Prosus
{{Short description|Internet Investment division of Naspers}}
{{Infobox company
| name = Prosus N.V.
| logo = Prosus logo.svg
| type = Public
| traded_as = {{EuronextAmsterdam|PRX|NL0013654783|XAMS}}
{{JSE|PRX}}
A2X: PRX
AEX component
| ISIN = {{ISIN|sl=n|pl=y|NL0013654783}}
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| location_city = Amsterdam
| location_country = Netherlands
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| area_served = Worldwide
| key_people = Koos Bekker
(chairman)
Fabricio Bloisi (CEO){{cite news|url=https://www.reuters.com/technology/naspers-prosus-ceo-bob-van-dijk-steps-down-2023-09-18/|title=CEO Steps Down|date=18 September 2023|work=Reuters}}
Basil Sgourdos
(CFO)
| industry = Investments
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| num_employees = 15,677{{Cite web|url=http://ww38.newglobaltechgroup.com/media/1083/amco-11006822-v1-prosus_n_v__prospectus.pdf|title=newglobaltechgroup.com|website=ww38.newglobaltechgroup.com}}
| parent = Naspers Limited
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| homepage = {{URL|Prosus.com}}
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Prosus N.V. is a global investment group that invests and operates across sectors and markets with long-term growth potential. It is among the largest technology investors in the world.{{cite web |date= |title=Update on repurchase program |url=https://www.prosus.com/news/update-on-repurchase-programme-060922/ |website=prosus.com}}
Prosus has invested across multiple verticals,{{Jargon inline|date=July 2024}} including social / gaming, classifieds, payments, financial technology, educational technology, food delivery, and ecommerce.{{Cite web |last=Schulze |first=Elizabeth |date=September 11, 2019 |title=A $100 billion tech company you've never heard of just listed in Europe |url=https://www.cnbc.com/2019/09/11/naspers-prosus-lists-in-amsterdam-at-100-billion-valuation.html |website=CNBC}} Products and services of its businesses and investments are used by more than 1.5 billion people in 89 markets.
Prosus is majority-owned by South African multinational Naspers.{{Cite web |last=Wexler |first=Alexandra |date=September 11, 2019 |title=Introducing Prosus: A Rare European Mega-Tech Stock |url=https://www.wsj.com/articles/introducing-prosus-a-rare-european-mega-tech-company-stock-11568200484 |via=www.wsj.com}} In September 2019, Prosus's ordinary shares were listed on Euronext Amsterdam and, as a secondary inward-listing, on the Johannesburg Stock Exchange.{{Cite web|title=Prosus - About|url=https://www.prosus.com/about|access-date=2021-07-13|website=www.prosus.com}} Subsequent to its {{abbrlink|IPO|Initial public offering}}, Prosus became the largest consumer Internet company in Europe by asset value.{{Cite web|url=https://www.dutchnews.nl/news/businesswire/naspers-announces-revised-timetable-for-the-listing-of-prosus-on-euronext-amsterdam-and-jse/|title=Naspers Announces Revised Timetable for the Listing of Prosus on Euronext Amsterdam and JSE|date=Jul 19, 2019|accessdate=Oct 24, 2022}} Shares in the company were reported to have "soared on debut,"{{Cite news |title=Prosus debut creates €120bn European tech giant |url=https://www.ft.com/content/31f17450-d49e-11e9-a0bd-ab8ec6435630 |newspaper=Financial Times|date=11 September 2019 }} although the company was trading at a significant discount to the value of its portfolio.{{Cite web|date=2021-05-12|title=Naspers, Prosus launch share swap deal to shrink S.Africa discount|url=https://www.reuters.com/technology/prosus-buy-shares-parent-naspers-valuations-lag-tencent-stake-2021-05-12/|access-date=2021-07-13|website=Reuters}}
Business
Image:Campus Duisenberg school of finance.jpg business district in Amsterdam.]]
The group's expansion into Internet platforms began in the 1990s, spanning various tech investments,{{Cite web |title=Our portfolio |url=https://www.prosus.com/our-portfolio |access-date=2024-08-12 |website=www.prosus.com |language=en}} including:
- Social – Tencent (26.16%){{Cite web |title=prosus 2022 annual report |url=https://www.prosusreport2023.com/pdf/AR-2023-full-spreads.pdf |archive-date= |access-date=25 September 2023}}
- Classifieds – OLX (100%), EPMG
- Fintech – PayU (98.8%), Remitly (19.4%), Red Dot Payment, BUX
- Food – iFood (100%),{{Cite web |title=Prosus to acquire remaining stake in iFood from Just Eat |url=https://goprosus.com/3QWUc8a |access-date=2022-08-20 |website=Prosus |language=en}} Delivery Hero (22.3%), Swiggy (38.8%), Oda, Flink, Wolt, Foodics, Sharebite, Facily
- EdTech – Stack Overflow,{{cite news |last=Dummett |first=Ben |date=2 June 2021 |title=Stack Overflow Sold to Tech Giant Prosus for $1.8 Billion |publisher=Wall Street Journal |url=https://www.wsj.com/articles/software-developer-community-stack-overflow-sold-to-tech-giant-prosus-for-1-8-billion-11622648400 |access-date=2 June 2021}} Brainly, Udemy, Skillsoft, GoStudent, GoodHabitz, Eruditus, BYJU' Platzi, eduMe, and SoloLearn
- Ecommerce – eMAG (80.1%), Meesho, Mensa Brands, PharmEasy, Ula, ElasticRun, merXu, The Good Glamm Group
- Travel – Ctrip (6%)
- Mobility / Logistics – Bykea,{{cite news | last =Singh | first =Manish | title =Prosus Ventures leads $13 million investment in Pakistan's ride-hailing giant Bykea | publisher =techcrunch.com| date =30 September 2020 | url =
https://techcrunch.com/2020/09/30/prosus-ventures-leads-13-million-investment-in-pakistan-ride-hailing-giant-bykea/ | access-date =30 September 2020}} 99minutos, QuickRide, Dott, Shipper
Prosus is best known for its investments in Tencent, dating back to a 45% share in 2001.{{Cite news|last=Jolanda van de Beld|title=Gouden aankoop brengt Prosus in de problemen|url=https://www.nrc.nl/nieuws/2021/07/12/gouden-aankoop-brengt-prosus-in-de-problemen-a4050658|access-date=2021-07-13|website=NRC|date=12 July 2021 |language=nl}} In 2019 the company attempted to acquire Just Eat, but lost the bidding war to Takeaway.com.{{Cite news|title=Takeaway overtreft bod Prosus voor Just Eat|url=https://www.nrc.nl/nieuws/2019/12/19/takeaway-overtreft-bod-prosus-voor-just-eat-a3984459|access-date=2021-07-13|website=NRC|date=19 December 2019 |language=nl |last1=Pijpker |first1=Joost }}
On February 24th 2025 the company announced it reached an agreement to acquire Just Eat Takeaway.com for €4.1 bln. in cash. {{Cite news|title=Just Eat Takeaway.com and Prosus agree on recommended EUR 20.30 per Share all-cash offer equivalent to EUR 4.1bn|url=https://newsroom.justeattakeaway.com/en-WW/247234-just-eat-takeaway-com-and-prosus-agree-on-recommended-eur-20-30-per-share-all-cash-offer-equivalent-to-eur-4-1bn-for-100-of-the-shares/|access-date=2025-02-24|website=takeaway.com|language=en}}
In March 2022, Prosus announced it was writing off its 25.9% stake (worth approximately US$700m) in social media company VK after VK's CEO Vladimir Kirienko was put on a U.S. sanctions list.{{cite news|title=Prosus to write off $700 mln stake in Russia's VK Group|date=7 March 2022|publisher=Reuters|url=https://www.reuters.com/business/finance/dutch-investor-prosus-write-off-700-million-stake-vk-group-2022-03-07/}}{{Cite web|url=https://www.prosus.com/news/directors-resign-from-vk-board/|title=Directors resign from VK board|website=Directors resign from VK board|accessdate=Oct 24, 2022}}
In December 2024, Prosus announced it had entered into an agreement to acquire Despegar, a Latin American travel agency, for USD 1.7 billion.{{cite web|url=https://www.prosus.com/news-insights/group-updates/2024/prosus-to-acquire-latin-americas-leading-online-travel-agency-despegar|title=Prosus to acquire Latin America's leading online travel agency Despegar|accessdate=March 19, 2025}}
Controversy
Following the Russian invasion of Ukraine in February 2022, many international companies, particularly Western, pulled out of Russia. Unlike most of its Western competitors, Prosus was slow to announce any disinvestments or scaling back of its operations in Russia. It was criticised in particular with regard to its Avito platform (a subsidiary of OLX), which, among other activities, provided classified advertising services that were used by the Russian army for recruiting purposes.{{Cite web |last=Pikuła |first=Rafał |date=18 March 2022 |title=Firma powiązana z Grupą OLX pomaga w rekrutacji do rosyjskiej armii. Z rynku wycofać się nie chce |url=https://wyborcza.biz/biznes/7,177151,28232719,w-rosji-agentow-i-zolnierzy-szukaja-na-portalu-ogloszeniowym.html?_ga=2.246186564.1580742584.1646745852-188646076.1645893461&disableRedirects=true |access-date=2022-03-18 |website=wyborcza.biz |language=pl}}{{Cite web |last=Khumalo |first=Sibongile |title='Too early' to decide fate of Naspers-owned Russian classified ads business |url=https://www.news24.com/fin24/companies/ict/too-early-to-decide-fate-of-naspers-owned-russian-classified-ads-business-20220301 |access-date=2022-03-18 |website=Fin24 |language=en-US}} In October 2022, Prosus agreed to sell Avito service to Kismet Capital Group for $2.4 bln.{{Cite web| url=https://www.reuters.com/technology/prosus-says-it-will-sell-russian-classifieds-business-24b-2022-10-14/ | title=Prosus to sell Russian classifieds business Avito to Kismet for $2.4B | first=Toby | last=Sterling | publisher=Reuters | lang=en| date=October 14, 2022}}
Acquisitions
References
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External links
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