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Prosus eyes PayU IPO in 2025 after stellar Swiggy listing

TechCrunch · 7m ago

Prosus eyes PayU IPO in 2025 after stellar Swiggy listing

Dutch investor Prosus plans to list fintech firm PayU in 2025, shifting its focus to India. PayU, wholly owned by Prosus, had intended to go public this year with a valuation of $5-7 billion. However, the listing is now expected to take place in 2025. PayU recently obtained approval to operate as a payment aggregator after a 15-month regulatory ban. With a valuation of $4.2 billion, PayU competes with Razorpay and PhonePe in India's digital payments market. Prosus is an investor in Indian startups such as Meesho and Urban Company, and more portfolio companies may go public within 18 months.

Related News

Prosus Eyes PayU IPO In 2025

Inc42 · 7m ago

Prosus Eyes PayU IPO In 2025

PayU, a payments solutions provider, has decided to delay its initial public offering (IPO) until 2025. Prosus, the investor, had initially considered PayU's IPO for 2024. PayU has selected Goldman Sachs as one of the lead bankers for the IPO and plans to file its draft red herring prospectus (DRHP) by early 2025. Prosus, meanwhile, has expressed confidence in its India portfolio, citing strong gains from Swiggy's recent IPO and a promising pipeline of potential IPOs in the country.

Prosus CEO expects to unlock more value from Indian investments over the next year | Company Business News

Livemint

Livemint · 7m ago

Prosus CEO expects to unlock more value from Indian investments over the next year | Company Business News

Prosus' Group CEO, Fabricio Bloisi, is optimistic about the investment opportunities in India. The company recently invested $80 million in Mintifi and $100 million in Vastu Housing Finance. Prosus reported a 26% increase in revenues to $3 billion for the six months ending September. The CEO believes that the successful listing of portfolio company Swiggy is just the first of many more IPOs to come in the next 12-18 months. Prosus has backed around 30 Indian startups and anticipates listing candidates such as Bluestone, PayU, and Meesho in the near future.

Prosus reports $7.4B in core headline earnings for FY25

YourStory

YourStory · 10d ago

Prosus reports $7.4B in core headline earnings for FY25

Prosus, a Dutch technology company, reported a 47% increase in core headline earnings for the fiscal year ending March 31, 2025, reaching $7.4 billion compared to $5.0 billion in FY24. Revenue rose by 13% to $6.2 billion, driven by growth in iFood, OLX, and PayU India. Prosus invests in Swiggy and PayU India, seeing returns of 23% and 14% respectively. The company continues to explore opportunities in India, holding significant investments in several startups.

After Swiggy, Prosus sees PayU, Meesho and Bluestone as IPO candidates

YourStory

YourStory · 7m ago

After Swiggy, Prosus sees PayU, Meesho and Bluestone as IPO candidates

Netherlands-based investor Prosus is considering several companies for potential IPOs in the next 18 months, including PayU, Meesho, and Bluestone. They also see future potential in companies like Eruditus, Mintifi, Captain Fresh, Vastu Housing, and Mensa Brands. Prosus recently made $2 billion in profits from selling shares in Swiggy's IPO, where it now holds a 25% stake. Additionally, Prosus is planning to increase its stake in Urban Company and PayU is expected to file its draft prospectus by May 2025.

PayU finance reshuffles top deck, Deepak Mendiratta elevated to CEO

Inc42 · 1y ago

PayU finance reshuffles top deck, Deepak Mendiratta elevated to CEO

PayU Finance, the NBFC credit arm of Prosus-owned PayU, has undergone a leadership reshuffle with Deepak Mendiratta being promoted as the new CEO. The company has also appointed Manish Kulkarni, former chief of DBS Bank, as its CFO. This move follows the departure of key leaders from PayU Finance, as the company focuses on strengthening its presence in India and potentially preparing for a stock market listing. PayU India is planning to file for IPO by February 2024 and aims to list by the end of 2024. In H1 FY24, PayU saw a 21% YoY increase in revenue to $497 million.

Prosus delays Indian payments firm PayU IPO to enhance business operations

Economic Times

Economic Times · 10d ago

Prosus delays Indian payments firm PayU IPO to enhance business operations

Dutch technology investor Prosus is delaying the IPO of Indian digital payments and lending firm PayU this year to focus on improving the business over the next six to twelve months, according to Prosus's Chief Financial Officer Nico Marais. While they initially aimed to list PayU by 2025, enhancing business operations has taken priority for now.

After Swiggy, another portfolio firm of Prosus draws up plan for mega IPO

VCCircle

VCCircle · 7m ago

After Swiggy, another portfolio firm of Prosus draws up plan for mega IPO

Prosus, a global technology investor, is preparing for another major initial public offering (IPO) with its portfolio company Meesho, an Indian e-commerce firm. Following the successful listing of Swiggy, Prosus aims to monetize its investment in Meesho, which competes with Amazon and other players. Meesho's IPO is expected to be significant in size, adding to the trend of tech companies going public to grow their businesses.

Closing new deals in India despite Byju's debacle: Prosus CEO Fabricio Bloisi

Economic Times

Economic Times · 10m ago

Closing new deals in India despite Byju's debacle: Prosus CEO Fabricio Bloisi

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.

Invested $8.6 billion in India, continue to see a lot of opportunity: Prosus CEO Fabricio Bloisi

Economic Times

Economic Times · 1m ago

Invested $8.6 billion in India, continue to see a lot of opportunity: Prosus CEO Fabricio Bloisi

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.

Exclusive: PayU defers IPO plan to next fiscal year

Entrackr

Entrackr · 8m ago

Exclusive: PayU defers IPO plan to next fiscal year

Digital payments platform PayU has postponed its public listing plan in this fiscal year, two sources aware of the development told Entrackr. The Prosus-owned company was earlier contemplating its initial public offering in the ongoing calendar year or H2 2024. “PayU has extended its IPO plan in the current fiscal year, although the company has finalized Goldman Sach as one of its lead bankers,” said one of the sources requesting anonymity. “The firm has chalked out plan to go public sometime after first quarter of FY26.” PayU has been planning a public listing for the past couple of years but it deferred the plan as the Reserve Bank of India returned its payment aggregator license due to its complex corporate structure. However, the firm regained the payment aggregator license in April this year and started onboarding new merchants which was banned between January 2023 and April 2024. In India, PayU has a base of over 500,000 merchants across three business sectors: payments, credit, and PayTech. It also claims to generate over $60 billion in annualized transaction volume (TPV). As per sources, the company has been busy in readying itself for the public listing. “PayU may file DRHP in early 2025,” said another source who also wished not to be named. Queries sent to PayU didn’t elicit any response. We will update the story in case they do. Unlike FY23, PayU’s revenue grew only 11% to $444 million in the fiscal year ending March 2024 and also slipped into losses. The slow revenue growth and negative margin were the result of RBI’s restriction. PayU has been eyeing profitability and this is why it also laid off around 100 employees from its credit team, as per The Head And Tale report. Several senior employees also left the company in the past two years.

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