Prosus India revenue up 13% to $781M; PayU turns profitable as Swiggy quick-commerce drags
Prosus' India FY26 revenue rose 13% to $781M. PayU swung to +$18M aEBITDA from -$25M, contributing ~25% of India online payments revenue. Swiggy GOV jumped 46% in CY2025 with 24.3M MTUs, but quick-commerce losses offset gains as Instamart scaled to 1,136 dark stores at -2.5% contribution margin.
What happened
Prosus' India revenue rose 13% to $781M in FY26. PayU turned profitable with $18M aEBITDA, while Swiggy's quick-commerce investment offset gains. Instamart
Key facts
- India revenue $781M FY26 up 13%
- PayU aEBITDA +$18M vs -$25M
- PayU revenue $577M payments, $204M credit
- PayU ~25% of India online payments revenue
- MindGate 70% stake $140M
- Swiggy GOV +46% CY2025
- Swiggy MTU 24.3M
- Instamart 1,136 dark stores
- Instamart contribution margin -2.5%
- Prosus Swiggy stake 22.31%
Why this matters
PayU's profitability inflection (~25% of India online payments revenue) makes it a cleaner candidate for monetization or carve-out, while Swiggy's quick-commerce burn warrants scrutiny on capital allocation and potential consolidation plays.
What to watch
- Instamart contribution margin trajectory toward breakeven vs deeper than -2.5%
- Swiggy MTU growth beyond 24.3M and food-delivery margin trend
- PayU aEBITDA sustaining positive in subsequent quarters
- Dark-store count growth pace and per-store throughput
- Prosus group guidance on India consolidated profitability
- PayU pushes deeper into credit/lending to extend its 25% payments-revenue contribution and lift India margin mix
- Swiggy throttles or rationalizes Instamart dark-store additions to protect contribution margin
- Prosus reiterates India profitability timeline to reassure investors on quick-commerce burn
- Competitive response from Blinkit and Zepto on store density and take rates