Prosus CEO expects to unlock more value from Indian investments over the next year
The investment firm also reported a 26% rise in revenues to $3 billion for the six months ending September on Monday. Prosus’ Group CEO Fabricio Bloisi’s outlook comes a few weeks after Prosus’ portfolio company-Swiggy listed on the bourses at a $11.3 billion valuation.
Prosus’ Group CEO Fabricio Bloisi on Monday expressed optimism about the pipeline of investments in India after the investment firm infused $80 million for a 10.65% stake in supply chain financing startup Mintifi and another $100 million in Vastu Housing Finance.
The investment firm also reported a 26% rise in revenues to $3 billion for the six months ending September on Monday. Bloisi’s outlook comes a few weeks after Prosus’ portfolio company-Swiggy listed on the bourses at a $11.3 billion valuation.
The Netherlands-based investor took home more than $500 million when it sold a fifth of its 31% stake in the food delivery company’s initial public offering (IPO). Its balance stake is now down to 25%, which translates to over $2.5 billion of gains.
“The Swiggy IPO is just the first of many more that we have ahead of us over the next 12-18 months. We are very excited about India where we started investing more than 6-7 years ago. Today, we have an ecosystem in India where we believe our companies can help our other companies grow faster,” Bloisi said in a post earnings media call.
“We started at the right time and India is a big opportunity and we are going to crystallize a lot of our value through our India investments over the next year,” he said, adding that the investment firm is seeing strong growth and profitability across its portfolio companies.
Read more: After lip-smacking Swiggy IPO, Prosus prepares for its next hit
Broad portfolio in India
Prosus has backed about 30 Indian startups and deployed over $8 billion in the country. It anticipates Bluestone, PayU and Meesho to be among its potential candidates to list over the next 18 months. Other startups include Captain Fresh, Vastu Housing Finance, Mintifi, Eruditus and Mensa Brands.
Mint exclusively reported on Prosus’ interest to invest in Mintifi last month.
“We are spending much more time in other countries like Europe, Africa, Latin America, and India as these markets have a lot of opportunities. We are in a very good position to keep investing there. Despite the ongoing geopolitical tensions, we are quite well-positioned to explore the rest of the world and I think we are going to keep succeeding in these areas,” Bloisi said.
The investment firm maintains that it is seeing a robust deal pipeline and the diversification across different sectors and geographies enables the firm to seek opportunities.
“We do have a global perspective that enables us to seek opportunities in several countries including India, Europe, South America and Brazil,” said Ervin Tu, Prosus’ president. After Swiggy’s successful listing, Tu believes that there is more value to be unlocked as it navigates through various equity stake sales.
Talking about the average ticket size, Tu highlighted that cheque sizes in India can range between $20 million up to $200 million depending on the stage and size of the company. However, he added that it is difficult to predict if such larger opportunities are likely to come in the next 12-18 months.
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First Published:2 Dec 2024, 06:05 PM IST
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