Prosus India hits $781 Mn revenue in FY26, turns adjusted EBITDA positive
Prosus India's portfolio business posted $781 Mn revenue in FY26, up 13% YoY, and swung to a positive adjusted EBITDA of $18 Mn led by PayU. PayU drove $577 Mn in payments revenue on $90 Bn TPV with a 25% online payments share, while credit added $204 Mn. The portfolio spans Swiggy, Meesho, Urban Company, ixigo and Rapido.
What happened
Prosus India posted $781 Mn revenue in FY26, up 13%, turning adjusted EBITDA positive at $18 Mn led by PayU. Its portfolio spans Swiggy, Meesho, Urban Company,
Key facts
- $781 Mn revenue
- 13% YoY growth
- $18 Mn aEBITDA
- $577 Mn PayU payments revenue
- $90 Bn TPV
- 25% online payments share
- $204 Mn credit revenue
- 70.7% Mindgate stake
- 22.31% Swiggy stake
Why this matters
A diversified India stack spanning PayU, Swiggy, Meesho, Urban Company, ixigo and Rapido now generating profitable scale positions Prosus to pursue consolidation plays or selective exits at strength.
What to watch
- PayU IPO filing or DRHP submission to SEBI
- RBI regulatory action on digital lending or payment aggregator norms
- Quarterly TPV growth and online payments market share vs Razorpay/Cashfree
- Meesho and Swiggy profitability prints feeding into Prosus consolidated numbers
- Credit book NPA/provisioning disclosures
- Expect PayU to expand credit-as-a-service and merchant lending to lever profitability
- Watch for Prosus signaling PayU IPO timeline or pre-IPO capital raise
- Likely follow-on funding or secondary exits in Meesho/Rapido as they near profitability
- Possible bolt-on acquisitions in payments/credit infrastructure