The C5i Course5 Intelligence IPO journey officially resumed on 6 July 2026, as C5i (formerly Course5 Intelligence) filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) via the confidential route, as publicly reported on 2026-07-06. The enterprise AI and data analytics company, backed by existing investor 360 ONE Asset Management, is targeting a raise of ₹1,000–1,200 Cr through this initial public offering. No lead investor for the IPO has been publicly disclosed at this time.
Quick Highlights
- Founder: Ashwin Mittal (Chairman and CEO)
- Participating Investor (Existing): 360 ONE Asset Management
- Investor Background: 360 ONE Asset Management led C5i’s 2023 funding round, investing $28 Mn as the first close of a $55 Mn raise via its Tech Fund focused on growth-oriented technology companies
- Announcement Date: 6 July 2026
Funding Breakdown
Use of Funds
The composition of the current IPO — specifically the split between a fresh issue and an offer for sale (OFS) — has not yet been publicly disclosed, as publicly reported. C5i’s prior 2022 IPO attempt comprised a fresh issue of ₹300 Cr and an OFS of ₹300 Cr; the structure of this new filing remains to be confirmed. The bankers appointed for the offering are ICICI Securities, JM Financial, and Nomura, as publicly reported.
Funding Timeline
C5i first filed a DRHP with SEBI in January 2022 for a ₹600 Cr IPO but halted its listing plans citing weak market conditions. In 2023, the company raised $53 Mn in funding led by 360 ONE Asset Management, with participation from Nuvama and Carnelian Asset Advisors, to fuel acquisitions and IP-based innovation. Most recently, C5i acquired UK-based data and AI company Datavid in an all-cash deal valued at approximately $50 Mn, and previously acquired Analytic Edge in a deal valued at $30–40 Mn in 2024, as publicly reported. The current confidential DRHP filing represents the company’s renewed and more ambitious push toward a public listing, with a target size of ₹1,000–1,200 Cr.
Expansion Plans
C5i’s earlier fundraising was explicitly directed at expanding its footprint across existing industries while also entering new sectors relevant to its business, as publicly reported. The company serves clients across Technology, Media and Telecom (TMT), Pharma and Life Sciences, CPG, and Retail verticals, including many Fortune 500 enterprises, and a listing would provide fresh capital to accelerate this multi-sector growth strategy. The proposed listing on both BSE and NSE would further enhance C5i’s profile among global institutional investors and enterprise clients.
Significance
C5i’s renewed IPO bid signals growing investor and market confidence in India’s pure-play enterprise AI and data analytics segment. The company’s operating revenue surged 26% to ₹545.3 Cr in FY25, even as net profit dipped 15% to ₹48.3 Cr — a financial profile that reflects the heavier investment cycle typical of AI-led companies scaling through acquisitions. With 73.9% of FY25 revenues originating from the USA and a meaningful contribution from Europe, a successful listing would give C5i a public currency to pursue further global M&A and talent strategies. For the broader Indian enterprise AI ecosystem, this filing reinforces that deep-tech, IP-driven analytics companies are now credible candidates for mainstream capital markets.
These details have been verified against multiple publicly available reports as of 2026-07-06.
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Disclaimer: This report is compiled from publicly available sources and is for informational purposes only; funding figures are as publicly reported and may be subject to change.
