Prosus lists Swiggy on Indian market

Naspers' Prosus has made waves in the world of business with the successful listing of Swiggy, marking India's largest IPO of the year. The South African company has a strong presence in India through its subsidiary, Prosus, which is a powerhouse in the technology and e-commerce sector. Swiggy, an online platform known for its delivery of convenience foods from over 220,000 restaurants across 680 cities in India, has captured the attention of investors worldwide with its $3.4 billion IPO. The listing of Swiggy on the Indian market saw an 8% surge in its stock price, indicating strong investor interest and confidence in the company's potential for growth. Naspers' initial investment in Swiggy back in 2017 has now grown significantly, with the company's valuation reaching $11.3 billion, a testament to the success of their strategic decisions and long-term vision. In an interview with CNBC Africa, Evan Tu, CEO of Naspers, shed light on the journey that led to the decision to list Swiggy and the company's ambitious plans for the future. Tu highlighted Naspers' unwavering support for Swiggy, with over $1.3 billion invested in the company to fuel its expansion and growth prospects. He emphasized that the listing of Swiggy is just the beginning of a long-term value creation journey, with the potential for significant growth and value unlocking in the years to come. Discussing the future prospects of Swiggy, Tu outlined the company's plans to further expand its footprint in India, with a focus on its food delivery and Instamart business segments. With the food delivery business already showing profitability and the Instamart business experiencing rapid growth, Swiggy is poised for continued success in the competitive Indian market. Tu underscored that Swiggy's offerings go beyond food delivery, positioning the company as a key player in the local commerce sector with immense growth potential. Tu also touched upon the strong IPO pipeline within Naspers' current portfolio, indicating the company's commitment to identifying and nurturing exceptional businesses globally. While India has been a focal point for Naspers' investments, Tu hinted at the potential for future IPOs in other regions, including Africa. However, he cautioned that the African pipeline is still in the early stages of development, suggesting that it may take some time before businesses in the region reach the maturity required for a successful public listing. As Naspers continues to expand its presence in key markets and explore new investment opportunities, the successful listing of Swiggy serves as a testament to the company's strategic vision and ability to drive value creation. With solid growth prospects ahead and a commitment to long-term success, Naspers' Prosus is poised to make a significant impact in the global e-commerce landscape.