Course5 Intelligence to invest Rs 30 cr for expansion
Mumbai, Mar 04 (PTI) IPO-bound pure-play data analytics firm Course5 Intelligence will ramp up its overseas presence in the US, Canada and Singapore, apart from growing inorganically through acquisitions with an investment of Rs 30 crore.
Course5 last month filed for a Rs 600-crore initial public offering with Sebi, of which Rs 300 crore is an offer-for-sale by promoters including its Chairman and Managing Director Ashwin Ramesh Mittal.
The company will use Rs 30 crore from the proceeds of the IPO, which will also have a fresh issue of shares worth Rs 300 crore, and Rs 30 crore from this will be used towards funding geographic expansion through the organic route, Mittal told PTI.
The city-based firm has also forged an industry-academic collaboration in machine learning and business analytics to enhance its capabilities in these areas through a tie-up with the Hyderabad-based private varsity Woxsen University to accelerate industry-academic collaboration and instituted a chair professorship in ML and business analytics, he added.
Ahead of the IPO, it has expanded also its board by inducting Vikas Khemani, Vinati Saraf Mutreja and Simon Chadwick as independent directors.