PayU’s payments and credit businesses powered the turnaround, while Prosus India said its portfolio is starting to show stronger links across Swiggy, Meesho, Rapido and ixigo.
Prosus’ India business reported a stronger financial year, with revenue rising 13 percent year-on-year to $781 million in FY26, helped by a sharp improvement at PayU India and continued growth across its wider consumer internet portfolio.
The India business includes PayU and Prosus’ investments in companies such as Swiggy, Meesho, Rapido and ixigo. The year’s biggest shift came from PayU, which moved into adjusted EBITDA profitability after gains in both payments and credit.
PayU India posted adjusted EBITDA of $18 million in FY26. Its payments business remained the main revenue driver, while the credit business also turned around after a loss in the previous year.
The payments unit processed $90 billion in total payment value during the year, up 15 percent from FY25. Transaction volumes rose faster, increasing 49 percent, helped by lower-ticket, UPI-heavy use cases such as quick commerce and bill payments.
Payments revenue grew 10 percent to $577 million, making up 74 percent of PayU’s total revenue. Adjusted EBITDA from the payments business rose four-fold to $12 million, supported by higher-margin value-added services and software-as-a-service offerings, which contributed 33 percent of payments revenue.
PayU’s credit business also improved. Revenue from the segment grew 19 percent to $204 million, while adjusted EBITDA stood at $6 million. In FY25, the credit business had reported an adjusted EBITDA loss of $28 million.
The improvement came as PayU shifted towards a partnership-led, digital-only lending model. Its net loss rate improved to 4 percent from 5 percent a year earlier.
Prosus also pointed to the role of Mindgate and Wibmo in strengthening PayU’s infrastructure. The two businesses now help banks in India process one in every two UPI transactions and three in every four credit card transactions.
PayU has also used the Mindgate acquisition to build its own third-party application provider stack and person-to-merchant switch. Prosus said this has improved transaction success rates and could support new UPI-led services for merchants.
Outside fintech, Swiggy continued to grow across food delivery and quick commerce. Prosus said Swiggy’s gross order value rose 46 percent between January and December 2025, while monthly transacting users increased 37 percent year-on-year to 24.3 million.
Swiggy’s food delivery business more than doubled its adjusted EBITDA, although higher investments in quick commerce weighed on the broader picture. Food delivery gross order value grew 19 percent, helped by new offerings such as Bolt, One BLCK, Food on Train and 99 Store.
Instamart remained Swiggy’s fastest-growing business. Its gross order value rose 105 percent year-on-year, while the dark-store network expanded to 1,136 stores. Average order value increased 40 percent.
The quick commerce business also showed signs of better unit economics. Its contribution margin improved to minus 2.5 percent of gross order value in the fourth quarter, compared with minus 4.6 percent a year earlier, as Swiggy reduced promotional intensity.
Prosus said it is also seeing deeper links across its India portfolio. PayU’s processing of Swiggy’s gross merchandise value increased five times year-on-year. Its work with Meesho led to more than 100 percent growth in consumer and merchant loan originations within nine months. PayU’s handling of ixigo’s UPI volumes grew 50 percent in one month.
During the year, Prosus acquired a 16.24 percent stake in ixigo and increased its holding in Rapido to 23.52 percent. The company said its Indian e-commerce ecosystem now reaches more than 500 million annual users and processes 450 million orders every month.
For Prosus, the numbers point to a year in which India was not just a growth market, but a portfolio where fintech, food delivery, quick commerce, travel and mobility are becoming more closely connected.
PayU’s move into EBITDA profitability gives that strategy a stronger financial base, while Swiggy, Meesho, Rapido and ixigo continue to expand the consumer reach of the group’s India ecosystem.
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