prosus

Investment part of broader $730 million round; valuation up 30% since last secondary transaction.

prosus has announced a €4.1 billion deal to acquire Just Eat, creating one of the world's largest food delivery groups. This acquisition, pending approval, aims to combine prosus's expertise with Just Eat's strong market position in Europe, expanding prosus's footprint in the online food delivery sector.

prosus, the largest shareholder in Tencent, is poised to reap significant rewards from its investment in Indian food delivery giant Swiggy. With an anticipated $500 million gain from Swiggy's upcoming IPO, prosus showcases its strategic investments beyond Tencent.

prosus, one of the biggest backers of India’s internet economy with over $5 billion invested, said that it is keeping cash reserves for potential M&A opportunities for its portfolio and its focus is that all “businesses that we have invested in come out stronger from this crisis rather than weaker” as it deals with the impact of Coronavirus.

Bob van Dijk has stepped down as the CEO of prosus NV and its parent company Naspers. Ervin Tu has been named as the interim CEO. The reason for Van Dijk's departure was not provided. Van Dijk spent a decade in the role and oversaw prosus's successful IPO in 2019. However, he struggled to close the valuation gap between prosus, Naspers, and their biggest asset, Tencent.

Dutch-based technology investment company prosus NV is to sell a 2% stake in software group Tencent, worth about $15 billion at current prices, in what could potentially be the biggest block trade on record.

Byju's battles financial, governance, and legal issues amid prosus' write-off. The Indian edtech company faces obstacles with NCLT orders, CEO removal disputes and funding restrictions. prosus juggles successful investments in various Indian startups alongside Byju's struggles, highlighting the dichotomy within its portfolio.

Netherlands-based technology investor prosus, which holds about 9.6% stake in Byju's, has marked down the startup's valuation to under $3 billion. This translates into an 86% drop from its peak valuation of $22 billion at which the troubled firm had raised $250 million from investors in October last year. The disclosure was made by Ervin Tu, the interim group CEO of prosus and Naspers, during the firm's post earnings call on Wednesday. Earlier this year, prosus valued the startup at $5.1 billion.

prosus has significantly invested in India, exceeding $8.6 billion, as part of its strategy to build a leading lifestyle ecommerce ecosystem. The company's ecommerce segment surpassed expectations, achieving over $435 million in adjusted EBIT. With a focus on integrating recent acquisitions and driving AI innovation, prosus aims for further profitability in the coming year.

prosus has written off its 9.6% stake in Byju's. Over the years, prosus has invested $500 million in Byju's, making it one of its largest edtech bets in India.

Netherlands-based investment firm prosus said in its half yearly financial statement that it has recorded the fair value of its 9.7% stake in Byju’s at $578 million. That would mean prosus values the education platform at about $6 billion.

Swiggy saw 56% growth in food delivery revenue in the first half of the fiscal (April-September) compared to the same period of the previous year, its investor prosus said in a regulatory filing. The revenue is up 91% from pre-Covid levels, prosus said.

In a move that will allow prosus to widen its focus on India’s growing fintech market, the Netherlands-based company has decided to sell its payments arm PayU’s Global Payments Organisation (GPO) business to London headquartered fintech startup Rapyd in a $610 million deal. PayU’s GPO business provides ecommerce payments solutions for merchants in more than 30 countries across Latin America, Central and Eastern Europe and Africa.

Trouble continues to mount for Byju’s. A month after the firm’s investor prosus confirmed the resignation of its representative Russell Dreisenstock from the board of the startup, the Netherlands-based technology investor on Tuesday said that the executive leadership at Byju’s regularly “disregarded” Dreisenstock’s advice and recommendations relating to strategic, operational, legal and corporate governance matters, compelling him to resign.

Tech investor prosus NV values Indian education firm Byju's at under USD 3 billion, 86% less than its peak valuation of USD 22 billion last year due to governance and cash-flow problems. Interim CEO Ervin Tu disclosed the valuation cut during prosus earnings call. Executives and board members quit, and Byju's delayed filing its 2021/22 financial results by a year. Shareholders including prosus and Blackrock successively cut Byju's valuation to USD 11 billion in March, USD 8 billion in May, and USD 5 billion in June. General Atlantic and Silver Lake are investors.

The deal's cancellation is bad news for Billdesk and its promoters, who stood to ake $1.4 billion from the deal. It is bad for the payment industry, which received global attention. Finally, the deal would have seen a sizeable inflow of dollars to the three Indian founders – MN Srinivasu, Ajay Kaushal and Karthik Ganapathy.

HSBC questions future of Byju's, values prosus stake at zero amidst legal battles and financial woes.

Indian government should be careful about the intense lobbying by vested interests which are feeling the impact of technology disruption and not let them impact new business models, said Bob van Dijk, CEO of prosus, which has backed companies like online food delivery player Swiggy and education tech startup Byju’s in India.