Prosus India posts $781 million revenue in FY26, turns adjusted EBITDA positive

Prosus's India business has reported revenue of $781 million in FY26 and achieved adjusted EBITDA profitability, marking a significant milestone for the Dutch tech investment conglomerate's largest emerging-market bet, according to Entrackr. The result reflects years of pressure on Prosus-backed companies to move toward financial sustainability after a prolonged period of growth-at-all-costs investment.

The India portfolio, however, tells two starkly contrasting stories. PayU, Prosus's payments arm, is profitable and generating healthy returns, while Swiggy, the food and quick-commerce delivery platform, continues to burn cash at scale. The aggregate EBITDA positivity is therefore a blended outcome, with PayU's profits outweighing Swiggy's ongoing losses at the adjusted level.

For Swiggy, which listed on Indian stock exchanges in late 2024, the continued cash burn is a concern for public market shareholders who are watching closely for a credible path to profitability. The company competes fiercely with Zomato in food delivery and with Blinkit and Zepto in quick commerce — a three-way battle that has kept marketing and logistics costs elevated across the industry.

The FY26 results position Prosus's India portfolio as a maturing asset base even if parts of it remain loss-making. For the broader Indian startup ecosystem, the Prosus numbers serve as a data point in the ongoing narrative shift from valuation-led growth to profitability-led resilience — a theme that is now central to how both investors and founders think about building companies in India.