Prosus: After Swiggy, Prosus eyes more India IPOs; invests in Mintifi, Vastu Finance

Prosus, the Dutch-listed technology investment arm of Naspers, is gearing up for a ramp-up in its India IPO pipeline, highlighting five potential IPOs over the next 18 months. E-commerce firm Meesho, omnichannel jewellery retailer Bluestone, and fintech company PayU India are among the firms lining up for public offerings.

Prosus CEO Fabricio Bloisi did not elaborate on the IPO timelines during a call with reporters on Monday.

The company also disclosed that it had acquired an 11% stake in supply chain finance firm Mintifi for approximately $80 million. Additionally, it invested $100 million in housing finance company Vastu Finance, securing an 8.4% stake.

“In October 2024, the group acquired a 10.65% effective interest in Mintifi Private Limited (Mintifi) for approximately $79.9 million. Mintifi is a leading supply chain finance fintech in India,” Prosus said in a regulatory filing.

These two new deals follow its investment in Bluestone as part of a Rs 900-crore funding round, which was first reported by ET.

Among Prosus’ key Indian businesses, PayU India recorded a 12% revenue growth in its payment services division. Its credit arm witnessed a 91% surge in revenue. Following the lifting of a regulatory embargo on onboarding merchants in April 2024, PayU has focused on activating new clients and mitigating take-rate pressures from shifts in the payments mix.

Besides Meesho, PharmEasy is also poised for a potential public offering. Last month, Prosus made a partial exit from Swiggy, generating $500 million and achieving an internal rate of return (IRR) of 18%. It continues to hold a stake of just under 25% in the food and grocery delivery firm.

Globally, Prosus reported a 26% growth in consolidated e-commerce revenue and a 74% increase in free cash flow as of September 2024. Its AI-driven strategy aims to enhance operational efficiency and customer engagement, creating a robust foundation for long-term growth.