Prosus, the Dutch-listed arm of Naspers, said in a blog post that the performance of its global food businesses, which includes Bengaluru-based Swiggy, remained strong on the back of complementary proxies such as convenience and grocery delivery. According to the post, Swiggy’s grocery revenue grew 75% in the six months to September 30.
Prosus has supported some of the largest consumer Internet companies globally. Its stakes in India include PayU (which acquired BillDesk earlier this year), Meesho and Flipkart. Its stake in Swiggy rose to 36.3% after investing an additional $274 million in the company this year.
In
An interview with ET in Julyswiggy’s Sriharsha Majety had said that 25% of the company’s revenue was coming from non-food delivery businesses and the company was going to invest heavily in non-food sectors. Offering discounts has been a major customer acquisition route for both Swiggy and Zomato.
ET also reported on 28 September that Swiggy was
In talks to close another financing round at a valuation of $10 billion, doubled compared to its previous round led by US asset manager Invesco in a potential re-rating exercise due to Zomato’s rising market cap.
In an interview in July, Sumer Juneja, Fellow, softbank Investment advisors said Swiggy’s express grocery delivery service Instamart was the largest category followed by food delivery in cities active for more than six to nine months. He also said that Instamart’s unit economics was better than Swiggy’s food delivery business.
ET reported last week that Swiggy’s rival Zomato plans to double its grocery stake in e-grocer Grofers.
may invest another $500 million Direct competitor of Instamart, to step up its quick commerce game in this.
Bob van Dijk, Group CEO of Prosus and Naspers, wrote in the post, “In the first half of the year, our Internet businesses delivered solid growth with a strong performance for the same period last year. Our progress is driven by increasing value from our ecommerce portfolio.” And to capture the significant opportunity ahead, we have increased investments in our core areas of food delivery, edtech, payments and fintech, and classifieds.”
“There has been a tremendous turnaround in the businesses we support, where we are investing. BillDesk is a great example of this. Same for companies like Meesho, Swiggy, Urban Company, Elastic Run, PharmaEasy and others Works. The important thing is money. It’s getting paid for, but in our view the upside is tremendous,” was Dijk.
Said in an interview given to ET in September, adding that India can deliver huge returns even for investors of late.
Prosus-backed PayU, a fintech company that serves online merchants, acquired BillDesk in September for $4.7 billion. The company said that PayU’s total payment volume (TPV) grew 48% to $35.3 billion and its revenue grew 44% to $359 million, largely due to “strong payments performance in our India business and activity in credit again.” Inspired to start with”. TPV in India grew 70% to $18.9 billion and revenue grew 55% to $133 million.