Course5 Intelligence, a data analytics startup, on Tuesday said it has closed its first external funding round at USD 53 million (around Rs 437 crore).

In the first tranche, Course5 had bagged USD 28 million from 360 One Asset Management (formerly IIFL Asset Management) Tech Fund. In the second tranche it secured USD 25 million led by Nuvama Crossover Series of funds, with participation from Carnelian Asset Advisors. According to media reports, the company raised the capital at a valuation of USD 250 million.

According to a statement, Course5 will use the fresh funds to ramp up its inorganic growth through mergers and acquisitions as well as deploy additional investments in its artificial intelligence labs for the creation of AI-driven intellectual property.

Course5 helps its customers solve issues related to markets and supply chain using AI. The company has around 1,300 employees across India, UAE, the UK, Canada and the US.

In FY23 , the company has clocked about USD 50 million in revenue. It expects to cross USD 100 million in revenue in the next financial year, as it aims for an initial public offering in the coming 18-24 months.