PROSUS RESULTS
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.
Prosus writes off investment in Byju's marking $493 million loss
Prosus writes off 9.6% stake in Byju's worth $493 million due to value decrease as per HSBC note. Also marks investment in Primrose Hill (ZestMoney) to zero against $38 million FY22.
Surprise poll results impact startups' plans, and other top stories this week
In a week charged with political buzz, the BJP government came back to power after a stormy election, but without a full majority that left it dependent on the whims of its alliance partners. Unnerved, the markets went into a tailspin on counting day, with both benchmark indices, Sensex and Nifty50, dropping 8% intraday. They recovered a day later as hopes of a stable government revived.
IPO-bound cos wary after poll results; NBFCs’ balancing act
Happy Friday! New-age firms planning to go public are moving cautiously as stock market volatility remains a concern after the 2024 general election results. This and more in today’s ETtech Morning Dispatch.
Baron Capital marks up Swiggy valuation by 25% to $15.1 billion
Swiggy Valuation: Baron Capital, which participated in Swiggy’s $700 million funding round in January 2022 at a valuation of $10.7 billion, has raised the fair value of its holding in Swiggy for the fourth straight time. Crossover funds, i.e. funds which invest in publicly traded and privately held companies, review the valuation of their portfolio companies periodically.
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.
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Swiggy IPO: Food-delivery major secures shareholder nod for potential $1.25 billion public offering
Swiggy IPO: Swiggy plans to raise up to Rs 3,750 crore ($450 million) in fresh capital, in addition to an offer-for-sale (OFS) component of up to Rs 6,664 crore ($800 million). The food-delivery major is also looking to raise about Rs 750 crore from anchor investors in the pre-IPO round.
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.
Byju’s valuation below $3 billion; company facing challenges: Prosus interim CEO
Late last year, Prosus said it had ceased equity accounting of Byju’s as it had lost “significant influence” over the firm after its holding slipped below 10%.
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.
Expect PayU India to be IPO-ready by H2 2024: Prosus interim CEO
“We are growing very well not only on payments but on the credit side too,” Ervin Tu said. In his view, the public markets in India are very healthy.
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.
US investment firm Vanguard slashes Ola’s valuation again by more than 50% to $3.5 billion
The valuation cut comes at a time when a number of headline investors in multiple Indian startups have done the same, amid a global rout across public and private technology markets.
Star founder Byju Raveendran broke down in tears as crises engulfed Byju’s
Byju Raveendran, founder and CEO of education-technology start-up Byju's, has been in crisis mode since his company was raided in late April.
Plan significant Byju’s markdown over lack of visibility on audited financials: Peak XV tells limited partners
Peak XV told LPs that GV Ravishankar’s resignation from Byju’s board on June 6 was due to the fund’s dissatisfaction with the company’s management on issues including internal processes, governance and audit.
More trouble for Byju’s as three board members, auditor Deloitte resign
Representatives from Peak XV (formerly Sequoia Capital India), Prosus and Chan Zuckerberg, on Byju’s board have resigned along with its auditor Deloitte.
ETtech Explainer: What are down rounds and will they become the norm for Indian startups?
A down round is when a privately held firm raises funds at a valuation lower than that ascribed in the previous round.
Prosus CEO warns of more startup valuation cuts; RTP Global closes $1 billion fund
The froth of the low-interest rate regime hasn’t been fully washed away from the startup ecosystem and more valuation corrections await on the horizon, especially as companies at the end of their runways come back for more funding, says Prosus CEO Bob van Dijk.
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.
Swiggy's Jan-Dec loss widens 80%; Google challenges NCLAT order in SC
It was a mixed bag for Prosus in India. While its losses in Swiggy, a major portfolio company, spiked, there was a silver lining in terms of gross merchandise value (GMV) growth for the food and grocery delivery company. This and more in today’s ETtech Top 5.
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.
Prosus posts $617 million ecommerce trading loss, H2 sees improvement
Net profit fell to $10 billion from $18.6 billion, mostly due to a worse performance by Chinese software giant Tencent, in which Prosus owns a 26% stake.
Peak XV, Prosus and Chan Zuckerberg confirm exit from Byju’s board
A Byju’s spokesperson had called our report about the resignations entirely speculative and denied the claims.
Online marketplace OLX Group lays off 800 employees globally
According to publication TechCrunch, the move comes as the company begins to phase out activities of its automotive business arm Olx Autos in several areas after a lengthy search for potential buyers and investors.
Tech investor Prosus flags sharp drop in full-year profit
The company said earnings from consolidated businesses in the second half of the year had been stronger than in the first six months, and that cashflow from operations had shown a "meaningful improvement" over the year.
Google may challenge CCI verdicts; Prosus says Swiggy, PayU showing strong growth
The verdicts may hurt developers in the country as it means they may have to develop apps with different specifications for different app stores.
Prosus reports strong growth in Swiggy, Instamart, PayU in 2022
The figures for Swiggy are from January to June, while PayU’s are from April to September; Prosus has also changed its accounting policy for Byju’s.
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