India's ESDS earned most from Russia's sanctioned lender Gazprombank, has now launched ₹720-cr IPO

Gazprombank, one of Russia's largest lenders which has been sanctioned for years, was the largest revenue generator for Indian cloud service provider ESDS, Moneycontrol reported. As of FY25, Gazprombank accounts for 20.15% of ESDS' revenues, which suddenly fell to just 2.8% in FY26, as sanctions took hold. ESDS has, on Friday, launched a ₹720-crore IPO that closes on September 1.