>
            <ns2:securitiesClassTitle>Common</ns2:securitiesClassTitle>
            <ns2:saleDate>12/04/2023</ns2:saleDate>
            <ns2:amountOfSecuritiesSold>7500</ns2:amountOfSecuritiesSold>
            <ns2:grossProceeds>128550</ns2:grossProceeds>
        </ns2:securitiesSoldInPast3Months>
        <ns2:remarks>The sales of shares set forth herein are made in connection with a selling plan dated 3/1/2023, that is intended to comply with Rule 10b5-1(c). All shares will be sold by Goel Family Trust DTD 09/25/2012.</ns2:remarks>
        <ns2:noticeSignature>
            <ns2:noticeDate>02/02/2024</ns2:noticeDate>
            <ns2:planAdoptionDates>
                <ns2:planAdoptionDate>03/01/2023</ns2:planAdoptionDate>
            </ns2:planAdoptionDates>
            <ns2:signature>Goldman Sachs &amp; Co. LLC on behalf of Rajeev Goel</ns2:signature>
        </ns2:noticeSignature>
    </ns2:formData>
</ns2:edgarSubmission>
[{"type": "144", "sequence": "1", "filename": "primary_doc.xml", "secsgml_size_bytes": 5571}]
144
0001833511
XXXXXXXX
LIVE
0001422930
PubMatic, Inc.
001-39748
3 Lagoon Drive
Suite 180
Redwood City
CA
94065
1-650-331-3485
Rajeev Goel
Officer
Common
Goldman Sachs & Co. LLC
200 West Street
New York
NY
10282
7500
114150
41603870
02/02/2024
NASD
Common
01/01/2024
Acquired as compensation -- Restricted Stock Units
Issuer
N
7500
01/01/2024
Compensation
N
Goel Family Trust DTD 09/25/2012
3 Lagoon Drive
Suite 180
Redwood City
CA
94065
Common
01/04/2024
7500
114655.5
Goel Family Trust DTD 09/25/2012
3 Lagoon Drive
Suite 180
Redwood City
CA
94065
Common
12/04/2023
7500
128550
The sales of shares set forth herein are made in connection with a selling plan dated 3/1/2023, that is intended to comply with Rule 10b5-1(c). All shares will be sold by Goel Family Trust DTD 09/25/2012.
02/02/2024
03/01/2023
Goldman Sachs & Co. LLC on behalf of Rajeev Goel