Dutch technology investor Prosus on Monday reported strong momentum in its India operations during the first half of FY26, with revenue rising 20% to $397 million and the adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) losses narrowing significantly to just $1 million compared with $19 million in the entire FY25.
Operating losses tightened from $40 million to $15 million, helped by cost controls and portfolio fintech company PayU turning profitable for the first time. The investment firm expanded its India exposure during the period through a $67-million investment to increase its stake in ride-hailing platform Rapido to 10.2% and a $222-million acquisition of 16.2% stake in online travel aggregator Ixigo.
What did Fabricio Bloisi say?
CEO Fabricio Bloisi described this as a commitment to building “a comprehensive lifestyle e-commerce ecosystem” in India. “India is a critical strategic market,” Bloisi added. Globally, it reported a 99% surge in its adjusted half-year core profit, driven by strong performances across its digital services and e-commerce portfolio. Its adjusted Ebitda grew to $423 million from $213 million a year ago, while revenue jumped 22% to $3.6 billion.
Prosus added it had $18.3 billion in cash reserves, complemented by a further $2.5 billion available from an unused credit line. It is committed to pursuing high-profile acquisitions across Europe, Latin America and India. During the earnings presentation, Bloisi highlighted how the company is creating interconnections across its portfolio to accelerate growth. The strategy mirrors Prosus’ ecosystem approach in Latin America, where it has integrated food delivery, travel, and financial services.
PayU India’s transformation
PayU India’s transformation stands out as a key highlight of the results. The payments business, which secured its long-pending payment aggregator licence from the Reserve Bank of India (RBI), improved its adjusted Ebitda margin from negative 6% to break-even. The company posted a profitable second quarter and achieved positive adjusted Ebitda of $3 million in the first half of FY26.
“Six months ago, I told you that PayU needed to grow faster and deliver better results. I’m quite happy to share that we have these good results,” Bloisi noted, pointing to a consistent improvement over the past five quarters. Prosus highlighted several ecosystem interactions that are beginning to drive performance across its India portfolio.
PayU is providing checkout financing and restaurant-partner credit solutions to Swiggy, helping the food delivery platform enhance its merchant offerings. The payments company also offers early settlement tools and consumer Buy Now Pay Later (BNPL) offerings to social commerce platform Meesho.
Meanwhile, e-pharmacy company PharmEasy has partnered with Swiggy to explore quick-commerce logistics opportunities. These interconnections are crucial to what Prosus describes as a strategy of building competitive moats around its businesses while accelerating growth through cross-selling and shared capabilities.
Swiggy, where Prosus holds a 25% stake, expanded its customer base by 35% year-on-year to 21.6 million, while gross order value surged 43% on the back of expansion in food delivery and new formats like Bolt. Food delivery GOV grew 18% with improving profitability, Prosus noted, indicating that the core business is generating cash to fund expansion into adjacent areas.
Meanwhile, Rapido, described by Bloisi as “the number one mobility company” in India, will benefit from Prosus’ ecosystem through cross-selling opportunities, loyalty programmes, and financial services integration, he added. Additionally, Ixigo is positioned to be the fastest-growing travel aggregator in India, he added.
Ixigo will now be equity-accounted in Prosus’ books due to board representation rights, marking it as a strategic investment rather than a passive stake, the company added. Both acquisitions will be marked at fair value through other comprehensive income.
Prosus pointed to the public listings of its portfolio companies Bluestone and Urban Company during the period as validation of its India strategy. “The public listings reflect the maturity and significant growth potential of our Indian investments,” the company stated.