Prosus 2024 Report Card: Byju’s Write-Off, Swiggy and PayU Growth

Byju’s Write-Off

During FY24, Prosus wrote off its 9.6% stake in Byju’s, amounting to a substantial investment of $493 million. The decision came in response to a significant decline in the edtech giant’s equity value. Interestingly, Prosus had previously taken a similar step with Zest Money in FY2023, writing off their substantial 19.4% stake.

Swiggy’s Growth

Prosus holds a 32.6% stake in Swiggy (excluding ESOP), and the food delivery and quick commerce firm has shown impressive performance. Swiggy’s revenue from operations increased by 24%, driven by a remarkable 26% rise in its gross order value during the fiscal year ending March 2024. With a fleet of approximately 387,000 active delivery partners, Swiggy’s user base reached a milestone of 104 million. The food delivery business grew in double digits, and additional revenue streams, including restaurant advertising and platform fees, contributed to improved operational profitability.

Food delivery and quick commerce

PayU’s Strong Performance

PayU, a subsidiary of Prosus, reported a consolidated revenue growth of 22% to $1.1 billion in FY24. The core payment gateway business formed 88% of PayU’s overall collection, reaching $975 million. India played a crucial role, contributing 46% of core Payment Service Provider (PSP) revenue and 60% of total payment volume. Despite challenges, PayU’s India BNPL (Buy Now, Pay Later) and personal credit revenue grew by 29% to $107 million. However, trading losses increased due to ongoing investments in building the merchant lending portfolio.

Prosus continues to navigate the Indian market, making strategic decisions and adapting to changing dynamics. While Byju’s faces challenges, Swiggy and PayU demonstrate resilience and growth.


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