PROSUS REVENUE GROWTH
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.
PayU India FY24 consolidated revenue rises 22% to $1.1 billion
Prosus's fintech arm, PayU, reported a consolidated revenue increase of 22% in FY24, reaching $1.1 billion. This growth can be attributed to the success of their Payment Service Provider (PSP) businesses in India and Turkey, alongside continued expansion in their India credit operations and the global payment operations (GPO) business.
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
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
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.
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’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.
BillDesk reports slight growth in revenue, fall in profit in FY23
BillDesk's operational revenue increased to Rs 2,678 crore for FY23, with net profit at Rs 141.9 crore. Entrackr reported the financials, highlighting revenue stagnation and profit strain over the last three years, surpassing competitors like Razorpay and CCAvenue.
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.
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.
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.
Barring iPhones, sales dip for Apple devices; used-car startups diversify as growth tanks
Though sales of Apple iPhones in India are skyrocketing and outperforming the broader smartphone market, shipments of other Apple products are likely to take a hit this year, suggest analysts. This and more in today’s ETtech Morning Dispatch.
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.
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.
PayU’s sharp focus on India could soon culminate in domestic public listing
As PayU exits other markets, it will focus on India, Turkey and South East Asia. For India, PayU wants to double down on the credit business across consumer loans and check out finance products.
Puneet Chandok to head Microsoft India ops; PayU India may soon go for public listing
Former Amazon executive Puneet Chandok, who left the Seattle-based etailer’s Amazon Web Services team as its India and South Asia head, in June, will now lead the India operations of Microsoft. This and more in today’s ETtech Top 5.
Prosus agrees to sell part of PayU to Rapyd for $610 million
Prosus NV plans to sell part of its emerging-markets financial technology company PayU to Israel’s Rapyd for $610 million.
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.
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.
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.
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