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Deeptech Startup Course5 Intelligence Files DRHP For INR 600 Cr IPO

Deeptech Startup Course5 Intelligence Files DRHP For INR 600 Cr IPO

The offer includes a fresh issue of shares worth INR 300 Cr and OFS worth INR 300 Cr

The startup may consider a Pre-IPO placement of INR 60 Cr

Funds raised will be used for inorganic growth initiatives and geographical expansion, among others

Mumbai-based pure-play data analytics and insights startup Course5 Intelligence (or Course5i) has filed its draft red herring prospectus (DRHP) for an INR 600 Cr initial public offering (IPO).

The offer comprises a fresh issue of shares worth INR 300 Cr and an offer for sale (OFS) worth INR 300 Cr where – 

  • Ashwin Ramesh Mittal will sell a stake of INR 32.5 Cr
  • Riddhymic Technologies will sell shares worth INR 40 Cr
  • Riddhymic Technoserve LLP will sell shares worth INR 40 Cr
  • AM Family Private Trust’s OFS will be worth INR 112.5 Cr and
  • Kumar Kantilal Mehta will offload shares worth INR 75 Cr

The startup may also consider a Pre-IPO placement of INR 60 Cr before filing RHP and thus, reduce the fresh issue size to that extent.

Course5i would be India’s second deeptech startup after data analytics startup LatentView, to list on Indian stock exchanges.

Founded in 2007, Course5 Intelligence drives digital transformation in enterprises, providing customer personalisation based on user preference and data, through analytics, insights, and Artificial Intelligence (AI).

The startup boasts deep domain expertise in the technology, media, telecom, life sciences, pharmaceuticals, consumer packaged goods and retail verticals. It has also worked in industries such as financial services, utilities, automotive and industrial goods to provide analytics and insights services. Course5i’s out of domain expertise work areas for certain clients also includes analytics for risk, finance and operations.

In September 2021, Course5 Intelligence also set up Course5 AI Labs as innovation, research and development centres, in Bengaluru and Toronto.

The deeptech startup has proposed using funds from the fresh issue and their respective portions. It includes:

  • Funding inorganic growth initiatives with a pool of INR 75 Cr
  • Using INR 70 Cr for working capital requirements
  • With INR 50 Cr, supporting product and IP initiatives
  • Expanding geographical footprint with INR 30 Cr
  • INR 75 Cr for general corporate purposes

The list of startups planning to go for IPOs in 2022-25 includes Delhivery, BYJU’S, PharmEasy, Ola, OYO, Pine Labs, Swiggy, Flipkart and others. 

With this cream of the ecosystem, looking to go public, the next couple of years will be the biggest litmus test for Indian startups.