Tech investor Prosus bets on India to produce a $100 billion company

Prosus, a leading global tech investor primarily owned by South Africa's Naspers, is setting its sights on India, predicting the emergence of a $100 billion tech company in the near future. In a recent interview with CNBC, CEO Fabricio Bloisi expressed optimism about the Indian market, drawing parallels to its past successes with Tencent in China. Prosus, which has already invested approximately $10 billion in various Indian tech firms, aims to replicate the growth trajectory it experienced with Tencent, an investment that started with a $32 million stake in 2001, now valued in the billions. "We believe it's going to be, not a $20 billion company, but a $100 billion company, maybe even a half-trillion dollar company in India," Bloisi stated, emphasizing their long-term investment strategy rather than quick returns. The firm has backed several prominent Indian companies, including PayU, an online payments service, and Meesho, an e-commerce platform. Additionally, it holds nearly a 25% stake in Swiggy, a food delivery service that recently went public. Bloisi highlighted the importance of local market investments, stating that fostering strong domestic markets is crucial for India's tech ecosystem, similar to the paths taken by the U.S. and China. Prosus is also expanding its investment footprint beyond India, targeting major markets in Europe and Latin America. The company is focused on creating interconnected ecosystems, similar to Tencent's approach with WeChat, which combines messaging with various services like payments and food delivery. In Latin America, Prosus's investments include iFood, a Brazilian food delivery service, and OLX Brasil, an online marketplace. Bloisi believes that food delivery and payment services form the backbone of their investment strategy, followed by e-commerce and travel experiences. On the European front, Prosus has proposed a $4.7 billion cash acquisition of Just Eat Takeaway.com and is currently seeking approval from the European Commission. Bloisi expressed confidence that the deal would gain regulatory approval swiftly.