IPO · Enterprise Software & IT

C5i files confidential DRHP for IPO

What they do

C5i is an enterprise AI and data analytics company that helps large businesses turn data into insights

It filed a confidential DRHP with SEBI for an IPO targeting ₹1,000-1,200 Cr, its second attempt after shelving a 2022 plan

The company last raised $55 Mn in 2023 and acquired UK-based Datavid for ~$50 Mn earlier in 2023

C5i filed a confidential draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO).
This is the company's second attempt at an IPO; it shelved an earlier plan in 2022.
The target IPO size is ₹1,000-1,200 Cr, according to a May 2026 Mint report.
The composition of the IPO (fresh issue versus offer for sale) has not yet been disclosed.
The previous IPO plan in January 2022 was for ₹600 Cr, comprising ₹300 Cr fresh issue and ₹300 Cr offer for sale (OFS).
The company is backed by 360 ONE Asset Management and Nuvama Asset Management.
It last raised $55 Mn in 2023 in a round led by 360 ONE Asset Management's Tech Fund.
Earlier in 2026, C5i acquired UK-based Datavid in an all-cash deal valued at ~$50 Mn.

The IPO comes after C5i shelved its first attempt in 2022, when market conditions were less favourable.
The company has been on an acquisition spree, buying Datavid in 2026 and Analytic Edge in 2024 for $30-40 Mn.
Despite a 26% rise in operating revenue to ₹545.3 Cr in FY25, net profit fell 15% to ₹48.3 Cr, indicating higher costs from expansion.

C5i is an enterprise AI and data analytics company founded in 2000.
It helps large businesses turn data into actionable insights using artificial intelligence.
The company was formerly known as Course5 Intelligence.
In FY25, 73.9% of revenue came from the USA (₹403.2 Cr), 13.2% from Europe (₹71.9 Cr), and the rest from other regions.
Operating revenue grew 26% to ₹545.3 Cr in FY25 from ₹431.4 Cr in FY24.
Consolidated net profit was ₹48.3 Cr in FY25, down from ₹56.7 Cr in FY24.

The company has not stated any specific plans beyond filing the confidential DRHP.

360 ONE Asset Management (existing) — Asset management firm that led C5i's $55 Mn funding round in 2023 through its Tech Fund.
Nuvama Asset Management (existing) — Asset management firm that has invested in C5i.