Prosus eyes 5 more Indian IPOs in 18 months

MUMBAI: After Swiggy’s bumper listing on the bourses last month, Prosus is eyeing more initial public offerings (IPOs) in India, a market where it has invested more than $8 billion over the years. In an earnings presentation on Monday, the Dutch technology investor said that five Indian companies from its portfolio including Meesho, Bluestone and PayU have the potential to go public in 18 months without sharing specific timelines. Fintech firm PayU is owned by Prosus. “We started in India in the right time. India is a big opportunity and we are going to crystallise a lot of our value through our India investments over the next year,” said Fabricio Bloisi, group CEO at Prosus in a post-earnings media call.

Prosus made gains of over $2 billion on its total investment in Swiggy and is the largest shareholder in the startup with a stake of under 25%. “The Swiggy IPO was just our first big result. We have many more ahead. We have an ecosystem in India where we believe our companies can help our other companies to grow faster,” Bloisi said.

Prosus also revealed new investments in supply chain financing startup Mintifi and Vastu Housing Finance. Prosus acquired an 8.4% stake in Vastu Housing Finance for $100 million and infused another $80 million into supply chain financing startup Mintifi for a 10.6% stake.

Senior executives at Prosus said that the company’s deal pipeline looks healthy and geopolitical uncertainties will not have any bearing on the trajectory of its investments.