Global investments in the group’s key categories food delivery, quick commerce, e-commerce, EdTech and Fintech,
“Our food platform continues to grow firmly at the core of the food delivery business and is now investing to drive that growth through new initiatives like Accelerated Commerce,” Prosus said in its investor presentation on Monday.
It said Swiggy contributed $212 million to its food tech revenue of about $3 billion. Total losses for the foodtech arm of Prosus stood at $724 million in FY22, due to accelerated commerce expansion of its portfolio companies.
Prosus holds 33% stake in Swiggy and invested a total of $299 million in the foodtech major in FY22.
According to Prosus, its share in Swiggy’s revenue is calculated based on the effective share of Prosus and the food-tech company’s revenue as of December last year, which is then multiplied for 12 months.
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“Our share of Swiggy’s revenue for FY22 grew 57% to $212 million, while losses widened to $100 million,” Prosus said in its presentation.
Food and quick delivery platforms that are part of the Prosus Group include Swiggy, Brazilian online food delivery platform iFood and German multinational food delivery service Delivery Hero.
Prosus also said that Swiggy has fully recovered from the impact of the pandemic as it focused its efforts on reactivating users, increasing monthly order frequency and bringing user conversion rates back to pre-Covid levels Is.
“This strategy paid off as restaurants on Swiggy’s platform grew by 110% compared to pre-Covid levels. This increased orders and GMV (gross trading value) by 26% and 68% above pre-pandemic levels, the faster rate of GMV being due to a better AOV. (average order value),” added Prosus.
It also said that Swiggy is seeing a 10-fold jump in daily orders on its instant commerce platform Instamart.
In FY22, Prosus continued to increase its exposure to Indian startups and invested over $1.03 billion, doubling down on existing and new bets including Swiggy; edtech majors Byju’s and Eruditus; e-pharmacy platform PharmEasy; E-commerce firm Meesho, business-to-business ecommerce venture ElasticRun, and beauty marketplace MyGlamm.
While Prosus remains bullish on Accelerated Commerce, it also said that its total revenue from edtech grew to $425 million in FY22 due to increased demand for online learning among its portfolio entities.
It said Byju’s revenue share grew nearly 90% year-on-year, driven by market expansion and increased offerings from the Indian edtech company. Prosus currently holds a 10% stake in Byju’s. It did not disclose full revenue numbers.
The global internet conglomerate operates its fintech arm PayU in India in addition to online classifieds platform OLX. It said that PayU’s total revenue globally grew 45% year-on-year to $796 million in FY22, driven by “strong performance in India’s payments business and strong recovery in credit”.
Prosus said PayU India revenue stood at $304 million in FY22, driven by merchant diversification. In addition, the Total Payment Value (TPV) in India for the year increased by 66% to $43.8 billion.
Last year, PayU announced its merger with payments firm BillDesk in a $4.7 billion deal. This is yet to be approved by the Competition Commission of India (CCI) and PayU has filed a revised merger notification seeking the approval of the regulator.