India's 360 One invests $28m in data analytics provider

360 One, which recently acquired control of longstanding seed investor Mumbai Angels, said it was investing via its Tech Fund. 360 One has since launched two funds under the Mumbai Angels brand: an angel fund targeting INR 10bn with a greenshoe option of INR 2bn and a conventional venture capital fund targeting INR 3m with a greenshoe option of 2m.

Course5 aims to help companies drive digital transformations through artificial intelligence (AI) products that provide data-driven insights and services around intellectual property (IP), customer engagement, marketing, and supply chain optimisation. This is achieved by integrating data across structured and unstructured sources.

The company claims its technical competencies span computer vision, natural language, and generative AI, and that is in talks with several M&A prospects that would add further capabilities. Revenue is hoped to cross USD 100m in the coming fiscal year, after which there are plans to launch an IPO.

"Data Analytics is expected to see strong secular growth over the next decade with companies leveraging AI and Advanced Analytics to accelerate digital transformation,” Chetan Naik, a fund Manager at 360 One, said in a statement. “Course5 is amongst the few scaled, profitable, and highly capital efficient pure-play Data Analytics players out of India.”

360 One, which rebranded from IIFL in November 2022 and has about USD 7bn in assets under management, has been active in private equity since 2015, investing across technology, healthcare, financial services, and consumer categories. Bain has about 25% of 360 One, acquired last April for INR 33.8bn by taking out positions held by General Atlantic and Fairfax India Holdings.

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• Topics
• South Asia
• Technology
• Early-stage
• India
• IIFL Wealth Managment
• artificial intelligence
• enterprise software