PROSUS GROWTH
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Food delivery market size to cross Rs 2 lakh crore by 2030: Bain-Swiggy report
The online food delivery market in India is on a significant growth trajectory, with Zomato leading in market share. Swiggy's overall gross order value has been increasing, as reported by Prosus. By 2030, the industry is set to witness substantial expansion, driven by convenience and improved customer experience.
![Flipkart explored a deal with Swiggy for a pie of quick commerce](https://img.etimg.com/thumb/msid-111238573,width-100,height-75,resizemode-4/tech/startups/flipkart-explored-a-deal-with-swiggy-for-a-pie-of-quick-commerce.jpg)
Flipkart explored a deal with Swiggy for a pie of quick commerce
Eight to ten months ago, discussions about a potential investment by Flipkart in Swiggy, two of India's biggest internet companies in the consumer sector, were underway. This potential alliance was driven by the changing landscape of the market, particularly the rise of quick commerce. However, due to disagreements on valuation, the talks ultimately fell through.
![Flipkart-Swiggy deal talks; Corning’s India plan](https://img.etimg.com/thumb/msid-111244499,width-100,height-75,resizemode-4/tech/newsletters/morning-dispatch/flipkart-swiggy-deal-talks-cornings-india-plan.jpg)
Flipkart-Swiggy deal talks; Corning’s India plan
Flipkart considered buying a stake in Swiggy months ago amid the rise of quick commerce. This and more in today’s ETtech Morning Dispatch.
![Prosus writes off Byju's stake; Swiggy, PayU India report card](https://img.etimg.com/thumb/msid-111235435,width-100,height-75,resizemode-4/tech/newsletters/tech-top-5/prosus-writes-off-byjus-investment-swiggy-revenue-up-24.jpg)
Prosus writes off Byju's stake; Swiggy, PayU India report card
Dutch investment major Prosus said its investment in Byju’s is worth zero. This and more in today’s ETtech Top 5.
![Swiggy’s revenue up 24% in calendar year 2023; quick commerce unit economics improve: Prosus](https://img.etimg.com/thumb/msid-111223536,width-100,height-75,resizemode-4/tech/technology/swiggys-fy24-revenue-up-24-quick-commerce-unit-economics-improve-prosus.jpg)
Swiggy’s revenue up 24% in calendar year 2023; quick commerce unit economics improve: Prosus
Prosus, the largest shareholder in Swiggy, reported a 24% revenue growth for the year ended March 31, 2024, with Swiggy's gross order value increasing by 26% year on year.
![Food delivery companies lean on existing users for growth](https://img.etimg.com/thumb/msid-110473728,width-100,height-75,resizemode-4/tech/technology/food-delivery-companies-lean-on-existing-users-for-growth.jpg)
Food delivery companies lean on existing users for growth
In light of a slowdown in new user signups, Zomato and Swiggy are implementing strategies to increase order frequency among their existing customer base. This approach aims to drive growth despite the challenges in user acquisition.
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Delhivery slides back to losses; Prosus names new CEO
Logistics startup Delhivery fell back into the red for the March quarter but managed to narrow its losses on a year-on-year basis. This and more in today’s ETtech Top 5.
Swiggy, Meesho investor Prosus and parent Naspers name Fabricio Bloisi as CEO
Fabricio Bloisi appointed chief executive of Prosus and Naspers, succeeding Bob van Dijk. Bloisi, current CEO of iFood, a food delivery business in Latin America, will start on July 1. Interim CEO Ervin Tu has been appointed president and chief investment officer. Outgoing CEO Dijk oversaw Prosus's 2019 IPO and the stock's upbeat performance during the pandemic.
Meesho closes $275 million funding in first tranche, in talks for more
Meesho secures $275M funding in a $600M round. Share transfers hinted in SEC filing. In total, Meesho has raised $1.36 billion – including secondaries – since 2015.
Swiggy’s confidential IPO filing; Blinkit’s rising valuation
Swiggy has confidentially filed draft IPO papers with the capital markets regulator. Details on this and more in today’s ETtech Top 5.
Prosus elevates Ashutosh Sharma to lead India, Southeast Asia market
Ashutosh Sharma appointed by Prosus to lead investments in India and Southeast Asia. He will report to interim CEO Ervin Tu and focus on new investments and collaborations with portfolio firms like Swiggy.
Promoter tag for Prosus in Swiggy IPO; SaaS play for revenue-linked financiers
Swiggy's largest investor Prosus is likely to be tagged a promoter in the company as plans for trimming stake ahead of an IPO haven’t materialised. Details of this and more in today's ETtech Morning Dispatch.
Swiggy loss for first half FY24 narrows to $208 million, food business grows 17%: Prosus
Swiggy, whose major businesses include its core food-delivery platform as well as quick commerce venture Instamart, saw overall gross merchandise value (GMV) growth of 28%.
Mensa Brands sees loss widen to Rs 213 crore, revenue jumps 2.5 times
Roll-up ecommerce startup Mensa Brands saw its total loss for FY23 widen over twofold from a year ago to reach Rs 213.9 crore, while total income grew 150% to Rs 505.1 crore, data from market intelligence firm PrivateCircle showed.
Zomato, Swiggy seek a route to reach bottom of the pyramid
Bengaluru-based Swiggy has launched a pilot called ‘Pockethero’ in about 15 cities in late November that will mainly target students and freshers looking for more affordable food delivery options. The platform has tied up with specific restaurants to offer higher discounts and free deliveries to onboard new customers.
Tata Tech’s blockbuster market debut; Elon Musk attacks advertisers for boycotting X
Tata Technologies made a blockbuster debut on the stock markets today, listing at an impressive premium of 140% over its IPO price of Rs 500 per share. This and more in today’s ETtech Top 5.
Working to improve edtech returns: Ervin Tu, interim CEO of Byju’s investor Prosus
The comments come after Ervin Tu said on Wednesday that Prosus had marked down the valuation of embattled edtech Byju’s below $3 billion. In March, Prosus had valued Byju’s at about $5.1 billion. The tech investor holds a stake of nearly 10% in the troubled edtech company.
Prosus cuts Byju's valuation to under $3 billion; PayU India, Swiggy H1 financials
Technology investor Prosus has slashed Byju’s valuation to below $3 billion from its peak of $22 billion. This and more in today’s ETtech Top 5.
PayU India H1 FY24 payments income rises to $211 million; fintech shutters LazyCard business
The growth in revenues largely came from its existing merchants and payment processing stack Wibmo, as new merchant signups continued to be paused for the Indian entity after an order from RBI.
Prosus reports $2 billion in core earnings, sees ecommerce profitability earlier
Core headline earnings for the six months ended September 30 were $2 billion, from $1.1 billion in the same period a year earlier, in line with a November 20 trading statement.
Prosus-owned PayU targets India IPO filing in February, hires bankers
PayU has appointed Goldman Sachs, Morgan Stanley and Bank of America as advisors for the IPO, which it plans to list by the end of 2024. It also plans to hire at least one Indian investment bank for the deal.
Prosus-owned PayU targets Feb for India IPO filing, hires bankers: Report
PayU has appointed Goldman Sachs, Morgan Stanley and Bank of America as advisors for the IPO, which it plans to list by the end of 2024, the sources said, declining to be named as the discussions are confidential. It also plans to hire at least one Indian investment bank for the deal, the sources added.
Prosus & Naspers CEO Bob van Dijk steps down abruptly; Zomato hits 52-week high
It’s been a day for top-level exits. The really big one: Bob van Dijk, CEO of Dutch-listed technology investment firm Prosus and its parent Naspers, has stepped down in a sudden move.
Baron Capital marks up Swiggy, Pine Labs valuation; almost halves Byju’s value
In its April-June quarterly report, Baron Capital cut the valuation of Byju’s to $11.7 billion as of June 30, down 44.6% from $21.2 billion as of March 31.
ETtech Exclusive: PayU’s global CEO, CFO likely to quit after Prosus part-sells payments business
PayU India CEO Anirban Mukherjee is now slated to directly report to Prosus chief executive officer Bob Van Dijk and may take up additional responsibility for other international markets including Turkey and Southeast Asia.
Prosus undertakes internal reorganisation, appoints separate leaders for edtech and food delivery
As part of the reshuffle, Larry Illg, who was acting as the chief executive of the combined segment (food delivery and edtech), will be stepping down, with two leaders announced for these segments.
Expect further corrections in startup valuations: Prosus CEO Bob van Dijk
The froth of the low-interest rate regime hasn’t fully been washed away and the startup ecosystem is likely to see valuations drop further, especially as companies at the end of their runways come back for more funding, said the Prosus boss.
PayU India income rises to $399 million, revenue growth slows
Even as overall income saw a bump, PayU India’s revenue growth rate slowed from the 42% witnessed in FY22.
Prosus reports 80% jump in Swiggy's Jan-Dec loss, 26% growth in food-delivery GMV
Prosus, which has backed companies such as Byju’s, PharmEasy and Eruditus, holds a 33% stake in Bengaluru-based Swiggy.
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