Dutch investment group, Prosus has said there’s a strong pipeline of potential IPO candidates from its Indian portfolio. These include Meesho, BlueStone, PayU and Urban Company, which are expected to go public over the next 18 months.
“We are very excited about India. We started investing in India seven years ago, much before everyone was talking about the country’s potential. We made a good call to make India our priority and Swiggy IPO is just a first big result, we have many more ahead,” Prosus CEO, Fabricio Bloisi said in a call after declaring the company’s results.
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In its half-yearly (H1FY25) disclosures, Prosus highlighted that India is a critical market for it and it has so far invested over $8 billion in the country.
Prosus is also looking at taking its other portfolio firms, including Captain Fresh, Mintifi, Vastu Housing Finance, Mensa Brands and Eruditus, public, showcasing its confidence in the country’s evolving startup ecosystem.
It has invested $80 million in supply-chain financing company, Mintifi and $100 million in Vastu Housing Finance, expanding its bet on financial services beyond PayU India.
“We have around 30 investments in India and have many more IPOs ahead over the next 1.5 years. We started at the right time. Our ecosystem in India is unique. Our companies here help each other grow faster, and we see immense potential to crystallise value over the coming years,” Bloisi said.
Prosus saw a mixed performance of its India portfolio. According to the company’s presentation, online pharmacy startup PharmEasy has delivered an internal rate of return of -38% for Prosus in the first half of this fiscal. Meanwhile, B2B e-commerce platform ElasticRun recorded an internal rate ofreturn (IRR) of 23%.
Besides these two, Swiggy and PayU India recorded an IRR of 21% each, while Meesho had an IRR of 20%, and edtech startup Eruditus generated returns of 14%. However, Eruditus is the only company in Prosus’s ed-tech portfolio that has generated positive returns in H1.
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During the same period in FY24,
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