Netherlands-based technology investment firm Prosus, majority-owned by South African group Naspers, reported a 23% internal rate of return (IRR) from its investment in Indian food delivery platform Swiggy and 13% from PayU India, according to its latest financial results released on June 24, 2025. While ElasticRun and Meesho performed well, with IRRs of 28% and 20%, PharmEasy reported a -29% IRR. Prosus plans to continue strategic investments in India with increased stakes of up to 25%.
Netherlands-based technology investment company Prosus, majority-owned by South Africa’s Naspers Ltd, reported mixed financial results from its Indian portfolio for FY 2024–25, with online food delivery platform Swiggy delivering a strong 23% internal rate of return (IRR) and PayU India following with 13%.
Swiggy recorded a 29% growth in Gross Order Value (GOV) in calendar year 2024 and reduced its adjusted EBITDA losses to $182 million, down from $261 million in the previous year. In the first quarter of FY25, Swiggy’s GOV jumped 40% year-on-year, while its quick-commerce segment surged 101%, supported by the launch of 316 new dark stores.
PayU India, Prosus’ payments arm in the country, reported a 17% rise in total payments volume and a 14% increase in revenue. Losses in adjusted EBIT improved to $11 million.
Among Prosus’ other Indian venture investments:
- ElasticRun delivered the highest IRR at 28%.
- Meesho achieved 20% IRR.
- PharmEasy recorded a negative IRR of -29%.
Globally, Prosus saw core headline earnings rise 47% to $7.4 billion, while total revenue climbed to $6.2 billion, marking a 21% annual increase. The group’s food delivery business contributed $1.3 billion, and the payments and fintech segment also added $1.3 billion, each showing growth over 30% year-on-year.
Newly appointed CEO Fabricio Bloisi announced a shift toward a more selective investment strategy, deviating from Prosus’ historical venture capital approach. The company will now focus on India, Latin America, and Europe, targeting larger stakes—up to 25%—in high-performing businesses.
Additionally, Prosus is in the process of acquiring Just Eat Takeaway, a Netherlands-based food delivery company, through a €4.1 billion all-cash deal, further expanding its global food-tech presence.
