AI-led analytics firm C5i, formerly known as Course5 Intelligence, has revived plans to raise ₹1,000-1,200 crore through an initial public offering (IPO), nearly three years after shelving its earlier listing attempt due to weak market conditions, according to two people familiar with the matter.
The company has begun early-stage discussions with investment banks, including ICICI Securities, to assess market appetite and structure the syndicate, one of the people cited above said.
Formal banker appointments are expected in the coming weeks, with the company targeting a public listing over the next 12-18 months, the second person added.
C5i and ICICI Securities did not respond to Mint’s requests for comment till the time of publishing.
In January 2022, the company had filed draft papers with the Securities and Exchange Board of India (Sebi) to raise up to ₹600 crore through an IPO, alongside a proposed ₹60 crore pre-IPO placement. However, it later shelved those plans and instead raised private capital amid muted market sentiment.
In 2023, the company secured funding from 360 One, Nuvama and Carnelian Asset Advisors to support inorganic growth and strengthen intellectual property, capabilities, talent and client relationships.
C5i competes with firms such as Fractal Analytics, which went public last year, alongside global consulting and technology companies including ZS, Deloitte and Cognizant across various sectors, according to online reports.
Acquisition push
C5i has since accelerated expansion through acquisitions. Earlier this year, it acquired UK-based Datavid, which specializes in graph data engineering and knowledge graphs.
The company had earlier acquired Singapore-based Analytic Edge, an AI-led marketing and sales effectiveness solutions provider, and Incivus, an AI-based ad creation and optimization startup.
Founded in 2000 by Ashwin Mittal in Mumbai, C5i helps enterprises drive digital transformation using artificial intelligence, advanced analytics and data-led insights.
Its client roster includes Lenovo, Colgate-Palmolive Co, American Regent Inc., a member of the Daiichi Sanyo Group, and National Bank of Fujairah PJSC. The company operates across sectors including technology, telecom, pharma, consumer goods and retail.
Beyond India, the company has a significant presence in the US, followed by the UK, West Asia, and Asia-Pacific markets.
According to filings sourced by Tofler from the Ministry of Corporate Affairs, C5i reported revenue of ₹456.5 crore in FY24, up from ₹404.1 crore a year earlier. Net profit, however, narrowed to ₹56.7 crore from ₹66.2 crore.
AI momentum
The revival of C5i’s IPO plans comes amid growing momentum in the enterprise AI ecosystem.
Sales cycles for India’s business-to-business AI startups have shortened sharply as enterprises increasingly move beyond pilot projects and deploy AI tools at scale across operations, Mint reported earlier.
The shift has also reshaped valuations and strategies across the technology sector, with companies creating dedicated AI leadership roles, launching AI-focused business units and disclosing AI-linked revenues to align with the next phase of automation-led growth, Mint reported last month.
