Africa's better future
Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.Lost your password? Please enter your username or email address. You will receive a link to create a new password via email.Scooting around: Naspers/Prosus has invested in Swiggy, the fast food and grocery delivery service based in Bangalore, India, and is looking to do more.
Ironically, a planned journey is not what Naspers took on the subcontinent. But in recent years the company has shown a much clearer itinerary, pouring more money into India than anywhere else. Mix it up properly and you have a potent cocktail of digital life in China. And this dop was really what got the party started for Naspers. The group pocketed billions in dividends and realised many billions more in selling down its stake from the nearly 34% it held half a decade ago to 25% today. What it has left is still worth about $100 billion. Not bad for an initial investment of $32 million made 22 years ago.
The board has now empowered him to drive a strategy that makes it clearer that the investments in Brazil’s iFood, online classifieds firm OLX and the Indian businesses are actually worth tens of billions of dollars. Value that has been overshadowed by Tencent for a decade. With Swiggy, Naspers/Prosus holds less sway. But the tone from the top is that it will look seriously at supporting a listing if it is in the best interest of the company. That’s investment banker speak for “ja, well, no, fine”.
Just think, if you are in the tech business, cheap engineers come in handy. Even better is an ecosystem where startups are launched regularly. It means that all the skills needed to build a new giant — from management, to investor savviness, to regulatory understanding — are present.That is also why Naspers has backed some earlier-stage entrepreneurs in the country.
The reason Naspers is so bullish on India is that the nation itself has been investing heavily in infrastructure. This Unified Payments Interface was developed by an Indian state entity, but it is there for all to use. And 300 million people are already transacting through it.
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