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Prosus 2024 report card: Byju’s write-off, Swiggy and PayU growth

EntrackrEntrackr · 1y ago
Prosus 2024 report card: Byju’s write-off, Swiggy and PayU growth
Medial

Prosus, (formerly Naspers) has published its 2024 annual report which includes its Indian portfolio companies. While the company wrote-off its investment in Byju’s, the South African investment conglomerate also offered performance of its bet in India. Fintrackr has analyzed the report to decode insights and nuggets into the Prosus’ portfolio which invested $8-9 billion in the country since 2018. Let’s start with Byju’s which is staring at bankruptcy. [Byju’s] During FY24, the investor wrote off its 9.6% stake in Byju’s, amounting to an investment of $493 million, due to a significant decline in the edtech giant’s equity value. They’d done the same with Zest Money in FY2023: wrote off their substantial 19.4% stake. [Swiggy] Prosus holds a 32.6% stake in Swiggy (excluding ESOP) which is set to make its public debut in the coming months. According to the report, the food delivery and quick commerce firm’s revenue from operations increased by 24%, driven by a 26% rise in its gross order value during the fiscal year ending March 2024. While the investor didn’t give revenue numbers, per our calculation, Swiggy ended FY24 with Rs 10,695 crore revenue in the fiscal year ending March 2024. Supported by a fleet of around 3,87,000 active delivery partners, Swiggy’s user base reached 104 million, according to the report. Its food delivery biz grew in double digits while the other revenue streams including restaurant advertising and platform fees helped Swiggy improve its operational profitability, the report added. Prosus also added a positive note to Swiggy’s quick commerce segment (Instamart) as its GOV increased with improved unit economics. Read: IPO Prep-Swiggy paints a healthy financial picture in the first 9 months of FY24, for more details. [PayU] Prosus operates and owns PayU (a subsidiary of Prosus) which reported a 22% year-on-year growth on a consolidated basis to $1.1 billion in FY24. PayU’s core payment gateway biz formed 88% of its overall collection which increased 23% to $975 million while the firm’s TPV (total payment value) spiked 22% in the previous fiscal year. According to the report, India is the largest market for its PSP business contributing 46% of core PSP revenue and 60% of TPV. Despite not being able to onboard new customers in FY24, this business grew 11% to $444 million in the said fiscal year. PayU’s India BNPL and personal credit revenue grew 29% to $107 million while the losses for this segment increased to $20 million followed by continuous investment in building the merchant lending portfolio, as per the report. PayU received in-principle authorization from the Reserve Bank of India (RBI) on 23 April 2024 to operate as a payment aggregator. The Gurugram-based firm also began onboarding new merchants.

PayU plans to raise up to $300 Mn ahead of IPO: Report

EntrackrEntrackr · 1m ago
PayU plans to raise up to $300 Mn ahead of IPO: Report
Medial

Snippets PayU plans to raise up to $300 Mn ahead of IPO: Report Prosus-backed payments company PayU is said to be exploring a $300 million fundraise by offloading a minority stake. As per a Moneycontrol report, the firm has engaged HSBC as its banking partner for the deal, which is still at an early stage. The fundraise comes ahead of a plan to list on Indian stock exchanges, with the minority stake sale being planned to gauge investor demand and set a valuation benchmark for PayU’s initial public offering (IPO), which is likely in 2026. In March, PayU acquired a 43.5% strategic stake in Mindgate Solutions, a real-time payment technology firm. The company is one of the largest UPI technology service providers in the industry and works with the country's biggest banks. Prosus remains a significant shareholder in PayU and recently infused $35 million into its credit business and backed the Mindgate investment. PayU India helps businesses accept digital payments through a gateway that supports cards, UPI, wallets, EMIs, and QR codes. It serves half a million merchants and offers no-code tools such as payment links and invoicing to simplify setup. The company also adds value through enterprise-grade features such as fraud protection, analytics, tokenisation, split payments, and AI-driven recommendations. On the lending side, PayU provides credit to individuals and businesses underserved by traditional banks. It offers instant loans, EMIs and “buy now, pay later” solutions under a Reserve Bank of India approved NBFC licence. PayU generates revenue via transaction fees from its payments arm and interest or processing charges from its lending business. For the fiscal year ended FY25, PayU’s India payments business grew 12% to $498 million, while its overall revenue rose 21% to $669 million.

Zomato to add fresh ESOPs worth $455 Mn

EntrackrEntrackr · 1y ago
Zomato to add fresh ESOPs worth $455 Mn
Medial

Foodtech and quick commerce platform Zomato on Monday announced fresh employee stock option (ESOP) options for its employees under the new plan: ESOP 2024. The board at Zomato has agreed to adopt and implement Zomato’s Employee Stock Option Plan 2024 with fresh 18,26,27,402 stock options for the company, subsidiaries, and associate entities. The resolution is subject to the approval of the shareholders of the company. Every ESOP option will be converted into equity shares, said filings, and as per Fintrackr’s estimates, the newly added ESOP options are worth around Rs 3,780 crore (approximately $455 million). The above calculation is based on Zomato’s peak share price of Rs 207 (as of 3PM, May 13 2024). The objective of expanding the ESOP pool is “to promote the employee ownership and as well as to attract, retain, motivate and incentivize critical talents in the line with corporate growth,” The Gurugram-based company showed robust growth which could be evident from its growth in FY24. Zomato’s revenue from operations surged 71% year-on-year to Rs 12,114 crore in FY24 from Rs 7,079 crore in FY22. Moreover, the profits of the company stood at Rs 351 crore in FY24 as compared to a loss of Rs 971 crore in FY23. Meanwhile, its direct competitor, Swiggy booked Rs 5,476 crore in revenue from operations and Rs 1,600 crore loss during the first three quarters of the financial year FY24. Its revenue and losses stood at Rs 8,265 crore and Rs 4,179 crore, respectively, in FY23.

EaseMyTrip revenue declines 15% in Q4 FY25

EntrackrEntrackr · 4m ago
EaseMyTrip revenue declines 15% in Q4 FY25
Medial

EaseMyTrip revenue declines 15% in Q4 FY25 Online travel aggregator (OTA) platform EaseMyTrip saw a slight year-on-year decline in both revenue and profit during the fourth quarter of FY25, indicating stagnant growth during the period. EaseMyTrip’s operating revenue decreased by 15% to Rs 139 crore in Q4 FY25 from Rs 164 crore in Q4 FY24, as per its consolidated financial statements filed with the National Stock Exchange (NSE). For the full fiscal year (FY25), EaseMyTrip’s operating revenue remained stable at Rs 587 crore in FY25 as compared to Rs 590 crore in FY24. Air ticketing contributed 68% to the company’s revenue but declined by 28% to Rs 94 crore in Q4 FY25, down from Rs 132 crore in Q4 FY24. Meanwhile, hotel packages accounted for 16.5% of the total revenue, bringing in Rs 23 crore. To the tune of scale, its total expense increased by 12% to Rs 131 crore in Q4 FY25 from Rs 117 crore in Q4 FY24. Service cost, payment gateway, employee benefit and costs were other major overheads for EaseMyTrip during the last quarter. For the full fiscal year ending March 2025, the total expenses rose to Rs 460 crore. EaseMyTrip booked profit before tax (PBT) of Rs 12 crore in Q4 FY25 as compared to a loss of Rs 17 crore in Q4 FY24. During FY25, the firm’s profit before tax stood at Rs 143 crore in FY25 from Rs 142 crore in FY24. EaseMyTrip closed the last trading session at Rs 11.28, with a 0.71% increase in its share price. The company’s total market capitalization stood at Rs 3,997 crore.

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