Prosus, the Dutch-listed arm of South African technology investor Naspers, has reported strong growth in its food-delivery and fintech businesses in India – Swiggy and PayU, respectively. Prosus said Swiggy's core food-delivery business clocked order growth and gross merchandise value ( GMV ) growth of 38% and 40%, respectively, for the first six months of calendar year 2022. Swiggy's quick-commerce business Instamart saw order and GMV growth of 20 times and 15 times, respectively. "Restaurant food delivery GMV was $1.3 billion, while quick commerce GMV was $257 million for the first six months of the year. Our share of Swiggy's revenue grew faster at 72% to $150 million, reflecting higher average order values and increased revenue from delivery fees and advertising sales," it said in a presentation. GMV includes delivery fees. According to Prosus, its share of Swiggy's trading loss increased to $105 million during the period, "driven by investment in both the core restaurant food delivery business to increase growth and in Instamart to expand its footprint". Prosus owns a 33% stake in Swiggy. Payments and fintech Prosus also said its consolidated payments and fintech revenue grew 57% to $412 million, driven by a strong performance in India, Turkey,… Read full this story
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