Global technology investor Prosus, which has backed Indian startups like Swiggy, PayU, Meesho and Byju’s, is doubling down on its commitment to the country even as other major global funds recalibrate their exposure. Fabricio Bloisi, CEO, in an interview with Anees Hussain & Ayanti Bera, outlines why India remains a strategic priority, how artificial intelligence is central to its next wave of bets, and why setbacks like Byju’s haven’t dulled its appetite for bold, long-term investments. Excerpts:
Q Why is India such a critical market for Prosus? How aggressive will your expansion be?
India isn’t just another stop for us, it’s essential. We have already invested $9 billion here, and we are planning to invest several billion more. We see India as a market where we can replicate the kind of ecosystem we have built in Latin America and Europe. Currently, we are invested in 35 companies in India, and we expect to add at least 10 to 15 more. With around $12 billion in net cash, we have the flexibility to do deals ranging from $10 million to a few billion dollars.
Q You have said India can create a $50 billion company. What drives that belief?
Too often, people think about growing 2x. I believe we should think in terms of 10x. Look at China, it has multiple companies worth $600 billion. India has the same potential. I am not here just to make returns, I want to help build a $50 billion company in India. The market has the population scale and digital adoption to make that happen. It’s the right place to take bold bets and create companies with massive societal impact.
Q AI is a hot theme globally. How does it factor into your India plans?
AI is as big as the industrial revolution. Across our companies, we are already running 500 to 800 AI models. Internally, we are building a large commerce model, which is an AI system trained on all our global commerce data. In Brazil, when we let AI run our marketing communications, conversion rates jumped by 160%. The US might be over-investing in AI infrastructure, but India is under-investing. That’s where we see a big opportunity. We want to be the ones bringing that investment muscle into India.
Q Beyond e-commerce, which sectors look most promising to you in India?
Education and healthcare are both massive white spaces. India has hundreds of millions who need better education, and AI can personalise learning at scale. Imagine a personal tutor that adapts to each child’s style. In healthcare, AI can empower a nurse in a remote village with access to the world’s best medical knowledge. India’s already shown how tech can be used for public services with Aadhaar. If that approach is applied to health and education, the disruption could be transformative.
Q Your India portfolio has underperformed compared to other markets. What’s your view on that?
As an entrepreneur, I have built 200 things and watched 180 fail. That’s part of innovation. We lost money in edtech, particularly in Byju’s, but we have made significant gains in companies like Swiggy and Meesho. Failure won’t make us less bold. In fact, AI gives us a fresh chance to transform even troubled sectors like edtech. We are in this for the long term.
Q Can we expect IPOs from your India portfolio soon?
Yes, about five companies are likely to go public in the next 12 to 18 months. Some of our firms are already very close to IPO-ready, including PayU. But we are not rushing them. If they need more time, we are ready to support them with additional capital. We want them to go public when they are truly ready, not just because the market says it’s time.
Q While others like Sequoia and Tiger Global have scaled back in India, you are going the other way. Why?
That in fact creates more space for us. Those firms are focusing more on Silicon Valley, where they see quicker returns. But our thesis is different. We believe incredible innovation can come from outside Silicon Valley. We are not a fund that needs to return money in seven years. We can take a 10-to-30-year view. That’s a big advantage, and we are using it to back Indian entrepreneurs for the long haul.
Q What’s your broader investment philosophy for India?
We like high-frequency businesses, like food delivery and payments, as the base. Then we build adjacencies like e-commerce or consumer experiences on top of that. We also look for synergies between companies. One company’s growth can accelerate another’s through our ecosystem. And we firmly believe in India-first solutions, not just copy-pasting Silicon Valley models.
Q Any limit on how much more you are willing to invest in India?
There’s no cap. We go where the opportunities are. In the last five months alone, we spent $6 billion on acquisitions – $1 billion in Latin America and $5 billion in Europe. If similar opportunities come up in India, we are ready. When the time is right, we will move decisively.