‘ }
CompaniesMansi Verma
5 min
read
26 Mar 2025, 06:00 AM
ISTDiwakar Chittora, founder and chief executive officer, Intellipaat Software Solutions Pvt. Ltd.SummaryIntellipaat Software Solutions, which competes with hyper-funded Eruditus, upGrad, and Simplilearn, among others, is exploring a pre-IPO private equity round before an approximately ₹800 crore IPO within 12-16 months.
MUMBAI
:
Bootstrapped upskilling firm Intellipaat Software Solutions Pvt. Ltd has appointed consultancy major EY to advise on its fundraising plans as it targets a revenue of ₹700-800 crore over the next two years, a top executive of the firm told Mint.
To fund the next phase of growth, the company is exploring a pre-initial public offering (IPO) private equity round of about ₹500 crore, before an approximately ₹800 crore IPO within 12-16 months, said founder and chief executive officer Diwakar Chittora.
While the company has not appointed a banker for its IPO yet, EY will advise Intellipaat on its pre-IPO fundraising. “We have multiple business lines, each with significant growth potential. That said, our immediate target for the next one and a half to two years is to reach a revenue of around ₹700-800 crore,” Chittora said. “We also have a very clear vision for the future, with plans to go public in the next 12 to 16 months.”He added that the company is exploring the private equity round to set a valuation benchmark for its IPO.
EY declined to comment on Mint’s queries.Current businessFounded in 2011, Intellipaat reported a revenue of ₹182.9 crore and a profit after tax (PAT) of ₹18.5 crore in 2023-24, up from a revenue of ₹70.5 crore and PAT of ₹9.9 crore in 2021-22, showed data from analytics firm Tracxn.
The sharp growth was driven by a spike in demand for the company’s existing suite of offerings in the data science and artificial intelligence space towards the end of 2022 as the buzz around generative AI picked up. “We also held back marketing spend during the peak funding years of 2020-21 when other hyper-funded peers were burning cash. When they exhausted their funds, we ramped up marketing, which paid off especially as demand for AI upskilling peaked,” Chittora said.
The company expects to close 2024-25 with about ₹220 crore in revenue. Chittora believes the aggressive target of ₹700-800 crore in revenue in the next two years is achievable due to its multiple new business lines.
“We were earlier focused only on technology certification courses. Now, we have diversified into management programmes, launched the Intellipaat School of Technology for the undergraduate segment, entered the offline business starting with centres in Bengaluru, and expanded into study-abroad. Each of these verticals will become fully operational in 2025 with their impact visible in the 2025-26 financials,” he said.The company is targeting about ₹450-500
