Amount Raised
$28 Million
MumbaiDescription
Data analytics and artificial intelligence (AI) solutions company Course5 Intelligence has raised $28 million from 360 ONE Asset Management, its chief executive officer, Ashwin Mittal, told ET on Wednesday.The Mumbai-based company has also set a window of 18-24 months to execute its planned Rs 600-crore initial public offering (IPO), said Mittal.The investment by 360 ONE Asset Management, formerly IIFL Asset Management, gives Course5 Intelligence a valuation of around $250 million, sources told ET.The company declined to comment on the matter.The raise is the first tranche of the Mumbai-headquartered company’s round of $55 million funding, the rest of which it plans to close in the coming three-four weeks, Mittal told ET.The company plans to use the funds to fuel growth, acquire companies and ramp up innovation in areas of deep learning, computer vision, natural language and generative AI.Discover the stories of your interestBlockchain5 StoriesCyber-safety7 StoriesFintech9 StoriesE-comm9 StoriesML8 StoriesEdtech6 Stories“We already have a strong M&A pipeline in place within the AI and analytics space,” Mittal said. “We're looking to make two acquisitions over the next one year, one of which will probably be rolling out in the next few months. The other one may be a little bit later in the year.”The company, with about 80% of its business generated from clients in the US, aims to top $100 million in revenue in FY25.In its draft red herring prospectus filed in January 2022, the company had reported Rs 247.19 crore (about $30 million) revenue from operations in FY21. The company’s plan for an IPO was shelved, according to a Mint report.However, Mittal told ET, "We are planning to launch our IPO in 18 to 24 months from now."In the run-up to its planned public listing, Course5 Intelligence had made a series of senior management appointments, including naming Farid Kazani as executive vice president of corporate development and finance, and Nitesh Jain as president and chief operating officer.Course5 Intelligence has 1,400 employees