Global investment behemoth Prosus has made $2 billion from its entire stake in foodtech company Swiggy, which debuted on the public exchange today (November 13) at a $11.3 billion value. After selling a portion of its ownership in the Sriharsha Majety-led company, Prosus, Swiggy’s largest stakeholder, sold $500 million worth of shares during the initial public offering (IPO), suggesting it received more than three times its investment back.
Prosus, whose portfolio businesses include Delivery Hero, Tencent, and BYJU’S, said in a statement that it had kept a 25% investment in Swiggy after the IPO. After diversifying into new categories and growing into new cities, Swiggy is on a great growth trajectory as a publicly traded firm, according to Fabricio Bloisi, CEO of Prosus.
In 2001, Prosus paid $34 million for a 50% interest in Tencent through Naspers, making it a huge investment. It currently owns roughly 25% of the business, which is valued at $480 billion on the market. Prosus’s stock price has been affected by the group’s investment in the Chinese computer behemoth, and there is now a discrepancy between the stake’s worth and the value of the group’s other businesses.
About the Company
The Netherlands-based Prosus NV, formerly known as Myriad International Holdings NV, is a global consumer Internet group. The firm is divided into six divisions: classifieds, ventures, food delivery, e-tail, payments and fintech, and travel. Additionally, it owns investments in publicly traded social and internet properties. The Classifieds division oversees online and mobile marketplaces. PayU is one of the Payment Service Platforms under the Payments & Fintech business category. Companies that deliver food are managed by the food delivery business sector. A platform for internet travel is run by the Travel business division. Business to consumer e-commerce businesses are included in the Etail business sector. The venture business division seeks for and funds startups.
