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News on Medial
'Early investment in Swiggy paying off', says Prosus
YourStory
·
9m ago
Medial
Food delivery platform Swiggy is planning to go public in India by the end of 2021, offering an attractive exit to its early investor Prosus. Swiggy aims to raise INR 3,750 crore (approximately $513 million) through a fresh issue, along with an offer for sale by existing shareholders. Prosus, the largest selling stockholder, plans to sell 11.8 crore shares, representing a 32% stake in the company. Meanwhile, Swiggy's rival, Zomato, is scheduling its second-quarter results announcement and voting on a proposal to raise fresh capital through a Qualified Institutions Placement.
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Prosus CEO Fabricio Bloisi landing in August to take stock of business
Economic Times
·
1y ago
Medial
Fabricio Bloisi, the CEO of investment firm Prosus, is set to visit India in August. Prosus has invested around $7 billion in India and is the largest investor in food delivery platform Swiggy. Bloisi's visit comes as Swiggy prepares for its IPO and after Prosus wrote off its stake in edtech firm Byju's. During his visit, Bloisi will meet with founders of Swiggy, Urban Company, and Meesho, as well as other investors and bankers. Prosus sees India as a key focus and has several portfolio companies in the country.
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Stung By Unicorn Losses, Prosus Takes A Fancy For Early Stage Bets In India
Inc42
·
1y ago
Medial
Dutch investment major Prosus is shifting its India strategy from large bets and buyouts to seed and early stage investments. The move comes after some major investments in Indian startups by Prosus, including BYJU’S and Pharmeasy, have not yielded expected returns, while other portfolio companies are facing losses. The challenging market conditions and uncertainties around profitability and IPO timelines have prompted Prosus to focus on smaller investments in early-stage startups. Prosus has already invested more than $7 billion in Indian startups, mostly in unicorns like Swiggy and Meesho.
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Closing new deals in India despite Byju's debacle: Prosus CEO Fabricio Bloisi
Economic Times
·
12m ago
Medial
Fabricio Bloisi, the new CEO of Prosus and Naspers, plans to continue investing in early-to-late stage companies in India despite a $500 million write-off due to the collapse of Byju's. Bloisi believes that valuation resets are typical in the technology sector and that it doesn't deter long-term investors. He remains optimistic about the Indian market and sees it as a global priority for Prosus. Bloisi also mentioned that Prosus is looking for deals in AI and is interested in companies that target the next 300 million users in India. Swiggy, in which Prosus holds a stake, is preparing for an IPO, and PayU India is also planning an IPO.
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EXCLUSIVE: Prosus to double down on Urban Company with $30M investment
YourStory
·
10m ago
Medial
- Prosus, a major technology investor, plans to double its investment in home services platform Urban Company ahead of the startup's anticipated public listing next year. - Prosus will invest around $30 million in an all-secondary transaction at a flat $2.6 billion valuation, giving a partial exit to Bessemer Venture Partners. - Accel Partners and Elevation Capital, early backers of Urban Company, have put their plans for further stake sales on hold and will await the company's IPO next year. - Prosus' decision to increase its stake in Urban Company follows a substantial gain from its investment in Swiggy, another successful Indian startup. - Prosus is diversifying its stake beyond tech investments, with recent investments in Vastu Housing Finance and plans to invest in Bluestone, a jewellery platform. - Urban Company, founded by Abhiraj Bhal, Raghav Chandra, and Varun Khaitan, last raised funding in 2021 and has initiated conversations with investment banks for an IPO.
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Invested $8.6 billion in India, continue to see a lot of opportunity: Prosus CEO Fabricio Bloisi
Economic Times
·
3m ago
Medial
Prosus, a Dutch tech investment firm, has invested $8.6 billion in India, viewing it as a promising market. CEO Fabricio Bloisi highlighted Swiggy's public listing and Prosus’ investment in Rapido as significant milestones. They offloaded 5% of Swiggy shares during its IPO, recovering over half of their investment. Prosus continues to see opportunities in India with plans to list Bluestone and Urban Company. They’re also exploring generative AI investments and supporting startups targeting new users.
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Prosus in talks to pick up 5% stake in Rapido
YourStory
·
10m ago
Medial
- Prosus is in talks to purchase a 5% stake in Rapido, India's second-largest cab-hailing platform, at a flat valuation of $1 billion. - The deal is expected to be a fully secondary transaction, with Rapido's early investors looking to offload some stake. - Prosus has initiated the due diligence process, and a 5% stake would result in an investment of approximately $50 million. - Rapido has surpassed Ola to become the second-largest ride-hailing platform in India, with 2.5 million rides per day. - Rapido recently secured $200 million in funding to expand operations nationwide and improve its technology platform. - Prosus, an active investor in India, is also the largest shareholder in Swiggy and is considering increasing its stake in Urban Company with a $30 million investment.
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Prosus gains $2 billion on Swiggy investment with IPO valuation
Economic Times
·
8m ago
Medial
Prosus, the largest investor in Tencent Holdings, has earned over $2 billion from its investment in Indian food delivery platform Swiggy. Prosus and its parent company Naspers have invested $1.3 billion in Swiggy, which is targeting a valuation of up to $11.3 billion in its IPO. Prosus plans to sell down shares in the IPO but will retain a 25% stake, similar to its stake in Tencent. The company is confident in the future growth of the Indian market and has been actively seeking investment opportunities in India. The IPO has attracted significant interest from global fund managers.
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Prosus’ Ashutosh Sharma on early-stage bets and potential in edtech despite Byju’s
VCCircle
·
1y ago
Medial
Prosus, a Netherlands-based company, has made significant investments in Indian unicorns such as Swiggy, Meesho, Urban Company, Eruditus, and The Good Glamm Group. Although Prosus has been more cautious in its investments in recent years, it continues to see potential in the Indian edtech sector, despite the dominant presence of Byju's. With investments of nearly $7 billion in Indian companies so far, Prosus' Head of India Investments, Ashutosh Sharma, remains optimistic about early-stage opportunities in the market.
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Prosus 2024 report card: Byju’s write-off, Swiggy and PayU growth
Entrackr
·
1y ago
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.
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Swiggy GOV growth came at cost of profitability: Prosus
Economic Times
·
1m ago
Medial
Swiggy, a food delivery and quick commerce company, achieved substantial business growth with a 29% increase in gross order value in 2024 and narrowed operational losses. However, early investor Prosus noted that profitability challenges accompanied this growth. The company expanded its quick commerce operations, led by Swiggy Instamart, amidst stiff competition from rivals like Zomato's Blinkit and Zepto. Despite profitability pressures, Swiggy aims for breakeven in the quick commerce segment within three to five quarters.
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