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Prosus writes off investment in Byju's marking $493 million loss
Economic Times
·
1y ago
Medial
Dutch technology investment firm Prosus has written off its 9.6% stake in edtech firm Byju's due to a significant decrease in value. The fair value loss of $493 million was recognized in the company's annual report. This move aligns with HSBC's earlier assertion that Prosus' stake in Byju's holds no value, citing legal cases and financial challenges. Prosus had previously invested $500 million in Byju's, making it one of its largest edtech investments in India. Additionally, Prosus marked its investment in Primrose Hill (ZestMoney) down to zero from $38 million in FY22.
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TPG Growth virtually writes off a legacy India bet with deep haircut
VCCircle
·
1y ago
Medial
TPG Growth, the growth capital investment arm of TPG, has decided to write off a legacy investment in India. The private equity firm had made a $30 million investment in a company over a decade ago but has now signed off from the deal. This move indicates a substantial loss for TPG Growth in relation to its initial investment.
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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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Prosus in talks to lead new funding in fintech Jar; ups ante in new deal-making
Economic Times
·
8m ago
Medial
Dutch investment firm Prosus is reportedly in advanced talks to lead a new funding round for fintech company Jar. This would be Prosus' third major investment in the Indian fintech sector, following investments in Mintifi and Vastu Housing Finance. Jar helps consumers save small amounts to invest in digital gold and has previously raised $61 million. The funding round, which aims to raise around $50 million, is still in the due diligence stage and other investors may join. Prosus has been increasing its investment activity in India despite the setback with its investment in Byju's.
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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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NCLT adjourns hearing in Byju’s rights issue case to June 6
Economic Times
·
1y ago
Medial
The National Company Law Tribunal (NCLT) in Bengaluru has adjourned the case between Byju's and its investors until June 6. The investors, led by Dutch investor Prosus, are seeking to block a $200 million rights issue and the removal of Byju Raveendran as CEO. There are allegations of violation on Byju's part regarding an NCLT order, including the allotment of shares to investors and the use of funds from the rights issue. Byju's claims to have acted in accordance with the law. In addition to these legal issues, Byju's has been facing a severe cash crunch, delaying salary payments and laying off employees.
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Byju's to raise up to $130 million to finance its operations
IndianStartupNews
·
1y ago
Medial
Indian edtech giant Byju's is reportedly seeking to raise $120-130 million from existing investors to cover operational expenses and pending vendor payments. The company has been affected by a liquidity crisis, resulting in measures like layoffs and scaling back on subsidiaries. In addition, major shareholder Prosus has marked down the value of its stakes, reducing Byju's valuation. Existing investors are setting conditions before injecting more funds, including audited FY23 results and a reduced day-to-day control by founder Byju Raveendran. Byju's is also considering selling off assets and dealing with legal challenges.
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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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Meesho clinches top spot in Prosus’ India Portfolio in H1 FY24
Inc42
·
1y ago
Medial
Meesho emerged as the top performer in Prosus' India portfolio for H1 FY24, with an internal return rate (IRR) of 32%. ElasticRun followed closely with an IRR of 31%. PayU India also performed well, recording returns exceeding 30%. On the other hand, PharmEasy and BYJU'S underperformed, with IRRs of -41% and -24% respectively. Improved market sentiment and a focus on profitability and sustainability contributed to the mixed bag of results. Prosus reported an operating loss of $415 million for H1 FY24, attributed in part to impairment losses in edtech investments.
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Prosus stake in Byju’s worth zero: HSBC
Economic Times
·
1y ago
Medial
HSBC has stated that Prosus' nearly 10% stake in Indian edtech firm Byju's is essentially worthless due to legal battles and a cash crunch. This comes as Byju's controversial $200 million rights issue is being conducted with a 99% discount to its peak valuation, potentially erasing the holdings of investors who don't participate. Additionally, Prosus is involved in a legal battle with Byju's in Karnataka High Court, and Byju's is facing legal troubles in the US over a $1.2 billion loan. The company's operations have also been affected by a lack of funds.
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Byju's reporting and governance structures not sufficient for scale: Prosus
Money Control
·
2y ago
Medial
Prosus, a global consumer internet group and investor in BYJU'S, has expressed concerns about the reporting and governance structures of the Indian edtech startup. Prosus believes that BYJU'S current structures might not be adequate to handle the scale and growth of the company. The concerns raised by Prosus indicate the need for improvements in BYJU'S reporting and governance practices to support its expansion.
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