PROSUS N.V. Prosus ecommerce portfolio factsheet - June 2022
Classifieds - OLX Group
We build leading marketplace ecosystems that are enabled by tech, powered by trust, and loved by our customers.
"OLX Group delivered a strong performance for the year, with revenues growing
by 93%1. We are building truly exciting marketplace businesses that help hundreds of millions of people around the world to trade every month.
During the year, we expanded our direct-to- consumer autos transactions business and consumer financing, while reshaping our core Classifieds business by scaling pay-and-ship services. Autos transactions has a US$2 trillion total addressable market and with nearly
a 200% year-on-year revenue growth in
this business, we are making good headway in capitalising on the huge opportunity we see."
Romain Voog
CEO, Classifieds
US$7.5bn
consensus valuation1
OLX Group operates one of the fastest-growing networks of tech-enabled trading platforms globally. We serve hundreds of millions of people every month, with more than 20 locally loved brands, holding leading market positions in most of our 30+ countries.
We are building the next generation of "online classifieds", going deeper into the transaction and providing value added services embedded into the experience. We now offer pay and ship on many products, alongside services such as financing, car history, pricing estimation, or job application tracking. These platforms enable person-to-person or business-to-person trade across multiple categories including real estate, cars, household goods, electronics, fashion, jobs or services.
In our Autos transaction business, we buy used cars from individuals and professionals, inspect them virtually, on their driveway, or in one of our 528 offline inspection centres and make them available for purchase to our consumers at attractive prices, with financing options, extended guarantees, free trial, and full transparency on the car history and condition.
124m | 4.1m | 175,000 | 528 | |||
monthly active | monthly | cars | inspection centres | |||
app users | paying listers | transacted | operational |
FY2022 Performance
US$2,975m | 93% | |||||||||||||||||
Revenue | Change | |||||||||||||||||
US$1,599m | ||||||||||||||||||
Trading | US$25m -59%1 | |||||||||||||||||
FY2022 | ||||||||||||||||||
profit | US$9m | Change | FY2021 | |||||||||||||||
0 | 500 | 1000 | 1500 | 2000 | 2500 | 3000 | ||||||||||||
(US$m) |
- Growth percentages shown in local currency terms, adjusted for acquisitions and disposals. 2 This consensus summary is based on the latest publicly available data for listed assets at close of market on 24 June 2022 and analyst consensus for unlisted assets.
- analysts who published between 1 January 2022 and 31 March 2022 participated in this consensus.
Prosus ecommerce portfolio factsheet - June 2022
Classifieds - OLX Group
FY2022 Performance1
OLX delivered a strong performance for the year, as it expanded its direct-to-consumer autos transactions business and consumer financing, while reshaping its core Classifieds business
by accelerating pay-and-ship services.
Growth was driven largely by OLX Autos, which scaled operations significantly, increasing the number of car transactions by 79%. Autos revenue grew 173% year-on-year, to US$1.6bn.
The core Classifieds business recorded growth across its key markets, with improved customer traction.
General classifieds2
Real estate and car vertical classifieds
- Growth percentages shown in local currency terms, adjusted for acquisitions and disposals.
- In March 2022, we announced the operational separation of Avito from OLX Group. On 20 May, following completion of this separation, we confirmed our decision to exit Avito and start the search for an appropriate buyer for our shares in the business.
Associates | Auto transactions |
Prosus ecommerce portfolio factsheet - June 2022
Food Delivery
Transforming the way people source, consume and experience food.
"We have experienced several exceptional years in our
Food Delivery segment with our core platforms having built impressive 1P logistics
platforms. From here we have a clear focus on building out adjacencies that expand the growth potential of our companies while improving the daily lives of our consumers."
Larry Illg
CEO, Food Delivery
US$11.2bn
consensus valuation1
Prosus is involved in leading food delivery businesses around the globe. We started our journey in the sector in 2013 with a US$2m investment as part of iFood's first institutional financing. Today, our portfolio
of food businesses is present in 57 countries, and we have invested approximately US$7bn in food delivery companies including iFood, Delivery Hero, Swiggy, Flink and Oda.
Food delivery is still in its early stages, and is a large, underpenetrated and growing market, with considerable runway ahead. While restaurant food delivery is one of the key pillars of the Prosus strategy, we are seeing an evolution to a broader on-demand delivery ecosystem. The focus is now extending beyond restaurants, to convenience, grocery delivery and logistics, with all our core food delivery businesses having rolled out convenience and grocery delivery.
57 | 53% | total GMV growth2 3 | 109% | ||||||||||||||||||||
207% | |||||||||||||||||||||||
countries | order growth | quick commerce | GMV growth2 3 | ||||||||||||||||||||
year-on-year total | 59% | year-on-year | quick commerce | ||||||||||||||||||||
worldwide | order growth | ||||||||||||||||||||||
FY2022 Performance | 77% | ||||||||||||||||||||||
US$2,992m | 2 | ||||||||||||||||||||||
Revenue | Change | ||||||||||||||||||||||
US$1,486m | |||||||||||||||||||||||
US$724m | -84%2 | ||||||||||||||||||||||
Trading | |||||||||||||||||||||||
US$355m | |||||||||||||||||||||||
loss | Change | ||||||||||||||||||||||
FY2022 | |||||||||||||||||||||||
500 | 1000 | 1500 | 2000 | 2500 | 3000 | FY2021 | |||||||||||||||||
(US$m) | |||||||||||||||||||||||
1 This consensus valuation is based on the latest publicly available data for listed assets at close of market on 24 June 2022 and analyst consensus for unlisted assets. 18 analysts who
published between 1 January 2022 and 31 March 2022 participated in this consensus. 2 Growth percentages shown in local currency terms, adjusted for acquisitions and disposals.
3 Gross merchandise value.
Prosus ecommerce portfolio factsheet - June 2022
Food Delivery
FY2022 Performance1
Our global food businesses have recorded good growth, as we continue to leverage our scale, logistics network and capabilities, and strong consumer relationships, which deliver a real competitive advantage.
Gross merchandise value (GMV) grew 59%, with order growth of 53%, resulting in an increase in revenue of 77% to US$3.0bn. iFood grew GMV by 41% and revenue by 29%. Delivery Hero continued to deliver strong growth for its financial year ended 31 December 2021, with order growth of 57% and GMV increasing 62%. Swiggy has fully recovered from the impact of the COVID-19 pandemic, growing daily orders by 55% and GMV by 76%.
All our portfolio companies are investing in adjacencies and building grocery delivery businesses on their restaurant delivery platforms. Our quick commerce businesses grew orders by 109% and GMV by 207% during the period. This investment in adjacencies has increased trading losses for the segment by -84%, to US$724m.
1 Growth percentages shown in local currency terms, adjusted for acquisitions and disposals.
Core portfolio companies
A leading food delivery platform in Latin America fulfilling around 70m orders per month across restaurant and grocery deliveries. Prosus has a 63% stake in iFood through Movile.
Listed on the Frankfurt stock exchange, Delivery Hero is a leading global food delivery company with operations in ~50 countries across Europe, the Middle East, Asia and the Americas. Prosus has a 27% interest in Delivery Hero.
A leading food delivery platform in India, with 195,000+ restaurant partners and around 300,000+ delivery execs. Prosus has a 33% stake in Swiggy.
Recent investments
In April 2022, Prosus led a $170 million Series C funding round in Foodics, a leading cloud-based technology and payments platform for restaurants in the MENA region. Read more here.
In December 2021, Prosus co-led a US$135m investment round in Facily, a leading social commerce platform in Latin America. Read more here.
In September 2021, Prosus acquired an additional 2.5% interest in Delivery Hero for US$936m. Prosus remains the largest shareholder with
a 27% interest. Read more here.
In August 2021, Prosus invested US$120m in iFood, through Movile. Read more here.
In July 2021, Prosus participated in a US$1.25bn investment round in Swiggy. In January 2022, Swiggy raised an additional US$700m with participation from Prosus. Read more here.
In July 2021, Prosus co-led a US$240m Series A investment round in Germany-based quick commerce company Flink. Read more here.
In April 2021, Prosus co-led a €223m investment round in Oda, a leading online grocery operator in Norway. Read more here.
Prosus ecommerce portfolio factsheet - June 2022
Payments and Fintech - PayU
Building a world without financial borders where everybody can prosper.
"We have delivered a strong performance over the past year,
with total payments value growing 47%1. We have
a rapidly growing business,
with strong fundamentals, which is well positioned to move from pure payments to credit and broader financial services. Our focus is increasingly on the massive opportunity in India, as we look to expand our digital banking operations. Our proposed acquisition of BillDesk will be transformational in building a comprehensive fintech ecosystem in India."
Laurent Le Moal
CEO, PayU
US$4.4bn2
consensus valuation2
Prosus's payments and fintech business, PayU, is a leading payments and financial services group, focused on 20+ high-growth markets across India, Latin America, Southeast Asia, Central and Eastern Europe and Africa.
Our focus is increasingly on India, where we aim to be one of the country's leading digital payments providers, and are scaling our presence into the massive payment and fintech opportunity as consumers shift to online. We are also building a comprehensive ecosystem around our local financial services franchises.
Outside India, we are determined to be a leading payments company, competing successfully in existing markets and expanding into new growth markets.
PayU operates in | TPV across | TPV in India | 2,257m | 1,146m | |||||||||||||||||
all markets | |||||||||||||||||||||
high-growth | up 66%1 | in FY2022 | in FY2022 | ||||||||||||||||||
US$78.5bn | |||||||||||||||||||||
20+ | US$44bn | total transactions | Indian transactions | ||||||||||||||||||
markets | up 47%1 | ||||||||||||||||||||
FY2022 Performance | |||||||||||||||||||||
US$796m | 45% | 1 | |||||||||||||||||||
Revenue | |||||||||||||||||||||
US$577m | Change | ||||||||||||||||||||
Trading | US$60m | 13%1 | |||||||||||||||||||
Change | |||||||||||||||||||||
loss | US$68m | ||||||||||||||||||||
FY2022 | |||||||||||||||||||||
0 | 200 | 400 | 600 | 800 | 1000 | FY2021 | |||||||||||||||
(US$m) | |||||||||||||||||||||
- Growth percentages shown in local currency terms, adjusted for acquisitions and disposals.
- This consensus valuation is based on the latest publicly available data for listed assets at close of market on 24 June 2022 and analyst consensus for unlisted assets.
- analysts who published between 1 January 2022 and 31 March 2022 participated in this consensus.
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Prosus NV published this content on 25 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 June 2022 11:13:55 UTC.
