Prosus India ecosystem turns EBITDA profitable in FY26, led by PayU's $781M revenue
PayU drove Prosus' India portfolio to adjusted EBITDA profit of $18M (vs -$25M FY25) as India revenue rose 13% to $781M. PayU revenue grew 10% to $577M with credit up 19% to $204M and TPV at $90B, ~25% of India online payments. Meesho, Urban Company and BlueStone completed IPOs.
What happened
Prosus' India ecosystem turned adjusted EBITDA profitable in FY26, led by fintech PayU, with revenue up 13% to $781M. PayU integrates payments/credit across
Key facts
- India revenue $781M up 13% YoY
- adjusted EBITDA profit $18M vs -$25M FY25
- PayU revenue $577M up 10%
- credit revenue $204M up 19%
- TPV $90B
- ~25% of India online payments revenue
- $682M AUM
- Mindgate stake 70.7%
- Swiggy stake 22.31%
Why this matters
The IPO exits of Meesho, Urban Company, and BlueStone alongside PayU's profitability swing create monetization optionality and validate Prosus' India bets as harvest-ready assets.
What to watch
- RBI regulatory actions on digital lending and payment aggregator licensing
- PayU credit book NPA/delinquency trends in subsequent quarters
- TPV share shift versus PhonePe, Razorpay, and UPI incumbents
- Lock-up expiries and share performance of recently IPO'd portfolio companies
- Prosus reinvestment vs buyback signals in next interim report
- Prosus to highlight India as growth engine in capital allocation, potentially redeploying IPO exit proceeds into PayU credit expansion
- PayU to push deeper into lending and merchant SaaS to lift take rate and defend payments share
- Monetization focus across newly-listed Meesho/Urban Company/BlueStone to demonstrate post-IPO profitability discipline