Regardless of a blended bag of outcomes from its Indian portfolio, world tech investor Prosus stays firmly dedicated to the nation. On a current go to to India, Prosus Group CEO Fabricio Bloisi launched the agency’s flagship Luminate collection and reiterated his long-term optimism in regards to the market.
“This can be a market with 1.5 billion folks. If you happen to look to the longer term — not simply the subsequent 3 years, however the subsequent 30-40 years — everybody bets it’s going to continue to grow loads. I noticed this story earlier than. We talked about China in 2005, after which folks mentioned, ‘That is the longer term.’ And now, the longer term arrived. It should arrive additionally to India,” Bloisi advised Enterprise In the present day.
With round $8.6 billion invested throughout 35 Indian startups — together with Swiggy, City Firm, Rapido, Meesho, and others — Prosus is without doubt one of the largest tech traders within the nation. Whereas a few of its portfolio corporations like Meesho, and City Firm are lining up for public listings, the group has additionally confronted setbacks. Its funding in Byju’s turned bitter following revelations of poor company governance and alleged monetary mismanagement, leading to investor losses. Different startups akin to ZestMoney shut down operations and PharmEasy, the Good Glamm Group, and Fashinza are presently battling headwinds, starting from regulatory hurdles to monetary crunches.
But, Bloisi stays unfazed saying that just a few investments couldn’t avert them from investing. “What we misplaced in a single startup, we’ve gained in one other,” he mentioned, addressing the media.
As world funding giants like SoftBank, Peak XV, and Tiger World undertake a extra cautious stance in the direction of Indian startups, Prosus is taking a contrarian view. In line with Bloisi, the corporate’s edge lies in its long-term imaginative and prescient and operational flexibility.
“What makes us good for the long run is that we’re a tech firm, not like a fund. The opposite gamers — they’re a fund. They elevate 100 billion {dollars} and have to provide it again in 7 years. We’re not. We will construct one of the best corporations on the earth. That’s our goal,” he added.
Whilst its marquee bets like Swiggy grapple with profitability challenges and Rapido faces scrutiny from regulators over its operations, Prosus seems undeterred. For now, the Dutch-listed tech investor is betting that India’s future will echo the explosive progress story as soon as seen in China.
