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Prosus gains $2 billion on Swiggy investment with IPO valuation

Economic Times

Economic Times · 9m ago

Prosus gains $2 billion on Swiggy investment with IPO valuation

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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Related News

Swiggy IPO’s anchor investment bids to open tomorrow

YourStory

YourStory · 9m ago

Swiggy IPO’s anchor investment bids to open tomorrow

Swiggy, the food delivery player, is set to launch its initial public offering (IPO) with the bidding process scheduled to begin on November 6. The company aims to achieve a valuation of Rs 87,000 crore ($11.3 billion) and plans to list on domestic stock exchanges by November 13, 2024. Swiggy is looking to raise Rs 4,499 crore through the issuance of fresh shares, while existing shareholders, including early investors like Accel and Elevation Capital, will also sell around 175 million shares. Accel and Prosus are expected to realize significant gains from their investments.

Swiggy To Command Lower Valuation Than Zomato In Public Market: Elara Capital

Inc42 · 11m ago

Swiggy To Command Lower Valuation Than Zomato In Public Market: Elara Capital

Swiggy, the upcoming IPO-bound food delivery platform, will face challenges to match Zomato's valuation unless it gains market share and achieves profitability, according to Elara Capital. Swiggy will need to reach Zomato's EBITDA margin in food delivery and break-even in quick commerce, which may be a long-term goal. Zomato was valued at $12 billion during its IPO, while Swiggy aims for a $15 billion valuation, marking a 40% premium to its previous valuation of $10.7 billion.

EXCLUSIVE: Prosus to double down on Urban Company with $30M investment

YourStory

YourStory · 10m ago

EXCLUSIVE: Prosus to double down on Urban Company with $30M investment

- 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.

Swiggy packs an IPO lunch for Instamart

Livemint

Livemint · 11m ago

Swiggy packs an IPO lunch for Instamart

Food delivery firm Swiggy plans to use most of the funds raised from its upcoming IPO to expand its quick commerce service, Instamart, according to an anonymous source. While existing investors Prosus Ventures, Norwest Venture Partners, and Goldman Sachs may sell some of their shares in the $1.25 billion IPO, SoftBank is expected to retain its stake. Swiggy aims to double its network of dark stores serving groceries and home essentials with the additional funds. The IPO is expected to open in November and Swiggy is targeting a valuation of around $15 billion.

Prosus CEO Fabricio Bloisi landing in August to take stock of business

Economic Times

Economic Times · 1y ago

Prosus CEO Fabricio Bloisi landing in August to take stock of business

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.

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

Economic Times

Economic Times · 3m 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.

Flipkart explored a deal with Swiggy for a pie of quick commerce

Economic Times

Economic Times · 1y ago

Flipkart explored a deal with Swiggy for a pie of quick commerce

Flipkart, one of India's largest consumer internet firms, considered buying a stake in Swiggy, a food delivery company, but talks fell through due to discrepancies in valuation. Swiggy later filed for a confidential IPO and attracted the attention of Prosus, its largest investor, who was interested in divesting some of its stake. Flipkart's potential alliance with Swiggy highlights the changing consumer preferences in India's growing ecommerce market. Swiggy, valued at $10.7 billion, faces competition from Zomato, which has a market capitalization of over $20 billion.

Swiggy clocks 40% growth in revenue H1 2024: Prosus

YourStory

YourStory · 8m ago

Swiggy clocks 40% growth in revenue H1 2024: Prosus

Indian food delivery platform Swiggy saw a 40% growth in revenue to $750 million during the first half of the financial year 2024-25, according to investor Prosus. The company also reduced its adjusted EBITDA loss by 41% to $85 million during the same period. Swiggy expanded its operations to 681 cities, up from 599 cities in the previous year, and saw a 22% increase in gross order value. Prosus, which owns 25% of Swiggy's stake, made profits of $2 billion after the company's IPO.

Swiggy ups fresh issue in IPO as Prosus cuts offer for sale

VCCircle

VCCircle · 10m ago

Swiggy ups fresh issue in IPO as Prosus cuts offer for sale

Food delivery platform Swiggy has increased the amount it plans to raise through its upcoming initial public offering (IPO), while shareholder Prosus has reduced the number of shares it will sell. Swiggy aims to raise INR 11,300 crore ($1.5bn) in its IPO, with INR 4,499 crore coming from the fresh offering of shares. Prosus, which holds a 30.95% stake in Swiggy, will now sell 109.1 million shares in the IPO. The food delivery firm had previously sought to raise about INR 3,750 crore via the fresh issue. The IPO will be open for public investment between 6 and 8 November.

Stung By Unicorn Losses, Prosus Takes A Fancy For Early Stage Bets In India

Inc42 · 1y ago

Stung By Unicorn Losses, Prosus Takes A Fancy For Early Stage Bets In India

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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