PayU drives Prosus India ecosystem to profitability in FY26

According to Prosus’ FY26 annual report, revenue from its India ecosystem rose 13% year-on-year to $781 million from $694 million a year earlier. The business posted an adjusted EBITDA profit of $18 million, compared with a loss of $25 million in FY25, while its adjusted EBIT loss narrowed to $10 million from $49 million.

PayU remained the biggest contributor to the turnaround. Revenue from the payments business rose 10% year-on-year to $577 million, while EBITDA was $12 million, supported by higher-margin value-added services (VAS) and SaaS offerings, which accounted for 33% of payments revenue.

Its credit business also turned profitable, reporting adjusted EBITDA of $6 million. Revenue from the segment rose 19% year-on-year to $204 million, while new loan issuances reached $221 million during the year.

PayU processed total payment volume (TPV) of $90 billion across its platform in FY26.

Prosus said PayU accounts for about 25% of India’s online payments industry revenue and manages $682 million in assets under management through its lending business. During the year, it increased its stake in banking payments technology firm Mindgate to 70.7%.

PayU also emerged as the connector for Prosus’ wider India portfolio, integrating payments and credit offerings across companies including Swiggy, Meesho, ixigo, Urban Company and Rapido. The company expanded its partnership with Meesho into merchant and consumer lending within six months. It also processed $5 million of Swiggy’s gross merchandise value (GMV), handled $1.5 million in UPI GMV for ixigo, and originated $2.1 million in loans through the Meesho partnership.

Beyond fintech, Prosus continued expanding its India consumer internet footprint. During the year, it invested in Rapido and ixigo as part of its strategy to build a broader lifestyle ecosystem in India. The investor also saw portfolio companies Meesho, Urban Company and BlueStone complete their IPOs. Following Swiggy’s public listing, Prosus reduced its stake in the food delivery company to 22.31%.

Globally, Prosus reported revenue of $9.7 billion in FY26, while ecosystem adjusted EBITDA stood at $1.3 billion. The group’s ecosystem portfolio delivered adjusted EBITDA growth of 84%. Prosus said its ecosystems now serve more than two billion customers across Latin America, India and Europe, with around $65 billion in GMV and $115 billion in TPV. The company invested $8 billion during FY26, while divesting non-core assets that generated proceeds of $2 billion. 

Prosus is positioning itself as an AI-first technology group, deploying large commerce models, AI agents and consumer-facing life assistants across its ecosystems. It said it has deployed more than 5,000 AI agents for work and launched over 20 life assistants serving 50 million users. In India, these include Swiggy’s concierge and Equal AI’s phone assistant. The company is also developing a large commerce model tailored for India.