NASPERS LIMITED Prosus ecommerce portfolio factsheet - November 2022
Classifieds - OLX
OLX is a global leader in facilitating trade through technology.
"The economic and social benefits that OLX delivers through facilitating commercial trade across five continents is more pronounced than ever as
our consumers and professional sellers deal with uncertain economic times and scarce global resources. Our marketplace ecosystems, enabled by tech, powered by trust, and loved by customers, serve hundreds of millions of people every month. Across each
of our businesses, we leverage our higher growth rate and focus on cost efficiency to accelerate our profitability improvements."
Romain Voog
CEO, Classifieds
US$6.0bn
consensus valuation1
OLX builds leading marketplace ecosystems enabled by tech, powered by trust, and loved by its customers.
Serving hundreds of millions of people every month across five continents, OLX helps people buy and sell cars, find housing, get jobs, buy and sell household goods, and much more. Its well-loved consumer brands offer safe, smart, and convenient trading platforms and services for its customers.
OLX Europe is a large, well-diversified,fast-growing, and profitable business, with market-leading positions in Poland, Ukraine, Romania, Portugal, Bulgaria and more. We operate horizontal classifieds platforms, motors and real estate verticals and several smaller marketplace businesses.
OLX Autos is revolutionising the used car trade by combining online and offline experiences - offering convenience, safety, and peace of mind for buyers and sellers alike. It offers customers car inspections and cash offers in under one hour and resells the vehicles directly to consumers at attractive prices, offering additional services such as warranties, financing, insurance, free trials, and full transparency on the car history and condition.
80m | 2.1m | 114,000 | 400+ | |||
monthly active app users | monthly paying listers | cars sold in HY23 | retail locations | |||
HY2023 Performance2
US$1,339m | 60% | 3 | |||||||||||||||||
Revenue | Change | ||||||||||||||||||
US$988m | |||||||||||||||||||
Trading | US$159m | -279%3 | |||||||||||||||||
HY2023 | |||||||||||||||||||
Change | |||||||||||||||||||
loss | US$42m | HY2022 | |||||||||||||||||
0 | 500 | 1000 | 1500 | ||||||||||||||||
(US$m) |
1 This consensus summary is based on the latest publicly available data for listed assets at the close of the market on 21 November 2022 and analyst consensus for unlisted assets. 2 Company results shown on an economic-interest basis (i.e., including a proportionate consolidation of the contribution from associates and joint ventures), unless stated otherwise. 3 Growth percentages shown in local currency terms, adjusted for acquisitions and disposals.
Prosus ecommerce portfolio factsheet - November 2022
Classifieds - OLX
HY2023 Performance1
OLX had a strong first half of the fiscal year, despite the impacts of the war in Ukraine on OLX Europe.
OLX focused efforts on improving productivity and efficiencies to ensure a sustainable long-term business. This led to an improvement in the consolidated trading profit margin in core classifieds of 9 percentage points, excluding the impact of OLX Ukraine.
OLX invested to expand its direct-to-consumer business, which contributed meaningfully to the growth in OLX Autos, which has achieved substantial scale in a short period of time. OLX Autos sold a record 114,000 cars,
up 60% on the prior period. OLX Autos revenues grew by 84%, to US$1.0bn, as demand and prices for used cars remained robust across several markets. Trading losses increased to US$206m driven by investment in the direct-to-consumer business such as investments into inventories
of vehicles to enhance customer selection.
General classifieds
Real estate and car verticals
Associates | Auto transactions |
1 Growth percentages shown in local currency terms, adjusted for acquisitions and disposals.
Prosus ecommerce portfolio factsheet - November 2022
Food Delivery
Transforming the way people source, consume and experience food.
"We have built a strong presence in food delivery globally, and our platforms have demonstrated that core restaurant food delivery can be
a profitable, sustainable business. From here, we have a clear focus on increased profitability while building out new initiatives that expand the growth potential of our companies."
Larry Illg
CEO, Food Delivery
US$8.7bn
consensus valuation1
Prosus has invested in leading food delivery companies around the globe. We started our journey in the sector in 2013 with a US$2m investment in iFood, through Movile, as part of their first institutional financing. Today, our portfolio of food businesses is present in 70+ countries, and we have invested more than US$7bn in food delivery companies, including iFood, Delivery Hero, Swiggy, Flink and Oda.
Food delivery is still in its early stages and is a large, underpenetrated, and growing market with a considerable runway ahead. While restaurant food delivery is one of the key pillars of the Prosus strategy, we see an evolution to a broader on-demand delivery ecosystem. The focus is now extending beyond restaurants, to convenience, grocery delivery and logistics, with all our core food delivery businesses having rolled out convenience and grocery delivery.
70+ | total GMV growth2 3 | 110% | US$45m | |||||||||||||||||
countries | new initiatives2 3 | delivery trading profit | ||||||||||||||||||
26% | GMV growth from | iFood core restaurant food | ||||||||||||||||||
worldwide | ||||||||||||||||||||
HY2023 Performance | 52% | |||||||||||||||||||
US$1,911m | 2 | |||||||||||||||||||
Revenue | Change | |||||||||||||||||||
US$1,261m | ||||||||||||||||||||
US$381m | -10%2 | |||||||||||||||||||
Trading | US$312m | |||||||||||||||||||
loss | Change | |||||||||||||||||||
HY2023 | ||||||||||||||||||||
500 | 1000 | 1500 | 2000 | 2500 | 3000 | HY2022 | ||||||||||||||
(US$m) | ||||||||||||||||||||
- This consensus summary is based on the latest publicly available data for listed assets at the close of the market on 21 November 2022 and analyst consensus for unlisted assets.
- Growth percentages shown in local currency terms, adjusted for acquisitions and disposals. 3 Gross merchandise value.
Prosus ecommerce portfolio factsheet - November 2022
Food Delivery
HY2023 Performance1
The segment delivered robust growth, focusing on improving profitability in the core restaurant businesses, coupled with controlled investment in growth extensions, such as quick commerce and groceries.
On an economic interest basis, GMV grew 26%, increasing revenues by 52% to US$1.9bn. Investment into adjacencies increased trading losses by US$69m to US$381m.
Additional Food investments
iFood had an outstanding six months, as it continues to scale and is on a defined path to profitable growth. In the core restaurant business in Brazil, orders increased by 2% and GMV by 13%, driving revenue growth of 29% to US$606m. Trading profit was US$45m, with a trading margin of 7%, an improvement of 8 percentage points from the prior period. Overall, iFood trading losses improved to US$59m, reflecting continued investment in quick commerce and fintech initiatives.
Within quick commerce and grocery delivery, iFood operates a hybrid model through partnerships with existing grocery retailers while also investing in dark stores. Orders from these new initiatives grew 152% and GMV 102%.
Core portfolio companies
A leading food delivery platform in Brazil, fulfilling around 70m orders per month across restaurant and grocery deliveries. In August, Prosus announced that it had agreed to buy the remaining 33% stake in iFood from Just Eat Holding Limited.
Listed on the Frankfurt stock exchange, Delivery Hero is a leading global food delivery company with operations in ~70 countries across Europe, the Middle East, Asia and the Americas. Prosus has a 26% interest in Delivery Hero.
A leading food delivery platform in India, with ~195,000+ restaurant partners and around 300,000+ delivery execs. Prosus has a 33% stake in Swiggy.
In June 2022, Prosus announced it led a US$39m Series C funding round in Sharebite, a food ordering and expense management platform based in the U.S. Read more here.
In April 2022, Prosus led a
US$170m Series C funding round in Foodics, a leading cloud-based technology and payments platform for restaurants in the MENA region. Read more here.
In July 2021, Prosus co-led a
US$240m Series A investment round in Germany-based quick commerce company Flink. Read more here.
In April 2021, Prosus co-led a €223m investment round in Oda, a leading online grocery operator in Norway. Read more here.
1 Growth percentages shown in local currency terms, adjusted for acquisitions and disposals.
Prosus ecommerce portfolio factsheet - November 2022
Payments and Fintech - PayU
Building a world without financial borders where everybody can prosper.
"PayU delivered good results, growing payment volumes and continuing to scale
its credit business in India. Total payment volumes grew 49%, while our credit
business grew revenues more than five times. Beyond our strong fundamentals, we have a clear strategy for scale and profitability as we focus on the massive opportunity in India to expand our operations."
Laurent Le Moal
CEO, PayU
US$4.1bn
consensus valuation1
Prosus's payments and fintech business, PayU, is a leading payments and financial services group focused on 20+ high-growth markets across India, Latin America, Southeast Asia, Central and Eastern Europe and Africa.
Our focus is increasingly on India, where we aim to be one of the country's leading digital payment providers. As consumers shift online, we are scaling our presence into the massive payment and fintech opportunity.
We are also building a comprehensive ecosystem around our local financial services franchises.
Outside India, we are determined to be a leading payments company, competing successfully in existing markets and expanding into new growth markets.
PayU operates in | TPV across | TPV in India | 1,256m | 667m | ||||||||||||||||||
20+ | all markets | |||||||||||||||||||||
US$46bn | US$28bn | total transactions | Indian transactions | |||||||||||||||||||
high-growth | up 59%1 | in HY2023 | in HY2023 | |||||||||||||||||||
markets | up 49%1 | up17% | up 23% | |||||||||||||||||||
HY2023 Performance | ||||||||||||||||||||||
Revenue | US$480m | 55%2 | ||||||||||||||||||||
Change | ||||||||||||||||||||||
US$359m | ||||||||||||||||||||||
US$97m | -194%2 | |||||||||||||||||||||
Trading | ||||||||||||||||||||||
Change | ||||||||||||||||||||||
loss | US$31m | |||||||||||||||||||||
HY2023 | ||||||||||||||||||||||
0 | 100 | 200 | 300 | 400 | 500 | HY2022 | ||||||||||||||||
(US$m) | ||||||||||||||||||||||
- This consensus summary is based on the latest publicly available data for listed assets at the close of the market on 21 November 2022 and analyst consensus for unlisted assets.
- Growth percentages shown in local currency terms, adjusted for acquisitions and disposals.
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Naspers Limited published this content on 23 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 November 2022 05:44:07 UTC.
