Latest news with #Prosus-backed
Mint
24-05-2025
- Business
- Mint
You've heard of LLMs. Prosus is building its own LCM for commercial smarts.
Dutch technology investment firm Prosus NV is building its own 'large commerce model" to help its portfolio companies do business better, according to a top company executive. 'We're showing our large commerce model how users are traversing our portfolio companies' applications," said Paul van der Boor, vice president of AI at Prosus. He explained it as taking the various touchpoints of a user's journey through an app—from opening the app to raising complaints to getting queries answered—and using all of them to create a model that contains 'commercial intelligence". 'When you have a model like that, that is created on a subset of users' interactions with an app, there are other group companies that can use that model to understand how to better help that customer," said Boor. 'We're trying to learn commercial intelligence based on all the interactions we can piece together. So when a new interaction comes in, we can predict what happens there." Prosus has already begun testing this model with iFood, the Brazilian food delivery startup that was earlier led by Prosus's new chief executive officer Fabricio Bloisi, and OLX, a classified advertising company. Boor expects lessons learnt from implementing the commercial intelligence model in Latin America and Europe will help Prosus' group companies. 'We've already done a couple of tests where we know it expands outside of food. The idea is that, at least today, in iFood, one model exists that can help with a whole range of tasks for their constituents," Boor said. Also read | Prosus to take PE style bets, India one of three focus areas AI in Prosus's portfolio companies Prosus sees the current version of its large commerce model (LCM) as akin to OpenAI's ChatGPT-2, which was released in 2019. 'We know we have a path to get to the GPT-4 level, so we're taking it step by step," Boor said. Going forward, the investment firm expects that both existing and new companies in its portfolio to have an AI-first approach. The shift comes alongside a more focused attitude towards investing as well since Bloisi took charge as CEO of Prosus 10 months ago. Prosus-backed Swiggy Ltd, for example, uses various AI models from the minute a user opens the app as the Bengaluru-headquartered company seeks to make its food-delivery and quick-commerce experience highly personalised—such as preferred foods, restaurants, and delivery time. 'We will encourage those use cases across our whole group of companies. We know it works because of iFood in Brazil, we've seen it in Poland, and we encourage it here in India and the other way around," Boor said. Also read | After lip-smacking Swiggy IPO, Prosus prepares for its next hit Beyond artificial intelligence Alongside its deeper investments in AI, Prosus expects a few other technology aspects to play a big role in its investment decisions. 'Agentic systems that can reason, that can do multiple tasks, and shop with or for you is a big thing. Our thesis is that agents will work for you to help you find what you need," said Boor. 'Second is that we expect all of the user interfaces to change as a result of multi-modality." Multi-modality allows people to use an app through text, voice and even pictures. Prosus expects voice to emerge as a big factor in user experience. Bengaluru-based e-commerce firm Meesho, for example, deploys several AI agents across the customer service workflow, including a voice bot for customer service that currently serves users in Hindi and English. 'We've already seen that in Brazil. It's similar to India because people there are naturally inclined to use AI. It offers a huge opportunity as one of the big factors and how to change the form factor of technology using AI," said Boor. Prosus's notable AI investments this year include participating in a $13.5 million funding round in Luzia, a Spanish AI-based personal assistant app, earlier this month; a $7.25 million seed check to another Latin American personal assistant app called Zapia; and leading a $54 million Series-B funding in Taktile, a decision automation platform. Prosus also closed its $1.7 billion acquisition of Despegar, a Latin American AI-first travel agency, this year. In India, the Dutch firm pumped in nearly $30 million into ride-hailing platform Rapido in February. Last year, Prosus invested $100 million in Mumbai-based Vastu Housing Finance Corp. Ltd and acquired a 10.65% stake for $80 million in supply chain financing startup Mintifi. Also read | Groww to acquire Prosus-backed Fisdom for around $150 million
Time of India
13-05-2025
- Business
- Time of India
PayU gets final nod from RBI to process online business payments
Merchant payment company PayU has secured the final approval from the Reserve Bank of India (RBI) to operate as an online payment aggregator (PA). The RBI granted the licence on May 13. This comes more than a year after the Prosus-backed firm received the in-principle approval from the banking regulator to operate this business. It had started onboarding new merchants since then. PayU is a subsidiary of Prosus , which is the Netherlands-listed fintech arm of South African technology investor Naspers. 'As we move forward, we remain dedicated to building a resilient, compliant, inclusive, and innovation-driven institution—one that serves merchants of all sizes,' said a PayU spokesperson. PayU joins the likes of BillDesk , CCAvenue, Razorpay and Cashfree, which have all received the Online-PA licence from the central bank over the last one year. Zaakpay, which is run by MobiKwik, was one of the last major players to get this licence in April, 2025. Digital payments major PayU, one of the earliest online payment companies in India, was asked by the central bank to stop onboarding new merchants in 2022. Then again in 2023, ET reported that PayU's application for the PA licence was returned, and it was asked to apply afresh. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories The company then went on a reorganisation spree, selling off its Global Payments Unit to Rapyd for $610 million. It consolidated its India and Southeast Asia business under PayU India and appointed Anirban Mukherjee as its chief executive officer. Beyond payments, PayU offers credit services and also actively invests in emerging companies. While the firm faced a slowdown in business through 2022-23, it restarted onboarding new merchants in 2024. In the financial year 2024, PayU reported overall revenue of $444 million, an 11% jump from $399 million in the previous financial year. India contributed 46% of its overall revenues and 60% of its total payments value in the last fiscal.
Time of India
08-05-2025
- Business
- Time of India
Invested $8.6 billion in India, continue to see a lot of opportunity: Prosus CEO Fabricio Bloisi
Prosus remains bullish on India, having invested $8.6 billion and seeing significant opportunities. Swiggy's successful IPO, where Prosus offloaded a 5% stake for over $500 million, highlights this potential. Further investments, like the one in Rapido, and upcoming IPOs for Bluestone and Urban Company, signal continued confidence in the Indian market. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Dutch technology investment firm Prosus has invested $8.6 billion in India and still sees 'a lot of opportunity' in the market, CEO Fabricio Bloisi said in a letter to shareholders on highlighted its portfolio company Swiggy 's public listing in November 2024, and Prosus' $30 million investment in ride-hailing platform Rapido as key milestones during the last financial year.'India presents Prosus with incredible opportunity. In late 2024, Swiggy achieved a major milestone by going public. Recently, we invested in Rapido which is growing more than 100% year-on-year in ride-hailing and doing more than 3 million rides per day,' Bloisi Swiggy's initial public offering (IPO), Prosus had offloaded 5% shares in the food and grocery delivery company worth over $500 million – recovering more than half of its total investment of around $1 billion, which it made over multiple rounds, by selling less than one-fifth of its of Thursday, Prosus' 25% stake in Swiggy is worth $2.2 billion.'We have invested $8.6 billion in India, we have seen a very good return already, and we continue to see a lot of opportunity in the region,' Bloisi noted in the shareholder letter. Prosus will post its fiscal 2025 earnings in June. Bloisi was named Prosus CEO in May last year, replacing interim CEO Ervin had reported earlier that Rapido is also entering the food delivery space mounting a challenge to incumbents Zomato and Swiggy, which is also an investor in the Bengaluru-based bike taxi ahead, two more Prosus-backed companies are planning to go public. Omnichannel jewellery retailer Bluestone has received a nod from the markets regulator for its public offering, while at-home services platform Urban Company filed its draft prospectus last month. Ecommerce platform Meesho is also working towards its public markets debut, and has hired merchant bankers for the issue.'Keeping our discipline is as important as thinking big, and active portfolio management remains a priority as we aim to maximise value for all stakeholders. We made important moves during the year, bringing in almost $2.4 billion through trimming our position in Swiggy at its listing, selling our stakes in Trip and Tazz, trimming of our position in Udemy and completing the sale of our payments business in Latin America and Africa. We will continue to actively manage our portfolio,' he an August 2024 interview with ET on his first India visit since becoming Prosus CEO , Bloisi had said that the investment firm as well as its parent Naspers he will continue to back early-to-late stage companies in the country despite the $500 million write-off incurred due to the collapse of its once high-flying portfolio firm, Byju' had also mentioned at the time that Prosus was exploring opportunities in the rapidly growing generative AI space, investing in online marketplaces, and supporting startups focused on reaching the next 300 million users in the country.
Yahoo
19-03-2025
- Business
- Yahoo
BRISKPE Secures RBI's In-Principle Authorisation to Operate as PA-CB for Exports and Imports
MUMBAI, India, March 19, 2025 /PRNewswire/ -- BRISKPE, a Prosus-backed cross-border payments platform, has reached a major milestone by securing the Reserve Bank of India's (RBI) in-principle Payment Aggregator – Cross Border (PA-CB) authorisation. The authorisation enables BRISKPE to operate as a dedicated PA-CB for both exports and, crucially, imports under the Payment and Settlement Systems Act, 2007. As one of the first platforms to solely focus exclusively on cross-border payments, BRISKPE aligns with the RBI's updated regulatory framework introduced in October 2023. This milestone paves the way for faster, safer, and more cost-effective global transactions for Indian businesses. With this approval, BRISKPE is now equipped to provide seamless solutions for businesses struggling with inefficient international payment systems. The platform currently processes 10,000 transactions in a month for its export-oriented services and with imports coming in, it expects it to go up to 1 lakh transactions by end of next financial year. "Receiving the RBI's in-principle PA-CB authorisation, especially encompassing both exports and imports, is a transformative moment for BRISKPE and Indian businesses engaged in global trade," said Sanjay Tripathy, CEO of BRISKPE, adding, "We are committed to simplifying and securing cross-border transactions, and this authorisation validates our dedication to regulatory compliance and innovation. By enabling seamless import and export payments, we are unlocking new growth opportunities for Indian enterprises." Secure, Compliant, and Seamless Global Transactions The RBI's PA-CB framework is designed to fortify the security and transparency of cross-border transactions, ensuring that only robust and compliant entities operate within this critical space. BRISKPE's adherence to stringent regulatory requirements, including registration with the Financial Intelligence Unit-India (FIU-IND) and meeting the stipulated net worth criteria, underscores its commitment to maintaining the highest standards of operational integrity. BRISKPE will operate Import Collection Accounts (ICA) and Export Collection Accounts (ECA) with AD Category-I banks, facilitating regulated fund management. This ensures that import and export payments are processed through secure escrow accounts, enhancing transaction security and compliance. Addressing Key Challenges for Exporters and Importers Beyond facilitating secure transactions, BRISKPE is dedicated to rigorous KYC norms, merchant due diligence, and real-time transaction monitoring, safeguarding India's expanding digital trade ecosystem. Through partnerships with leading banks and financial institutions, BRISKPE offers a comprehensive suite of services that simplify every stage of international transactions, including remittance processing, digital onboarding, and E-FIRA & E-BRC certification. For Indian exporters, the benefits extend beyond just cost savings. The ability to receive payments faster, with complete compliance, ensures enhanced cash flows and greater financial stability. Indian importers, on the other hand, can use BRISKPE's reliable and transparent platform to make timely payments to international suppliers, reducing the risk of delays and ensuring smooth supply chain operations. With the RBI's in-principle PA-CB authorisation, BRISKPE is set to redefine the landscape of cross-border payments. By eliminating inefficiencies, ensuring compliance, and reducing transaction costs, BRISKPE empowers Indian businesses to thrive in the global marketplace. "As global digital trade grows, seamless and secure international payments are no longer optional—they're essential. We are empowering MSME exporters and importers with faster, transparent, and cost-effective payments. By streamlining transactions, we're not just moving money—we're unlocking global opportunities for Indian businesses," adds Tripathy. About BRISKPE BRISKPE is transforming cross-border payments for MSME exporters, and importers, making global transactions faster, more cost-effective, and seamless. Launched in 2023, BRISKPE leverages cutting-edge technology to provide real-time tracking, local virtual accounts, competitive forex rates, and bank-grade compliance. With a strong focus on efficiency and transparency, BRISKPE simplifies inward and outward remittances, helping businesses reduce costs, improve cash flow, and navigate global payments with ease. Whether you're receiving payments from international clients or paying overseas suppliers, BRISKPE ensures a hassle-free, secure, and scalable payment experience. Media Contact:Sayoni Photo: View original content to download multimedia:
