Dutch technology investor Prosus NV expects adjusted profit at its e-commerce business to surge to $400 million this fiscal year and expects more of its Indian businesses to list following Swiggy's IPO, Chief Executive Fabricio Bloisi said on Monday.
Prosus, majority-owned by South Africa's Naspers, is a major shareholder in Indian food delivery firm Swiggy, which is preparing for what could be one of India's biggest IPOs this year.
Bloisi said that in April-September, the first half of its 2025 fiscal year, Prosus's global e-commerce business generated about three times the adjusted earnings before interest and taxes (EBIT) than it did in the whole of last year, reflecting on his 100 days at the helm of the Dutch-listed company.
The company's forecast for e-commerce adjusted EBIT of $400 million in financial year 2025 compares with a trading profit of $38 million in fiscal year 2024, when it swung from a trading loss of $413 million.
"I do not expect this pace of improvement to slow down next year either. It is critical that our core e-commerce business becomes a bigger source of profitability and free cash flow for the Group," Bloisi said in a statement.
In India, where Swiggy filed papers last month for an initial public offering which a source told Reuters would be worth $1.25 billion, Bloisi said he expects to see more of the company's investments listed on the stock market in the coming 12 to 18 months.
"We have many more investments in India and will continue to invest there as we remain very excited about the prospects for the country," he added.
Other investments in India include PayU, online marketplace Meesho, home services firm Urban Company, Pharmeasy and India's largest edtech Byju’s.
Prosus is worth around $100 billion and Bloisi said he is looking to create another $100 billion of value in the company "by building and investing in fast growing and profitable businesses."