Swiggy delivers for Prosus with 23% IRR, venture portfolio a mixed bag | Company Business News

Dutch investment group Prosus’ internal rate of return for Indian portfolio companies Swiggy and PayU India stood at 23% and 13%, respectively, in 2024-25.

Prosus’ venture investments ElasticRun, Meesho, and PharmEasy had an IRR of 28%, 20%, and -29%, respectively, showed the firm’s financial results for the fiscal year. 

Swiggy, which went public in November 2024, has seen its gross order value (GOV) grow by 29%, while its adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) losses reduced to $182 million, down from $261 million in 2023-24. 

In the March quarter, Swiggy’s GOV grew 40%, while its quick commerce GOV grew 101% year-on-year. The company added 316 new dark stores in the first quarter alone. 

Netherlands-based payment solutions provider PayU’s India business saw its total payments volume grow by 17% and revenue by 14% on-year. Overall, the business’s adjusted Earnings before interest and taxes (Ebit) losses improved to $11 million. 

Prosus, owned by South African technology investor Naspers Ltd, saw its core headline earnings grow 47% on-year to $7.4 billion, up from $5 billion in the previous fiscal. Meanwhile, the firm’s revenue jumped to $6.2 billion, up from $5.5 billion, a 21% on-year increase. 

The e-commerce portfolio’s consolidated revenue in 2024-25 grew 21% to hit $6.2 billion, up from $5.5 billion. Prosus’ food delivery companies delivered revenue of $1.3 billion, up 30% on-year from $1.2 billion. Payments and fintech portfolio firms generated $1.3 billion in revenue, up 34% on-year from $1.1 billion. 

“Prosus is rapidly transforming into an operating technology company, focused on lifestyle e-commerce, and powered by innovation and collaboration,” said newly appointed chief executive Fabricio Bloisi in a statement. 

Going forward, Prosus will make more selective investments, a departure from its roots in the venture capital model of investing in several companies and doubling down on the winners. With Bloisi’s appointment, the firm is now focused on three key geographies: India, Latin America, and Europe. 

In fact, Prosus is in the process of acquiring Just Eat Takeaway, a Netherlands-based food delivery marketplace, in a €4.1 billion all-cash offer. 

Here in India, the investment firm plans to take bigger stakes in companies that it invests in, going up to as much as 25%.