Prosus India revenue up 13% driven by fintech platform Pay U
Pay U turned EBITDA positive for the first time in FY26 driven largely by increased transaction volumes
Prosus, the global consumer internet group and technology investor whose portfolio companies in India include the likes of Swiggy, Meesho, and Rapido, saw its revenue grow by 13% for FY26 to touch $781 million driven by fintech platform Pay U.
“Our Indian ecosystem is evolving through better execution and acquisitions of high-potential businesses, with new investments in Rapido and ixigo. PayU is increasingly connected across this ecosystem, adding new partnerships and driving measurable cross-platform synergies,” it said.
The report from Prosus noted that at $18 million, Pay U turned EBITDA positive for the first time.
Pay U processed $90 billion of total payment value (TPV) in FY26. The fintech company’s primary revenue driver was the payment segment which rose 10% to reach $577 million contributing 74% of the total revenue.
Prosus noted that deliberately balancing faster-than-market payment-processing growth in certain segments while exiting negative margin portfolios was a key factor in the four times increase in EBITDA to $12 million. The higher-margin VAS and software-as-a-service (SaaS) further enhanced profitability and accounted for 33% of payments revenue.
According to the report, PayU leveraged the Mindgate acquisition to build a proprietary third-party application provider stack and person-to-merchant switch. This improved transaction success rate is expected to unlock new UPI-based services for its merchant base.
It noted that through Mindgate and Wibmo, PayU helps banks in India process one in every two UPI transactions and three of every four credit card transactions. Operationally, the business scaled efficiently, increasing transactions by 49% and TPV by 15%.
On Swiggy, Prosus said for the period January to December 2025, Swiggy delivered growth of 46% on gross order value (GOV), with monthly transacting users rising 37% year on year to 24.3 million. The food delivery business more than doubled its EBITDA, however, this was offset by a higher degree of quick commerce investments to remain competitive.
Food delivery, while continuing to expand margins, recorded a 19% GOV growth, supported by steady user gains and strong traction across new offerings – Bolt, One BLCK, Food on Train and 99 Store. Instamart (quick commerce) remained the fastest-growing vertical, with GOV up 105% year on year.