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Prosus 2024 report card: Byju’s write-off, Swiggy and PayU growth

EntrackrEntrackr · 1y ago
Prosus 2024 report card: Byju’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 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.

Swiggy crosses Rs 4,000 Cr revenue in Q3 FY25, InstaMart grows 2.1X

EntrackrEntrackr · 10m ago
Swiggy crosses Rs 4,000 Cr revenue in Q3 FY25, InstaMart grows 2.1X
Medial

Swiggy crosses Rs 4,000 Cr revenue in Q3 FY25, InstaMart grows 2.1X Swiggy’s food delivery business continues to be a major contributor, accounting for 34.23% of the total collection in Q3 FY25. Foodtech and quick commerce major Swiggy has managed a 31% year-on-year growth in its operating revenue which spiked to Rs 3,993 crore during Q3 FY25 as compared to Rs 3,048 crore in Q3 FY24. Swiggy’s food delivery business continues to be a major contributor, accounting for 34.23% of the total collection in Q3 FY25. Revenues from this vertical grew 3% to Rs 1,367 crore from Rs 1,326 crore in Q3 FY24. The company’s quick commerce segment also saw remarkable growth, with revenue surging by 113% to Rs 576 crore in Q3 FY25 from Rs 270 crore in Q3 FY24. The segment's gross order value (GOV) growth was driven by an increase in order frequency and the addition of new dark stores, contributing significantly to the company’s overall revenue.

Zepto revenue soars 2.5x to Rs 11,110 Cr in FY25

EntrackrEntrackr · 4m ago
Zepto revenue soars 2.5x to Rs 11,110 Cr in FY25
Medial

Zepto revenue soars 2.5x to Rs 11,110 Cr in FY25 Quick commerce unicorn Zepto clocked Rs 11,110 crore (nearly $1.3 billion) in turnover in FY25, a sharp 150% jump from Rs 4,454 crore in FY24, according to regulatory filings reviewed by Entrackr. Zepto’s FY25 performance comes on the back of aggressive execution and disciplined expansion. According to earlier Aadit Palicha’s post, the company was at $3 billion in annualized gross order value (GOV) and halved its losses over the last year. In FY24, Zepto incurred losses of Rs 1,248 crore on revenue of Rs 4,454 crore. That means the startup spent Rs 1.29 to earn every Rs 1 of revenue in FY24, a figure it has reportedly improved in FY25 with better unit economics, higher fill rates, and stronger contribution margins. We are not comparing Zepto's FY25 numbers with Instamart and Blinkit due to differences in their business models and accounting practices. However, the NOV (net order value) of Blinkit stood at Rs 22,731 crore in FY25, while Swiggy’s quick commerce biz Instamart GOV was recorded at Rs 14,600 crore in the same period. Zepto's founder Aadit Palicha did not comment on the story. As per a recent report, Zepto is in talks to raise $500 million at a potential $7 billion valuation, a significant jump from its previous valuation of $5 billion when it raised $350 million in November 2024. The fresh round is expected to bolster Zepto’s runway ahead of a potential IPO in 2026, as the company pushes toward EBITDA break-even in the next 12–15 months.

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