Prosus India Revenue Jumps 13% as PayU Crosses Profitability Milestone in Fintech Boom

Prosus India Revenue Jumps 13% as PayU Crosses Profitability Milestone in Fintech Boom​

Dutch consumer internet investor Prosus' India business reported a 13 percent year-on-year rise in revenue, reaching $781 million for FY26. This growth was underpinned by significant operational improvements, particularly within the fintech arm, PayU. The company noted that its Indian ecosystem is evolving rapidly through focused execution and strategic acquisitions, deepening cross-platform synergies across its portfolio.

A key highlight is PayU's achievement of a profitability milestone, posting adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of $18 million. This turnaround was driven primarily by marked improvements within the payments and credit businesses, signaling a maturing market.

PayU's Payments and Credit Businesses Drive Turnaround​

PayU successfully processed $90 billion in total payment value (TPV) during FY26, marking a 15 percent increase year-on-year. The number of transactions saw an even stronger jump of 49 percent, driven by high volume segments such as quick commerce and bill payments that rely on UPI.

The payments business generated $577 million in revenue, representing 74 percent of PayU's total earnings. Adjusted EBITDA from this segment increased four-fold to $12 million. This robust growth was aided by the rise of higher-margin value-added services (VAS) and software-as-a-service (SaaS), which contributed 33 percent of payments revenue.

The credit business delivered a significant turnaround, generating $204 million in revenue and achieving adjusted EBITDA of $6 million in FY26. This is a stark improvement from the $28 million loss recorded in FY25. The transformation was attributed to PayU's shift toward a partnership-led, digital-only ecosystem lending model, resulting in the net loss rate improving to 4 percent from 5% previously.

Swiggy Accelerates Growth with Doubled EBITDA​

Swiggy demonstrated impressive growth metrics over the reporting period. Gross order value (GOV) expanded by 46 percent between January and December 2025, while the base of monthly transacting users climbed 37 percent to reach 24.3 million. The food delivery business more than doubled its adjusted EBITDA.

The overall food delivery GOV showed a 19 percent increase, supported by new initiatives including Bolt, One BLCK, Food on Train and 99 Store. Instamart remains the fastest-growing unit in Swiggy's portfolio, with GOV soaring by 105 percent year-on-year. The company expanded its dark store network to 1,136 stores, while the average order value (AOV) saw a substantial 40 percent rise.

Portfolio Integration Drives Ecosystem Synergies​

Prosus highlighted that cross-pollination across its India portfolio is deepening significantly. PayU increased its processing of Swiggy's gross merchandise value by five times year-on-year, demonstrating strong operational integration. A collaboration between PayU and Meesho resulted in a more than 100 percent increase in consumer and merchant loan originations within nine months.

Furthermore, the strength of integrated payments is evident through Mindgate and Wibmo, which now assist Indian banks in processing one in every two UPI transactions and three in every four credit card transactions. The acquisition of Mindgate allowed PayU to build a proprietary third-party application provider (TPAP) stack and person-to-merchant switch for the first time.

Prosus acquired a 16.24 percent stake in ixigo during the period, and increased its existing holding in Rapido to 23.52 percent. Collectively, Prosus' Indian e-commerce ecosystem now boasts over 500 million annual users and processes an estimated 450 million orders every month.