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Prosus 2024 report card: Byjuโ€™s write-off, Swiggy and PayU growth

EntrackrEntrackr ยท 1y ago
Prosus 2024 report card: Byjuโ€™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 Byjuโ€™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 Prosusโ€™ portfolio which invested $8-9 billion in the country since 2018. Letโ€™s start with Byjuโ€™s which is staring at bankruptcy. [Byjuโ€™s] During FY24, the investor wrote off its 9.6% stake in Byjuโ€™s, amounting to an investment of $493 million, due to a significant decline in the edtech giantโ€™s equity value. Theyโ€™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 firmโ€™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 didnโ€™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, Swiggyโ€™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 Swiggyโ€™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. PayUโ€™s core payment gateway biz formed 88% of its overall collection which increased 23% to $975 million while the firmโ€™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. PayUโ€™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 ยท 3m 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 PayUโ€™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 โ€œbuy now, pay laterโ€ 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, PayUโ€™s India payments business grew 12% to $498 million, while its overall revenue rose 21% to $669 million.

Wakefit posts Rs 724 Cr revenue in H1 FY26; turns profitable

EntrackrEntrackr ยท 20d ago
Wakefit posts Rs 724 Cr revenue in H1 FY26; turns profitable
Medial

Wakefit, the home and sleep solutions brand, filed its Red Herring Prospectus (RHP) on November 30, 2025, for its upcoming IPO. The companyโ€™s financials indicate steady performance in the first half of the current fiscal year ending March 31, 2026. Wakefit reported operating revenue of Rs 724 crore in H1 FY26, according to the financial statement included in the Red Herring Prospectus (RHP). The company added another Rs 17 crore from non-operating sources which pushed its total revenue to Rs 741 for H1 FY26. On the expense side, cost of material was the largest burn which accounted for 44% of the total expense which stood at Rs 313 crore in FY25. The companyโ€™s employee benefit expense stood at Rs 79.5 crore in H1 FY26. Finance cost and depreciation stood at Rs 15 crore and Rs 53 crore respectively. Overall, its total expense stood at Rs 706 crore for H1 FY26. Wakefit posted profit after tax (PAT) of Rs 35.5 crore in the first half of the ongoing fiscal year. Meanwhile, the company had posted a loss of Rs 35 crore in last year ending March 31, 2025. Its ROCE and EBITDA margin stood at 4.38% and 11.95% for the first half. On a unit basis, the company spent Rs 0.98 to earn a rupee of operating revenue in H1 FY26. The company recorded current assets worth Rs 229 crore, including Rs 23 crore in cash and bank balances. As per the RHP, Peak XV is the largest external shareholder with a 22.47% stake, followed by Verlinvest and Investcorp at 9.79% and 9.29%, respectively. SAI Global Investment holds 5.35%, while Elevation Capital and Paramark Fund own 4.68% and 1.63%. Among the promoters, Ankit Garg holds the largest stake at 33.03%, followed by Chaitanya Ramalingegowda with 9.98%. The Bengaluru-based firm has trimmed its IPO size from the earlier DRHP, which proposed a fresh issue of Rs 468 crore and an OFS of 5.84 crore shares. Now, the company plans to raise Rs 377.2 crore through a fresh issue of shares, along with an offer for sale (OFS) of 4.68 crore equity shares.

Zomato to add fresh ESOPs worth $455 Mn

EntrackrEntrackr ยท 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 Zomatoโ€™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 Fintrackrโ€™s estimates, the newly added ESOP options are worth around Rs 3,780 crore (approximately $455 million). The above calculation is based on Zomatoโ€™s peak share price of Rs 207 (as of 3PM, May 13 2024). The objective of expanding the ESOP pool is โ€œto promote the employee ownership and as well as to attract, retain, motivate and incentivize critical talents in the line with corporate growth,โ€ The Gurugram-based company showed robust growth which could be evident from its growth in FY24. Zomatoโ€™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 ยท 6m 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. EaseMyTripโ€™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), EaseMyTripโ€™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 companyโ€™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 firmโ€™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 companyโ€™s total market capitalization stood at Rs 3,997 crore.

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