Prosus holds strong on IPO-bound Swiggy; appreciates stake in Meesho, ElasticRun and UrbanClap
The international assets arm of Naspers continues to remain strong on Swiggy, Meesho and ElasticRun, as it struggles with investment in BYJU’S and Pharmeasy.
on Monday said its stake in IPO-bound food delivery platform marginally depreciated to 32.65% in 2024 from 32.83% in 2023.
The Netherlands-based investor said Swiggy’s gross order value increased 26% YoY in the company’s tenth year of operations, and the platform’s user base reached the milestone of 104 million at the end of December 2023. Its revenue on a reporting basis grew 24% in rupees, excluding M&A activities.
Prosus cited improvement in operational leverage in Swiggy as the company continues to focus on profitability with additional revenue streams of restaurant advertising and platform fees.
It continues to see growth aided by increased penetration by Swiggy’s ecommerce business and higher order value along with organic customer growth.
The Netherlands-listed international assets arm of South African group Naspers also saw a 26% appreciation in its investment in Meesho, an online marketplace for price-conscious customers. Prosus continues to hold a 13.83% stake in Vidit Aatrey-led . According to the report, Meesho is “leveraging tech innovations, seller-friendly policies and an asset-light structure” to log 140 million customers in 2023 and onboarded 1.5 million sellers on the platform.
Prosus also reported a 30% appreciation in B2B ecommerce platform . It continues to hold a 22.6% stake in NTEx Transportation Services, the parent company behind ElasticRun. Prosus had entered the kirana commerce company in an investment round of $40 million with Avataar Ventures and Kalaari Capital in October 2019.
Prosus in its annual statement also raised the valuation of its investment in Urbanclap Technologies, the parent company behind on-demand home service provider Urban Company, to $95 million from $84 million a year ago. Prosus joined by leading a $190 million funding round in 2021 along with other investors including Tiger, Steadview Capital, Vy Capital.
Prosus also announced a negative internal rate of return of 35% for its investment in Pharmeasy, a consumer digital healthcare platform. It cut its stake in the company to 10.78% in 2024 from 13.43% a year ago. However, Prosus injected additional investment in Pharmeasy after the company undertook the right issue to repay a debt from Goldman Sachs in 2024.
, which provides a marketplace for healthcare and pharmaceutical solutions including diagnostic tests, has been struggling to take and hold market share from Tata-backed 1mg, Flipkart’s Health Plus, and Apollo and Reliance-owned Netmeds.
Edited by Jyoti Narayan