During the first half of the fiscal year 2023-24 (FY24), Meesho, a prominent e-commerce entity, stood out as a top performer within Prosus' India portfolio, achieving an internal return rate (IRR) of 32% according to the investment giant's recently released biannual financial data. Meesho attained the third rank globally among Prosus' startup portfolio, trailing behind Remitly and iFood. Meanwhile, ElasticRun, a domestic B2B e-commerce solutions provider, claimed the second spot with a 31% IRR, despite nearly doubling its loss to INR 618.82 Cr in FY23.

PayU India, a significant player in the fintech sector, demonstrated robust performance by delivering returns surpassing 30%. The company showcased notable strides in profitability, achieving a 32% year-on-year revenue growth to $497 million in the initial half of FY24. During the same period, consolidated trading losses decreased by 72.5% year-on-year to $22 million. Prosus emphasized PayU's impressive expansion in consolidated payments and fintech segments in its investor presentation. Eruditus, an edtech platform, reported an IRR of 22%, while Swiggy, a major player in food technology, achieved a 7% IRR in H1 FY24. Prosus attributed Swiggy's positive returns to significant growth in Gross Merchandise Value (GMV) and a reduction in trading losses. Swiggy's primary food-delivery business exhibited a 17% growth, amassing a GMV of $1.43 billion in the initial six months of the year. Additionally, the core food-delivery EBITDA losses in H1 FY24 decreased by 89%, driven by enhancements in contribution margin and operational efficiency.

Nonetheless, not all investments in the Prosus portfolio exhibited uniform performance. PharmEasy, a prominent e-pharmacy, emerged as the largest underperformer with an IRR of -41% in H1 FY24. Similarly, troubled edtech unicorn BYJU’S faced challenges, reporting an IRR of -24% during the same period. Prosus marked down BYJU’S valuation significantly on its financial records to under $3 billion, marking an 85% decline from its previous valuation of $22 billion. This varied performance underscores the shifting market sentiment and startups' renewed emphasis on profitability and sustainability. Despite this, Prosus reported an operating loss of $415 million in H1 FY24, compared to $329 million in H1 FY23. These losses were primarily due to recognizing impairment losses associated with edtech investments.