China’s most famous entrepreneur has been out of the spotlight after clashing with officials. But in recent months, he has been buying shares in the tech giant he co-founded as its stock has plunged.
Food delivery platform Zomato has seen large sovereign investors from jurisdictions such as Kuwait and Singapore raising their stakes in the company. While Kuwait Investment Authority bought 88 million shares in Zomato in the September quarter, Singapore government bought 95 million shares in the company in the December quarter.
Indian IT majors are eyeing upcoming US federal contracts as several large deals are set for renewal in the next two quarters. While it is still challenging for Indian companies to win these contracts, there is a more positive attitude towards Indian-heritage suppliers.