Data analytics company Course5 Intelligence is in talks with Singapore’s private investment arm, Temasek, to raise $75 million following its decision to shelve its listing plans due to muted market conditions. The company submitted its draught prospectus to the Securities and Exchange Board of India in January 2022. Temasek intends to invest up to $75 million in the business. This will be a combination of primary and secondary fund raising, one of the three sources stated while requesting anonymity.

Course5, which caters to fortune 500 companies across retail, technology, media and entertainment, and telecommunications and pharmaceuticals, among others, was looking to raise up to ₹600 crore through its IPO and an additional 60 crore in pre-IPO placements. It had appointed investment bank Axis Capital and ICICI Securities to manage the public issue.

“Due to the muted market conditions, the company has decided to raise funds from PE investors. The capital will be used for inorganic growth," the second person said, seeking anonymity. Apart from expanding to newer markets, the firm is looking at acquiring adjacent capabilities through acquisitions. Founded in 2007 by Ashwin Mittal, Course5 Intelligence is a digital, marketing and customer analytics company.

Its intellectual property (IP)-driven products and artificial intelligence (AI)-driven solutions are supported by industry-specific domain expertise and cutting-edge technologies with the goal of providing organisations with quick and effective solutions to complex problems relating to their customers, markets, and competitors.

Lenovo, Colgate-Palmolive Co., American Regent, Inc. (a subsidiary of the Daiichi Sanyo Group), and the National Bank of Fujairah PJSC are a few of its clients. According to its draught prospectus, data and analytics will probably make up 13.9% of the $2.3 trillion in projected digital spending by 2024.

"Analytics and AI-led analytics services market is predicted to increase at CAGR of 24.8% and 32.7%, respectively, over 2020-2024," it had stated. "Globally, there is a rising acknowledgement of specialty competencies by pure play analytics providers."

Furthermore, the COVID-19 epidemic has sped up the adoption of digital technology, leading the majority of businesses worldwide to decide to digitise their core business model in order to stay profitable, it claimed. In contrast to the previous year, the company made a profit of 29.72 crores in FY21. Its revenues for FY 21 were 247.19 crores.