Enterprise AI and data analytics startup C5i, formerly Course5 Intelligence, has filed its draft red herring prospectus (DRHP) with SEBI through the confidential route, marking its second IPO attempt. The company aims to raise approximately ₹1,000-1,200 crore via the initial public offering, according to a May report by Mint. C5i had previously shelved its IPO plans in 2022 due to weak market conditions, when it targeted a ₹600 crore IPO.
Founded in 2000 by Ashwin Mittal, C5i helps large businesses make data-driven decisions through AI and analytics. The company is backed by investors including Nuvama Asset Management and 360 ONE Asset Management. It last raised $55 million in 2023 from 360 ONE’s Tech Fund. Earlier this year, C5i acquired UK-based data and AI firm Datavid for about $50 million in cash and had previously bought Analytic Edge in a deal valued between $30-40 million in 2024, according to ET reports.
C5i’s IPO filing comes amid a challenging financial backdrop, with its consolidated net profit falling 15% to ₹48.3 crore in FY25 from ₹56.7 crore the previous year. The company’s move to go public follows a trend of enterprise AI startups seeking capital to expand capabilities and market reach. The fresh capital could support further acquisitions and product development in a competitive AI analytics sector.
The IPO composition details remain undisclosed. C5i’s previous IPO attempt included a fresh issue of ₹300 crore and an offer for sale of ₹300 crore. The company’s confidential filing with SEBI signals a renewed push to access public markets after a four-year gap since its last attempt in January 2022.