Swiggy delivers for Prosus with 23% IRR, venture portfolio a mixed bag

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. 

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In calendar year 2024, Swiggy saw its gross order value (GOV) grow by 29%, while its adjusted earnings before interest, taxes, depreciation, and amortization (Ebitda) losses fell to $182 million from $261 million a year ago.

“In Q125, Swiggy delivered GOV growth of 40% on-year, and quick-commerce GOV growth of 101% on-year, with 316 new dark stores added in the quarter,” Prosus said in a statement.

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. 

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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 the statement. 

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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%.