Enterprise AI Startup C5i Files Confidential IPO Papers With SEBI
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Data analytics and AI startup C5i, erstwhile known as Course5 Intelligence has filed its draft red herring prospectus (DRHP) with the SEBI via the confidential route. This marks the second attempt for the AI startup to go public, after shelving its IPO plans in 2022.
The 360One Asset-backed startup is targeting to raise about ₹1,000-1,200 Cr via the initial public offering (IPO), as per a May report by Mint. The composition of the IPO is yet to be discerned.
C5i previously filed its draft papers with the markets regulator for a ₹600 Cr IPO in January 2022, but halted its public listing plans due to weak market conditions. The previous IPO attempt comprised a fresh issue of shares worth ₹300 Cr and an offer for sale (OFS) component worth ₹300 Cr.
Founded in 2000 by Ashwin Mittal, C5i is an enterprise AI and data analytics company that helps large businesses make smarter decisions by turning their data into actionable insights.
The startup is backed by investors like Nuvama Asset Management and 360 ONE. It last raised $55 Mn in a round led by 360 ONE Asset Management’s Tech Fund back in 2023.
Earlier this year, C5i acquired UK-based data and AI company Datavid in an all-cash deal, valued at about $50 Mn. Previously, the analytics company also bought Analytic Edge in a deal valued at $30-40 Mn in 2024, based on ET report.
On the financial front, C5i’s consolidated net profit fell 15% to ₹48.3 Cr in FY25, compared to the previous year’s profit of ₹56.7 Cr. Meanwhile its operating revenue surged 26% to ₹545.3 Cr from ₹431.4 Cr in FY24.
Based on its MCA filing, a majority of ₹403.2 Cr, or 73.9% of its revenue in FY25 came from USA, followed by ₹71.9 Cr, or 13.2% of the revenue from Europe, and the remaining came from the other parts of the world.
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