PayU to BlueStone: Prosus eyes major IPOs in Indian portfolio in next 18 months

Global investment giant Prosus has announced plans to take five of its Indian portfolio companies public within the next 12 to 18 months. This strategy was outlined during an analyst call on December 2, as the Dutch investment group unveiled its results for the first half of 2025.

The companies in the Indian portfolio of Prosus, which could go public soon include PayU, a digital payments company wholly-owned by Prosus, e-commerce platform Meesho and the omnichannel jewellery retailer BlueStone. These three companies are poised to be among the first to go public, according to reports.

“We are going to crystallise the value of what we have through our investments, and our big focus now is India,” said Fabricio Bloisi, group CEO at Prosus in a post-earnings media call.

This move comes after the group’s success with the IPO of food delivery giant Swiggy, which raised $1.34 billion and marked 2024’s largest technology IPO globally.

Prosus, which holds a significant stake in Swiggy, netted $2 billion in profits from this initial public offering.

Prosus' decision to pursue more IPOs comes at a time when the Indian market is seeing a rise in public listings. According to recent reports, over 20 Indian startups are gearing up for IPOs in 2025.

Key players on the list include Inframarket and Zetwerk—both of which operate B2B marketplaces, CaptainFresh in the farm-to-table sector, and UrbanCompany. Other potential IPO-bound companies could be security service providers OneAssist, and Magicpin, which bridges offline and online retail.

Potential IPO-bound companies in Prosus portfolio

Other companies poised for a 2025 listing include the quick commerce major Zepto, coworking space provider Table Space and industrial platform Ofbusiness. Additionally, companies in the pipeline to go public are Rebel Foods, logistics provider Porter, investment app Groww, mattress retailer Wakefit, automotive platform CarDekho, SaaS firm Capillary, and payments company Pine Labs, although some IPOs might be delayed until 2026.

In addition to planning IPOs, Prosus has been deepening its investment footprint in India. In recent weeks, the company invested around $180 million across two new deals. It acquired a 10.65% stake in the supply chain financing platform Mintifi for $79.9 million and a 7.8% stake in housing finance company Vastu for around $100 million.