Zomato IPO: Food delivery app works in 525 cities in India (AFP)
Bangalore:
Infosys chief executive Salil Parekh has lauded start-ups whose core growth engine technology has been used to grow bigger and eventually launch public share sales to raise funds for more growth.
The congratulatory message from the CEO of Bengaluru-based software services giant comes on a day when food delivery company Zomato Launch of the much-awaited Initial Public Offering (IPO) To raise over Rs 9,300 crore – the country’s largest this year and the first in a series of public listings by Tech Unicorns.
Mr. Parekh questioned the software services giant’s first quarter results for fiscal year 2022 during a conference call, saying, “It’s incredible to see the success of all these companies, many of which are technology-driven. I think It’s a giver. A big boost to all the tech companies in the country.”
Zomato’s shareholders include Uber and Jack Ma’s Ant Group subsidiaries. Fresh shares between Rs 72 and Rs 76 are being issued under the IPO that closes on Friday.
Some 30 Indian companies have announced IPO plans this year, including digital payments firm Paytm, backed by Japan’s SoftBank and Chinese businessman Jack Ma. Zomato’s offering with Paytm is expected to take the India IPO market to its best year on record.
The food delivery app operates in 525 cities in India, with over 32 million people visiting the platform every month.
Infosys has performed well in the first quarter of the current financial year. It raised its annual revenue forecast and posted a jump in quarterly profit, as it won more contracts from global businesses expanding its digital offerings during the pandemic.
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