Prosus India revenue up 13% to $781M; PayU turns profitable as Swiggy quick-commerce drags
Prosus' India FY26 revenue rose 13% to $781M. PayU swung to +$18M aEBITDA from -$25M, contributing ~25% of India online payments revenue. Swiggy GOV jumped 46% in CY2025 with 24.3M MTUs, but quick-commerce losses offset gains as Instamart scaled to 1,136 dark stores at -2.5% contribution margin.
Prosus' India revenue rose 13% to $781M in FY26. PayU turned profitable with $18M aEBITDA, while Swiggy's quick-commerce investment offset gains. Instamart expanded to 1,136 dark stores with improving margins; Rapido and ixigo show strong momentum.
Why this matters
Reinforces the pattern where PayU's payments discipline offsets Swiggy's widening quick-commerce burn, as Instamart's dark-store expansion keeps contribution margins negative despite strong GOV growth.
retail-company: steady with 4,067 signals in 90d