Prosus is Hunry for Venure Capital Returns in Food Space
The Emerging Markets Are Red Hot for Food Delivery
Prosus Ventures, the VC arm of Prosus NV, will continue to make investments in the food delivery space. A new report from Reuters suggests that the company is ready to double down on firms like Just Eat.
Reuters report shows that the firm has large stakes already in delivery startups in Brazil, Germany, India.
Prosus Group now owns stakes in Brazilian food delivery startup iFood, Germany’s Delivery Hero and India’s Swiggy. However, none of these companies are even close to being profitable right now.
Prosus Ventures Investment in India
Prosus Ventures CEOLarry Illg said that the firm has invested about $5 billion for the technological holy grail in India. The CEO is seeking something to rival Prosus’ investment in Tencent, a social media giant that is now worth $130 million.
“We love the space (food tech and food delivery)… Will we do more? Absolutely,” Illg told Reuters. “The opportunity being larger outside the West than in the West in markets like Brazil and India.”
Its parent company has been trying to purchase Just Eat. Prosus offered $6.3 billion for the online delivery firm. That topped the $5.9 billion bid from Takeaway.com.
Finally, Prosus Ventures has backed a number of companies in the food delivery space, including Delivery Hero, iFood, and Swiggy.
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