PROSUS N.V. Prosus ecommerce portfolio factsheet - November 2021
Classifieds - OLX Group
We build leading marketplace ecosystems that are enabled by tech, powered by trust, and loved by our customers.
"OLX Group has shown resilience through the pandemic, emerging stronger, with healthy growth at its core.
Our strong results are proof of this, with revenues and trading profit both up by
more than 100% from a year ago. We have outperformed in our traditional classifieds business, as well as have significantly scaled our Autos transactional business, reaching the mark of U$ 1 billion in revenue since its formation, one and a half years ago. We stay focused
on building and scaling our trade ecosystems to provide the best user experience to our 317 million monthly users in each of our markets.''
Romain Voog
CEO, Classifieds
US$6.5bn US$14bn
investedconsensus valuation1OLX Group operates one of the fastest-growing networks of tech-enabled trading platforms globally. We serve 317 million people every single month, with more than 20 locally loved brands, including OLX, Avito and many others, 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 478 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.
317m | 122m | 4.2m | 69,000 | 478 |
monthly active | monthly active | monthly paying | cars transacted | inspection centres |
users | app users | listers | operational | |
HY2022 Performance
US$1,301m | 107% | ||||||||||||
Revenue | US$628m | Change | |||||||||||
Trading | US$108m | 139% | |||||||||||
HY2022 | |||||||||||||
profit | US$29m | Change | HY2021 | ||||||||||
0 | 400 | 800 | 1200 | 1600 | |||||||||
(US$m) |
1 The estimated market valuation is calculated as at 30 September 2021 using a combination of: (i) prevailing share prices for stakes in listed assets; (ii) valuation estimates derived from the average of sell- side analysts for stakes in unlisted assets; and (iii) post-money valuations on transactions of unlisted assets where analyst consensus is not available.
Prosus ecommerce portfolio factsheet - November 2021
Classifieds - OLX Group
HY2022 Performance
Classifieds delivered a strong performance compared to the first half of FY21, which was severely impacted by the global pandemic. The segment has shown resilience and continues to focus on strengthening its market positions in its most-mature geographies, accelerating new consumer propositions such as pay-and-ship services, increasing trust and safety across its platforms, and scaling its autos transactions business to leadership positions in the markets in which it operates.
In Russia, Avito delivered a solid performance, growing revenues by 67% to RUB23bn (US$313m), with a trading profit margin of 48%. OLX Europe performed well, with revenue rising 37% to US$230m, and OLX Autos showed strong growth, particularly in the US, with revenue growing 213% to US$605m. OLX Brasil also grew strongly, with revenues up 40% to BRL193m (US$37m) and improved trading profit of US$8m.
General classifieds
Real estate and car vertical classifieds
Associates | Auto transactions |
Prosus ecommerce portfolio factsheet - November 2021
Food Delivery
Transforming the way people source, consume and experience food.
"Food Delivery is now one of the fastest growing parts of Prosus and we have experienced several exceptional years in the sector.
We believe iFood, Swiggy and Delivery Hero, will continue to evolve from pure food delivery aggregators into broader quick-commerce platforms addressing a significant market opportunity."
Larry Illg
CEO, Food Delivery
US$7bn+ US$18bn
consensus
invested1valuation2Prosus 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 more than 60 countries, covering more than half of the global population and we have invested more than US$7bn in iFood, Delivery Hero, Swiggy, Wolt, Oda and Flink.
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 expect to see 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 food delivery businesses having rolled out convenience and grocery delivery. In January 2021, we invested in Wolt, which has gone beyond restaurants and into the grocery and retail sectors. On 9 November 2021, DoorDash Inc announced that it had agreed to acquire Wolt in an all-stock deal valued at over US$8 billion. In April 2021, we made our first direct investment in an online grocery business, Norwegian-based Oda. We followed this with an investment in Germany-based instant grocery delivery company Flink in June.
US$7bn+ | 60+ countries | 70% | 73% | ||||||||||||||||||||
invested in | covering half of the | year-on-year | GMV | ||||||||||||||||||||
food delivery1 | global population | order growth | growth | ||||||||||||||||||||
HY2022 Performance | |||||||||||||||||||||||
US$1,261m | 86% | ||||||||||||||||||||||
Revenue | Change | ||||||||||||||||||||||
US$610m | |||||||||||||||||||||||
US$312m | 55% | ||||||||||||||||||||||
Trading | |||||||||||||||||||||||
loss | US$189m | Change | |||||||||||||||||||||
HY2022 | |||||||||||||||||||||||
300 | 600 | 900 | 1200 | 1500 | HY2021 | ||||||||||||||||||
(US$m) | |||||||||||||||||||||||
1 Includes investment in Movile 2 The estimated market valuation is calculated as at 30 September 2021 using a combination of: (i) prevailing share prices for stakes in listed assets; (ii) valuation estimates derived from the average of sell- side analysts for stakes in unlisted assets; and (iii) post-money valuations on transactions of unlisted assets where analyst consensus is not available.
Prosus ecommerce portfolio factsheet - November 2021
Food Delivery
HY2022 Performance
Food Delivery performance remained strong and the scale achieved over the past eighteen months has helped to expand the business's offering beyond restaurant delivery to include convenience and grocery delivery. Gross merchandise value (GMV) for the food segment grew 73%, with order growth of 70%, resulting in revenue of US$1,261m, up 86% for the half year. iFood, majority owned by Prosus, grew GMV by 50% and revenue by 38%.
During the period we have invested to extend our ecosystems and expand into adjacencies. Trading losses rose to US$312m, reflecting this increased investment and also higher customer acquisition costs in our key markets as lockdowns eased.
Swiggy has shown a strong recovery through the first half of the financial year, with food delivery revenues increasing 56%, 91% above pre-Covid levels, while grocery revenues grew 75% compared to March 2021.
Recent investments
In August 2021, Prosus acquired an additional 2.5% interest in Delivery Hero for US$936m. Prosus remains the largest shareholder with a 27.42% interest. Read more here.
In August 2021, Prosus invested
US$120m in iFood, through Movile.
Read more here.
Core portfolio companies
A leading food delivery platform in Latin America fulfilling around 60m orders per month. Prosus has a 62.42% stake in iFood through Movile. Read more here.
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 27.42% interest in Delivery Hero. Read more here.
A leading food delivery platform in India, with 180,000+ restaurant partners and 200,000+ delivery execs spread across 500+ cities. Prosus has a 36.3% stake in Swiggy. Read more here.
In July 2021, Prosus participated in a US$1.25bn investment round in Swiggy. Read more here.
In July 2021, Prosus co-led a US$240m Series A investment round in Germany- based instant grocery delivery company Flink. Read more here.
In April 2021, Prosus co-led a €223m investment round in Oda, the leading online grocery operator in Norway.
Read more here.
Prosus ecommerce portfolio factsheet - November 2021
Payments and Fintech - PayU
Building a world without financial borders where everybody can prosper.
"We have delivered a strong performance, with total payments value growing 48%. This reflects the excellent progress we are making to serve
the continuing global shift to digital payments. We are very excited about the opportunities ahead, particularly in India, where we are focusing our investment for growth. Our proposed acquisition
of BillDesk will be transformational in building a comprehensive fintech ecosystem in India."
Laurent Le Moal
CEO, PayU
US$6.7bn1 US$11bn1
consensus
investedvaluation2
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 | Total digital transaction | TPV across | TPV in India | 1,075m | ||||||||||||||
value in India to reach | all markets | |||||||||||||||||
high-growth | US$19bn | |||||||||||||||||
US$3.3tn | US$35bn | transactions in | ||||||||||||||||
20+ | ||||||||||||||||||
markets | by FY25 | up 48% | up 70% | H1 2022 | ||||||||||||||
HY2022 Performance | ||||||||||||||||||
US$359m | 44% | |||||||||||||||||
Revenue | Change | |||||||||||||||||
US$252m | ||||||||||||||||||
Trading | US$31m | 0% | ||||||||||||||||
Change | ||||||||||||||||||
loss | US$31m | |||||||||||||||||
HY2022 | ||||||||||||||||||
0 | 200 | 400 | 600 | 800 | HY2021 | |||||||||||||
(US$m) | ||||||||||||||||||
- Includes BillDesk investment of $4.7bn, which was announced in August 2021, but subject to regulatory approval.
- The estimated market valuation is calculated as at 30 September 2021 using a combination of: (i) prevailing share prices for stakes in listed assets; (ii) valuation estimates derived from the average of sell- side analysts for stakes in unlisted assets; and (iii) post-money valuations on transactions of unlisted assets where analyst consensus is not available.
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Prosus NV published this content on 22 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 November 2021 08:13:09 UTC.
