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Swiggy food delivery GMV grew 40% to $1.3 b in first 6 months of 2022: Prosus

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, Amsterdam-based Prosus said its portfolio company Swiggy has seen its food delivery GMV (gross merchandise value) grow by 40 per cent to $1.3 billion in the six months period ended September 30, 2022.

Its quick commerce GMV increased 15x to $257 million. “Prosus’ share of Swiggy’s revenue has grown 118 per cent to $150 million, reflecting higher average order values and increased revenue from delivery fees and advertising sales. Our share of Swiggy’s trading loss also increased to $105 million from $34 million, driven by investments made to increase growth in both the core food delivery business and in quick commerce business Instamart,” Prosus said in a statement, announcing its interim results. 

The firm reported an overall 9 per cent growth in group revenue to $16.5 billion. Group trading profit declined 37 per cent to $1.4 billion, which Prosus attributed to a lower contribution from Tencent and investment in ecommerce extensions.

“It is our ambition for our consolidated e-commerce portfolio to become profitable in H1 of FY2025. Our buyback programme will continue for the foreseeable future, as it meaningfully improves net asset value (NAV) per share, creating permanent value that will compound over time,” Prosus added. Its e-commerce portfolio includes companies like Olx, Swiggy, Byju’s, PayU, IndiaGold and others.

PayU’s growth

Commenting on PayU’s growth, Prosus said that PayU’s Total Payment Volume (TPV) in India grew 59 per cent to $28 billion, and revenue increased 48 per cent to $183 million, following increased digitalisation in e-commerce, financial services, and bill payments, and a rebound in post pandemic travel. 

Prosus also said that BYJU’S and Udemy will no longer be equity accounted from September. These assets will be recognised as Fair Value Investments through other comprehensive income (OCI). Prosus said the fair value of its 9.67 per cent share in BYJU’S, subsequent to the loss of significant influence, is $578 million.

“In September 2022, the group lost significant influence in BYJU’S as it no longer exerts significant influence over the financial and operating policies of the entity. The group recognised a gain on disposal of the associate (reduction in share) of $22 million, including a reclassification of the accumulated foreign currency translation losses of $55 million,” it added.

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Published on November 23, 2022

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