Praruh Technologies Ltd IPO

Our Company was originally incorporated as a Private Limited Company under the name of Praruh Private Limited on November 15, 2019 under the provisions of the Companies Act, 2013 with the Registrar of Companies, Kanpur. Further pursuant to a resolution passed by our shareholders at extra ordinary general meeting held on February 15, 2024, name of our Company was changed from Praruh Private Limited to Praruh Technologies Private Limited and a fresh Certificate of Incorporation pursuant to change in name of the Company dated March 22, 2024 was issued by the Registrar of Companies, Kanpur. Subsequently our Company was converted into Public Limited pursuant to resolution passed by our shareholders at extra ordinary general meeting held on March 22, 2024 and a fresh Certificate of Incorporation pursuant to conversion into public limited dated June 27, 2024 issued by the Registrar of Companies, Central Processing Centre.

Information Technology and Information Technology Services (IT/ITES) industry plays a key role by contributing in positioning the country as a preferred investment destination for global investors. Information Technology Services helps organisations in the creation, management, and optimization of access to information and business processes. IT/ITES provide technical expertise to standardize and streamline business processes and enable organisations to enhance and easily access information. The industry also creates large scale employment and generates significant export revenues. Emerging technologies and rise in demand for collaborative applications, application platforms, security software, system & service management software, and content workflow & management applications now offers an entire gamut of opportunities for top IT firms through cost-effectiveness, speedy deliveries, high reliability, great quality. Increasing digitisation and rise in demand for emerging technologies like 5G, Advanced Data Analytics, Artificial Intelligence (AI), Cloud Computing, Cyber-Security, Robotics and Blockchain provide growth opportunities for IT/ITES firms. The Indian IT industry is major contributor to India's economy and accounts for about 8% of the country's GDP, along with being the largest contributor in total services exports. Indian tech industry revenue is estimated to be at USD 253.9 billion in FY24, according to NASSCOM with an incremental revenue of USD 9.3 billion over FY23. The IT industry has seen a rising demand with emerging technologies like collaboration applications, application platforms, security software, system & service management software, and content workflow & management applications now offers an entire gamut of opportunities for top IT firms in India through cost-effectiveness, speedy deliveries, high reliability, and great quality. The Indian IT software industry saw a very low growth rate in revenue in FY24 as compared to the double-digit growth rate in last two years. This is because the companies have contracted their discretionary spending, as global markets are affected by large recessionary headwinds. As the global macroeconomic headwinds persist, the company is seeing some clients stop or slow down transformation programs and discretionary work in the short term. The slowdown is being seen in various sectors across financial services, mortgages, asset management, investment banking, payments, telecom, communication, high-tech industry and parts of retail industry. These companies have reported the slowest deal momentum in Q3FY24, when compared to the same period over the previous years. There has been a broad-based reduction in business volumes led by the ramp-up of unplanned projects and the cancellation of new businesses. The clients are focusing on adjusting their budgets and making cuts in their discretionary spending due to the high inflation. The financial services segment was adversely impacted due to budget deferrals and macroeconomic concerns. This softness in demand is expected to continue in this segment. The IT industry faced major macroeconomic pressures in FY23. Recession fears, the European energy crisis, and the latest banking crisis in the United States were some of the major headwinds faced by the industry. However, throughout the year, the IT companies have maintained their strong deal pipeline which helped in their revenue growth. IT software industry witnessed a slow growth for FY24 with only 3% growth as compared to 12% average growth rate in last two years. The IT-software industry has been re-aligning its offerings to cater to the evolving requirements of its clients with respect to emerging technologies in order to become more effective in the dynamic business environment. The growth has been broad-based across verticals like healthcare and manufacturing. There has been a broad-based reduction in business volumes led by the ramp-up of unplanned projects and the cancellation of new businesses. The clients are focusing on adjusting their budgets and making cuts in their discretionary spending due to the high inflation. The financial services segment was adversely impacted due to budget deferrals and macroeconomic concerns. This softness in demand is expected to continue in this segment. The demand in the retail segment was also impacted as the customers are reprioritizing their e-commerce spending. Technology is transforming businesses in every industry in a profound and fundamental way. FY23 saw emerging technologies, like generative artificial intelligence (AI), 5G technology, Low Code No Code, shape the future of industries. Responsible business approaches, including embracing Environmental, Social and Governance (ESG), have gained traction. Most of the IT software companies witnessed to reimagine their cost structures, increase business resilience and agility, personalize experiences for customers and employees, and launch new products and services. However, recessionary fears in western markets, overall spending have been impacted that have also affected the growth of the Indian consulting business. Geopolitical factors such as ongoing war, rising inflation and volatile commodity prices have caused slowing down of global growth and created stress in the overall economic environment. In addition to that, the world is navigating several transitions like the Energy transition, the Supply Chain transition and the AI transition that require significant investments in technology and innovation, which will offer a huge growth opportunity for IT services industry in India.

Our Company is engaged in providing IT Solutions, Customized software solutions, system integration and other allied activities.