Scheduling Power BI Semantic Model Refresh to every 5 minutes.

Hi,Uttasarga .I am glad to help you.
According to your description, you want to break the limitations of Refresh Interval and Maximum Number of Refreshes per Day for Scheduled Refresh in Power BI Service.
I hope my suggestions will be helpful to you.
You have two ways to approach your goal
1. Use Direct Query connection mode to fetch data from the data source (create reports)
In Direct Query connection mode, the report sends a real-time data query request directly to the data source when the user interacts with the data. This ensures that the data displayed in the report is always the latest data queried from the data source. If you are using a SQL Server database, you can also enable page refresh for Direct Query connection mode.

Automatic page refresh in Power BI Desktop - Power BI | Microsoft Learn
Solved: Power BI Data set Refresh using Azure Functions wi... - Microsoft Fabric Community
It should be noted that there are some problems with this method. the Direct Query connection mode restricts a lot of the functionality (and some of the functions are not available) in the process of creating a report. Therefore, you need to consider this method carefully.

Tuning query limits for DirectQuery - SQLBI
DirectQuery in Power BI - Power BI | Microsoft Learn
 2. If you don't want to modify the connection mode of the report and recreate the report, then you can start directly from the refresh operation itself. By using some tools to help you break through the refresh limitations (requires your team to have a base of code development)
I think using the Power BI Rest API in conjunction with Power Automate is a better way to do this, and you can do the same with XMLA.
Using Power BI's REST API or XMLA endpoints, you can write scripts to trigger refresh operations more frequently. Create a new automated process with Power Automate.
Add a trigger:
Choose a trigger, such as a ‘timer’ trigger, that can be set to trigger every 5 minutes to perform a report refresh.
Refreshing reports can also be done using Azure Function, and these tools can be used in conjunction with each other to automate high-frequency report refreshes.
As I mentioned above, this approach of using code scripts to control refresh operations requires users to have development experience, so if you need to work with
If you need to do this with a code-savvy member of your team, then you should do it together.
I hope you find the following links helpful.
URL:
Solved: Re: Is there a way for instant refresh of PBI repo... - Microsoft Fabric Community
how to refresh power bi semantic models (former datasets), tables and partitions with azure functions.
 

I hope my suggestions give you good ideas, if you have any more questions, please clarify in a follow-up reply.
Best Regards,
Carson Jian,
If this post helps, then please consider Accept it as the solution to help the other members find it more quickly.