Prosus India hits $781M revenue in FY26, turns adjusted EBITDA positive at $18M
Prosus India's ecosystem revenue grew 13% YoY to $781M in FY26, swinging to adjusted EBITDA positive ($18M). PayU led with $577M payments revenue, $90Bn TPV and a 25% share of India online payments. Credit added $204M revenue on $682M AUM. Portfolio includes Swiggy, Meesho, Urban Company and Rapido.
What happened
Prosus India ecosystem revenue rose 13% to $781M in FY26, turning adjusted EBITDA positive ($18M), led by PayU. Payments, credit profitable; portfolio includes
Key facts
- $781 Mn revenue FY26
- 13% YoY growth
- $18 Mn adjusted EBITDA
- PayU $577 Mn payments revenue
- $90 Bn TPV
- 25% of India online payments revenue
- credit revenue $204 Mn
- $682 Mn AUM
- 70.7% Mindgate stake
- Swiggy stake 22.31%
Why this matters
With a profitable fintech core and stakes in Swiggy, Meesho, Urban Company and Rapido, Prosus India is positioned for selective M&A or IPO monetization across its consumer-tech holdings.
What to watch
- RBI guidance on digital lending norms and NBFC partner-lending caps
- Quarterly take-rate and credit-loss/provisioning trends at PayU
- Formal PayU India IPO filing or restructuring announcements
- TPV growth deceleration vs PhonePe/Razorpay share shifts
- Swiggy/Meesho/Rapido portfolio markups feeding Prosus NAV
- PayU pushes deeper into merchant credit and BNPL to cross-sell against its 25% payments share
- Prosus reallocates capital toward profitable verticals (payments, credit) while trimming cash-burn portfolio bets
- Competitive response from Razorpay, PhonePe and Pine Labs on pricing and TPV land-grab
- Investor positioning shifts toward valuing PayU India as IPO-ready rather than a cost center