PRX.AS - Prosus N.V

Discussion in 'International Stock Markets' started by Marvan, Jun 23, 2021.

  1. Marvan

    Marvan Well-Known Member

    Joined:
    Mar 16, 2019
    Messages:
    966
    Likes Received:
    98
    AMSTERDAM (Reuters) - The chief executive of Prosus NV, Bob van Dijk, has purchased about $10 million of the company's shares on the open market, the company said on Friday in a statement.

    The CEO's purchases, registered with the Dutch financial markets authority AFM, were 122,750 shares purchased at an average price around 71.90 euros, Prosus said.

    “Buying more Prosus shares reflects my personal conviction that our businesses have had exceptional momentum and that their value is not at all reflected in the stock," Van Dijk said in a statement.


    Prosus shares, which often trade in line with the company's biggest asset, a 28.9% stake in Chinese software giant Tencent, have retreated since reaching a high above 109 euros in February. They closed unchanged in percentage terms on Friday at 70.95 euros.

    (Reporting by Toby Sterling; Editing by Susan Fenton and Louise Heavens)

    https://finance.yahoo.com/news/prosus-ceo-buys-around-10-172053882.html
     
  2. Marvan

    Marvan Well-Known Member

    Joined:
    Mar 16, 2019
    Messages:
    966
    Likes Received:
    98
    iFood, Brazil’s leading “foodtech” company, is well-known for the innovative ways it uses technology to bring consumers, restaurants, and delivery partners together. But while food and technology are the company’s focus, there’s another theme that runs throughout what they do: sustainability. To put that value into action, the company recently made two big commitments.

    The first commitment is two-pronged: to be carbon neutral and have 50% of their deliveries be non-polluting by 2025. The second commitment is to end plastic pollution by 2025.

    The reason for these ambitious commitments is simple, according to iFood’s Head of Sustainability André Borges. “iFood believes companies must do their part to transform the world for the better. The first step toward this goal is for companies to understand the impacts of their business and move toward sustainability.” And that’s exactly what iFood is doing.

    A powerful carbon commitment

    In fact, iFood's promise to be carbon neutral by 2025 has already been fulfilled. This comes through a carbon calculation project that allows iFood to accurately offset emissions that it’s not able to reduce even further through investments in projects to preserve the Amazon Forest.

    Now, iFood is investing heavily in reducing its own emissions through the use of electric and people-powered vehicles. In fact, by March 2022, André expects iFood to make more than one million orders per month in a non-polluting way. “We are on our way to that goal,” he says proudly. However, he knows there is much more work to be done.

    There’s one other key piece of this carbon reduction ambition: regeneration. The regenerating strategy is focused on investing in projects to mitigate or reverse negative environmental impacts.

    André points to a partnership with SOS Mata Atlântica Foundation, a Brazilian NGO dedicated to protecting Brazilian forests. They’ve teamed up with iFood in the planting of seedlings in the “Mata Atlântica” (Atlantic Forest) area, the largest reforestation project in Brazil.

    The project also includes biome monitoring, research studies, public and private engagement, and advocacy on behalf of the regeneration project. The SOS Mata Atlântica Foundation works in 17 states of Brazil and has already planted 40 million seedlings.

    No plastic pollution

    iFood is also dedicated to its goal of zero plastic pollution from operations. The first step is to reduce plastic in shipments to customers. For this, iFood has developed an in-app solution that allows the user to choose whether or not to receive plastic cutlery and straws in their order. Since April of 2021, more than 50 million orders have been shipped without these single-use plastic items.

    The company is also developing sustainable packaging to replace plastic. Sustainable packaging isn’t common in Brazil. In fact, sustainable packaging is almost 10 times more expensive than conventional plastics. “That's why iFood has chosen to invest in R&D in this area,” André explains. “So we can increase our options and reduce the price. We want restaurants to have the right to choose sustainable packaging at a competitive price compared to conventional ones.”

    Other examples of this progressive thinking are the ‘Friends of Nature’ advocacy program in the iFood app for customers and restaurants, as well as consumer education campaigns and co-sponsorship of a ‘Packaging of the Future’ contest for designers and creatives.

    With a successful short-term roadmap and long-term innovative thinking, André is confident that his plastic reduction goal will be met, if not surpassed.

    Beyond the key commitments.

    The carbon and plastic reduction pillars are the centrepieces of iFood’s sustainability strategy, but they’re not the only areas where the company shows its dedication to social responsibility.

    One example is their recycling efforts. iFood has already nearly 100 sponsored waste collection points and has been investing in recycling cooperatives to leverage material volumes.


    iFood is active in food redistribution as well. This is a salient concern in Brazil, where one-third of food produced in the country is wasted, and more than half of the population live with some form of food insecurity.

    “We have an opportunity to better balance this equation,” André says. The Todos à Mesa (Everyone to the Table) campaign sees iFood partnering with Carrefour, Nestle, and M. Dias Banco to redistribute food. They recently managed to get 70 tonnes of food to homes and families that might otherwise have gone without.

    The effects of these initiatives don’t just have a striking impact outside the company, there are knock-on effects on employees as well. André says he’s seeing sustainable projects emerging organically, as a culture of social responsibility takes root.

    As he explains, “Our restaurant experience team has created a program called Chef’s Advantage, where they help restaurants and foodservice businesses green themselves, via solar energy, water efficiency and energy-saving measures. Our stakeholders value our commitment to sustainability, and shows there’s an appetite for these kinds of actions.”

    André has enormous enthusiasm for the work he does. It’s a longstanding passion. “I was always in love with nature as a kid,” he explains. “That’s why I chose the path I did so that I can have a positive impact. My job is to leave the world a better place than I found it. For my son, and also for my grandchildren. iFood allows me not only to dream but to put this dream into action.”

    https://www.prosus.com/news/brazils-ifood-delivers-on-sustainability-goals/
     
  3. Marvan

    Marvan Well-Known Member

    Joined:
    Mar 16, 2019
    Messages:
    966
    Likes Received:
    98
    EduMe raises $20 million led by Prosus to extend category lead in deskless workforce training

    11 January, 2022 -- A leading deskless training platform, EduMe, announced today it has raised $20 million in Series B funding led by Prosus with participation from Workday Ventures, the strategic arm of Workday Inc. Series A lead investor Valo Ventures is also participating in the round. The new funding will allow EduMe to step up investments in product innovation and development, strengthen its leading position in on-demand workforce training, as well as expand its availability to even more deskless verticals in its core U.S. market and globally.

    Well-known brands like Gopuff, Gorillas, Uber and Vodafone have partnered with EduMe to provide their mobile or frontline workforces with personalised training to fit their needs. Creating a successful workforce is at the heart of what EduMe offers its customers, and through sustained innovation, EduMe continues to deliver the necessary tools to improve the effectiveness of the workforce across multiple industries. EduMe customers see significant increases in workforce productivity, retention and safety soon after deploying the platform across their deskless workforce. By creating easily consumable content that can be accessed from anywhere, in the existing flow of their working day, EduMe’s users and customers overcome the typical hurdles deskless businesses can face in training their workforce efficiently and successfully.

    “Currently, 80% of the global workforce is deskless, but the vast majority of them aren’t given the necessary tools and training to be successful,” says Jacob Waern, CEO and Founder of EduMe. “Covid has brought increased urgency and awareness to how critical deskless workers are in our society, from delivery drivers to retail and hospitality staff to healthcare workers, and many more. This is where we step in - delivering technology-enabled access to knowledge, which in turn enables wider workforce success. This investment confirms our position as the category-defining platform for deskless workforce training. It allows us to continue to develop an industry-leading product proposition while accelerating our growth in the US and globally, leading the way for a new generation of workforce learning. We are delighted to welcome our new partners.”

    Denis Nikolaev, Head of Edtech Investments for Prosus comments: “EduMe realised early that the deskless workforce is critically important across multiple global industries and is growing rapidly, yet, has not been served well by existing training solutions. By creating a highly effective mobile training product tailored specifically for deskless workers, EduMe has achieved excellent traction in the on-demand industry that we at Prosus know well, with multiple exciting growth opportunities ahead. We are thrilled to partner with Jacob and the team for the next phase of the company’s growth.”

    “The pandemic has changed the way we work in ways we could have never imagined, and with that there’s an immense need to support the fast-growing industries where employees may not have a traditional desk,” said Mark Peek, managing director and head, Workday Ventures. “We support EduMe because of its innovative training and learning platform that helps organisations navigate change and grow while serving an ever-expanding deskless workforce.

    About EduMe

    EduMe is a mobile-based training platform for the deskless workforce, used by modern companies in more than 60 countries worldwide. By providing their workforce with seamless access to relevant knowledge, companies like Uber, Gopuff, Deliveroo, Gorillas and Vodafone are enabling their people to achieve Workforce Success. EduMe is headquartered in London, UK with offices in Palo Alto and Santa Monica, USA. Visit edume.com to learn more.

    https://www.prosus.com/news/edume-r...category-lead-in-deskless-workforce-training/
     
  4. Marvan

    Marvan Well-Known Member

    Joined:
    Mar 16, 2019
    Messages:
    966
    Likes Received:
    98
    GoStudent raises €300M in series D funding led by Prosus

    Vienna / London, January 11, 2022: Vienna-based GoStudent, which provides one-to-one video-based online tutoring, raised €300M in Series D funding led by new investor Prosus, with additional participation from Deutsche Telekom, SoftBank Vision Fund 2[1], Tencent, Dragoneer, Left Lane Capital and Coatue. The funding comes just seven months after GoStudent became Europe’s first EdTech unicorn, raising a Series C round of €205M in June 2021. Since the company was founded in 2016, it has raised a total of +€590M, and this new round strengthens its position as the highest valued K12 EdTech company in Europe with a €3BN valuation.

    “At GoStudent, our mission has stayed consistent since our founding: to unlock the potential of every student worldwide by enabling students to feel supported in their academic journey,” said Felix Ohswald, Co-Founder and CEO of GoStudent. “Education has seen a whirlwind of change, from remote classrooms to increased academic ambitions, and we believe there is a big opportunity to transform how students learn all over the world by expanding access to quality education. We are thrilled to receive support from both new and existing investors as we continue to revolutionise education worldwide.”

    The new funding will go towards GoStudent’s three central and strategic pillars: international expansion, product expansion through M&A, and increased market share in existing geographies.

    ● Expanding education services across the globe: To achieve its goal of becoming the world leader in the tutoring space, GoStudent will continue driving fast global expansion, expanding to several new countries that demonstrate a significant market opportunity. GoStudent plans to enter a minimum of six markets this year, including new regions such as the US, Asia-Pacific and the MENA-Region.

    ● Growing education offering through M&A: GoStudent is proactively aiming to grow and diversify its range of services through M&A. To enhance the learning experience of K12 students, GoStudent plans to acquire best of breed K12 education services and products to create a cohesive and streamlined learning experience. GoStudent took the first step in expanding its services by acquiring the all-in-one school communication app Fox Education in September 2021.

    ● Increasing market share in existing geographies: GoStudent will continue to invest in existing regions with the goal of increasing penetration in areas where tutoring services are highly fragmented and traditionally offline.

    “Our goal is to disrupt traditional perceptions of the tutoring industry by demonstrating to parents the advantages of choosing a carefully selected online tutor, in turn significantly improving the student learning experience,” says Gregor Müller, Co-Founder and COO at GoStudent.

    “GoStudent has built a highly scalable business offering a superb customer experience. The company is creating a leading global platform for K12 education and the speed at which they are growing is impressive,” commented Fahd Beg, COO, Prosus EdTech. “We are living through a time when technology is transforming education globally and the inspiring vision of founders like Felix and Gregor will reshape how students learn in the future.”

    In 2021, GoStudent expanded to 16 countries, including overseas markets like Canada and Mexico, and opened 19 international office locations. Over the past twelve months, the company has grown its team by +1k employees and +10k tutors and plans to increase its team further by the end of 2022. The number of tutoring sessions booked monthly grew tenfold: while GoStudent recorded 150k tutoring sessions booked per month last January, it surpassed the 1.5M-mark by the end of 2021.

    About GoStudent:

    GoStudent is one of the world-leading online tutoring providers and, with a €3BN valuation, Europe’s highest valued EdTech company. GoStudent was founded in Vienna in 2016 by Felix Ohswald (CEO) and Gregor Müller (COO). Currently, GoStudent is serving customers in 22 countries. Via its platform, GoStudent provides paid, one-to-one, video-based tutoring to primary, secondary and college-aged students in 30+ subjects, using a membership model. Various investors such as Prosus and SoftBank Vision Fund have already invested a total of +590 million euros in the rapidly growing platform. GoStudent employs more than 1,300 people and works with +15,000 tutors. Over 1.5M tutoring sessions are booked each month. Learn more here: www.gostudent.org.

    [1] As of the date of this press release, SoftBank Group Corp. has made capital contributions to allow investment by SoftBank Vision Fund 2 ("SVF 2") in certain portfolio companies. The information included herein is made for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy limited partnership interests in any fund, including SVF 2. SVF 2 has yet to have an external close, and any potential third-party investors shall receive additional information related to any SVF 2 investments prior to closing.

    https://www.prosus.com/news/gostudent-raises-300m-in-series-d-funding-led-by-prosus/
     
  5. Marvan

    Marvan Well-Known Member

    Joined:
    Mar 16, 2019
    Messages:
    966
    Likes Received:
    98
    Aruna raises US$30 million in follow-on Series A funding, with participation from Prosus Ventures

    JAKARTA, INDONESIA, 27 January 2022 - Aruna, Indonesia’s leading fishery and marine platform, has announced a US$30 million Series A follow-on funding led by Vertex Ventures Southeast Asia & India. The round also saw participation from existing investors Prosus Ventures, AC Ventures, East Ventures (Growth Fund), Indogen Capital, SMDV and SIG Venture Capital. This brings the total Series A funding raised to US$65 million (approx. 1 trillion IDR).

    Aruna will use the fresh funds to expand into new geographies in Indonesia and enlarge its market share in the global market. The funding will also be used to invest and bolster hiring to support its goal of building end-to-end technology infrastructure and sustainable fishery practices.

    Founded in 2016, Aruna acts as a one-stop-shop and end-to-end supply chain aggregator that streamlines the process for Indonesia's fishermen to access a global network. The company has witnessed tremendous success over the past five years, having grown 400x from 2017 to 2021, and the existing demand for supply from Aruna’s platform outstrips the current supply by more than five times.

    "The follow-on funding round indicates investor confidence in Indonesia’s potential as the largest maritime country and validates Aruna as the leading startup in this sector. Aruna remains committed to continuingto build a broader impact for Indonesian people, especially those in the coastal communities. This is aligned with the government's focus on bolstering an inclusive and sustainable economy by accelerating technology adoption across the country. We have a vision of making Indonesia the centre of the world's maritime economy and we hope to achieve this by revolutionising the marine and fisheries industry chain, encouraging financial inclusion, and promoting sustainable fishing industry practices," said Farid Naufal Aslam, CEO of Aruna.

    The sizable follow-on funding highlights investors' belief in the company's growth potential and strong business fundamentals amidst the pandemic. Echoing this sentiment, Chua Joo Hock, Managing Partner of Vertex Ventures Southeast Asia & India said, “We are proud to be backing Aruna, which is transforming the lives of many fishermen and fish farmers in Indonesia as well as the region. Aruna has grown extremely well over the past year and we are pleased to be partnering with Aruna on this meaningful journey. We are not just driving positive impact among fishermen, but also fulfilling the ever-growing global demand for sustainable fishery products."

    "Our mission is to make the sea a better livelihood for all by promoting the Sea For All campaign. We will invest in building the infrastructure to support sustainable fishing practices as we believe that profitability should be achieved through balancing the needs of both people and planet," said Utari Octavianty as Chief Sustainability Officer of Aruna.

    “Aruna has demonstrated impressive growth as it continues on its mission to transform Indonesia’s fisheries and marine industry,” said Sachin Bhanot, Head of Southeast Asia Investments at Prosus Ventures. “We are excited about their future prospects and equally proud of their impact on the community, industry and the environment, through their abiding commitment to sustainability.”

    In 2021, Aruna developed 100 communities of fishermen with over 26,000 registered fisherfolks. Aruna also generated 5,000 job opportunities in the rural areas of Indonesia to support their operations, driving the nation's economic growth. Last year, Aruna sold 44 million kilograms of seafood to more than 8 countries. Currently, the company operates in 27 provinces in Indonesia, representing 70% of the country.

    “Aruna’s rapid growth, despite the pandemic, clearly shows their market fit as well as the founders’ leadership to navigate through challenges. We are excited to continue supporting their efforts to promote fishermen's welfare and sustainable fishing,” added Michael Soerijadji, Founder and Managing Partner of AC Ventures.

    Roderick Purwana, Managing Partner of East Ventures said, “Aruna has been at the forefront in the fishery and marine industry. Aruna’s vision is aligned with ours to make wide impacts on society and the environment. With its remarkable milestones, we believe that Aruna will grow even bigger.”

    Aruna raises US$30 million in follow-on Series A funding, with participation from Prosus Ventures
     
  6. Marvan

    Marvan Well-Known Member

    Joined:
    Mar 16, 2019
    Messages:
    966
    Likes Received:
    98
    Update on Prosus share repurchase

    Prosus today announces an update to its share repurchase programme of Prosus ordinary shares N (the Share Repurchase) announced on 23 August 2021.

    As part of the Share Repurchase, for the period between 24 January 2022 and 28 January 2022, Prosus repurchased 1 426 139 Prosus ordinary shares N at an average price of €71.0932 per share for a total consideration of €101 388 842.48 (US$114 220 961.25).

    More information on the Share Repurchase is available on https://www.prosus.com/news/investors-shareholder-information/.

    Amsterdam, the Netherlands, 1 February 2022
     
  7. Marvan

    Marvan Well-Known Member

    Joined:
    Mar 16, 2019
    Messages:
    966
    Likes Received:
    98
    Tencent Holdings Ltd. (HKSE:00700, Financial) is a tech investment holding company, which you could call the Facebook/Google of China or even a tech Berkshire Hathaway (BRK.A, Financial)(BRK.B, Financial)!

    If you had invested $10,000 in Tencent at its initial public offering in 2004, you would have $7.9 million today.

    Is the stock still a buy? Could it be undervalued? How do you invest safely? All these questions will be answered.

    Business overview

    Tencent is essentially a large tech holding company (which specializes in social media and gaming) combined with a driven venture capital investment machine.

    The company has three business segments. The first, Value Added Services, or VAS, is mainly involved in the development of online and mobile games.

    It boasts the number one mobile chat community (Wechat) in addition to QQ, Tencent Music (51% shareholder) and even major gaming brands such as League of Legends China, Fifa China and Call of Duty.

    Tencent also has an online advertising business and an "Other" segmeent dedicated to fintech and cloud. This division includes the number one mobile payment platform Wechat and the number two player in cloud services, Tencent Cloud, which is just behind Alibaba Cloud.

    This rivalry draws parallels to Amazon Web Services and the 2nd Player (Microsoft Azure) in the U.S. and rest-of-world cloud industry.


    Tencent Investments


    Tencent has large investments in a variety of incredible tech companies, including:


      • Meituan Dianping at 20%.

      • Epic Games at 40%.
      • Discord at 2%

    Legendary value Investor Mohnish Pabrai (Trades, Portfolio) has previously spoken highly of Tencent. He said:

    “Given the superiority of the Tencent model, it wouldn’t surprise me if Tencent is the most valuable business on the planet in 10 years.”

    Pabrai went on to discuss the founder and the “Two Bazooka” business model, which consists of "an army of software engineers" and "digital Warren Buffett (Trades, Portfolio)s."

    The army of software engineers, according to Pabrai, generate a 65% return on capital. This cash flow is then invested by the so-called digital Warren Buffett (Trades, Portfolio)s, which refers to the venture capital business at a 35% return.

    However, it must be noted that Pabrai does not have a direct investment in Tencent according to his recent SEC filings. Instead, in a recent interview, he said he invested in the company via Prosus (XAMS:pRX, Financial), which is the tech arm of Naspers and one of the original investors in the company. It still owns around 30% of the company.

    Final thoughts

    Tencent is a fantastic tech company and arguably the best way to play an investment into China and also venture capital via a public company. The stock is undervalued by approximately 15% to 20%, thus could be a great long-term opportunity.However, some investors may be demanding a higher discount for the “China risk” spurred on by China’s crackdown on tech.

    Tencent Holdings Ltd. (HKSE:00700, Financial) is a tech investment holding company, which you could call the Facebook/Google of China or even a tech Berkshire Hathaway (BRK.A, Financial)(BRK.B, Financial)!

    If you had invested $10,000 in Tencent at its initial public offering in 2004, you would have $7.9 million today.

    Will Tencent Double? - GuruFocus.com
     
  8. Marvan

    Marvan Well-Known Member

    Joined:
    Mar 16, 2019
    Messages:
    966
    Likes Received:
    98
    Tonik raises US$131M Series B with participation from Prosus Ventures

    Tonik Financial Pte Ltd (“Tonik”), the parent company of Tonik Digital Bank in the Philippines, announced today that it closed a US$131M round of Series B equity funding. The round was led by Mizuho Bank, which is one of the largest Japanese banking groups and a Top 10 bank by assets in the Asia Pacific region, active in the Philippines since 1981. Other significant new investors in the round included Prosus Ventures (formerly Naspers Ventures), the co-founder of DST Partners Rahul Mehta, as well as a Singapore investment fund Sixteenth Street Capital and Indonesian family office Nuri Group.

    The round also featured strong repeat participation from previous VC investors Sequoia India, Point72, Insignia, iGlobe, Alpha JWC, Citius, Blauwpark, and Kraft. Tonik will use the Series B funding to accelerate the growth of its digital bank in the Philippines.

    Launched in March 2021, Tonik has set new bank growth records in the Philippines by reaching US$20M and US$100M of consumer deposits within the first and eight months of operation respectively, thus achieving the status of one of the fastest-growing neobanks globally. It is now focused on rolling out a broad range of innovative all-digital consumer lending products focused on the financial inclusion clients, as well as expanding the value proposition of its Tonik Account offering. Tonik operates on the basis of the first private digital bank license granted by the banking regulator in the Philippines.

    In the company’s estimates, the Philippines represents a US$140 billion retail savings market, and a US$100 billion unsecured consumer lending opportunity. Tonik is led by Founder & CEO Greg Krasnov, who had previously co-founded multiple other successful fintech companies in Asia, as well as founded and built a leading consumer finance bank in emerging Europe.

    Greg Krasnov, Founder & CEO of Tonik, said: “We are very excited to partner with Mizuho, one of the Top 10 banking groups in the Asia-Pacific region. The partnership with Mizuho will provide Tonik with enhanced access to the international wholesale funding markets and world-class managerial talent, as well as serve as a fantastic platform for our future international expansion. All of this will help solidify our market leadership position in driving financial inclusion in Southeast Asia.”

    Mr Daisuke Horiuchi, Managing Executive Officer at Mizuho's Retail Business Company, said: “Tonik’s unique track record so far validates the existence of massive demand for digital banking services in the Philippines, where over 70% of the population remains unbanked. As the first mover and market leader, Tonik is well-positioned to grow into one of the largest banks in the Philippines, as well as enter other Southeast Asian markets. We are keen to support Tonik’s world-class management in their vision to increase financial inclusion in the region.”

    Tonik raises US$131M Series B with participation from Prosus Ventures
     
  9. Marvan

    Marvan Well-Known Member

    Joined:
    Mar 16, 2019
    Messages:
    966
    Likes Received:
    98
    Egyptian startup Thndr raises $20 million to democratise investing in the Middle East and North Africa

    Thndr, the Egyptian digital investment platform, announces a new $20 million series A investment. The round was co-led by Tiger Global, BECO Capital and Prosus Ventures, in addition to participation from Base Capital, first-minute and existing investors Endure Capital, 4DX Ventures, Raba Partnerships and JIMCO.

    The new funding will go towards product development and expanding Thndr’s presence across MENA. Thndr has grown assets under custody rapidly – 29x during 2021 – and monthly traded values up are by similar levels. Thndr also accounted for 36% of all new registrations in the local Egyptian exchanges during 2021.

    Launched in late 2020 by Ahmad Hammouda and Seif Amr, Thndr is filling this gap by transforming the traditionally outdated, slow, and non-user-friendly process of opening and managing investment accounts in the region. The company is making it easy to invest in stocks, bonds, and funds in the region through its mobile-based and low-commission digital stock brokerage.

    Compared to the US and Europe, MENA countries are significantly underserved when it comes to investment platforms and current investor penetration is less than 3 per cent across the region.

    MENA’s market fundamentals are compelling: The region’s population of 370 million amasses $500 billion in annual savings; 62 per cent have smartphones, and half the population is aged between 14-45 years old. Platforms like Thndr are creating investors out of members of the population who previously had limited equity market exposure. In fact, 87 per cent of Thndr’s user base are first-time investors and 40 per cent of users come from rural areas.

    Egyptian startup Thndr raises $20 million to democratise investing in the Middle East and North Africa (prosus.com)
     
  10. Marvan

    Marvan Well-Known Member

    Joined:
    Mar 16, 2019
    Messages:
    966
    Likes Received:
    98
    ElasticRun announces US$330M funding led by SoftBank Vision Fund 2, Prosus Ventures and Goldman Sachs

    ElasticRun, a B2B ecommerce platform enabling access to millions of rural Indian Kirana shops, announced the closing of a US$330 million funding round led by SoftBank Vision Fund 2 and Goldman Sachs Asset Management. The latest round also saw participation from Chimera and Innoven along with long-term investor Prosus Ventures.

    The investment will help the company expand its rural reach into 30+ states, enabling over a million Kirana (neighbourhood retail) shops to conveniently access big consumer brands and food brands through its e-commerce platform. ElasticRun will also use the funds to expand its services nationally like credit facilities for retailers to enhance the value and experience offered by the Kirana stores to their customers.

    India has over 12 million Kirana shops across the country of which 10 million are in rural markets. ElasticRun is democratising physical and digital access to Indian consumers by helping businesses reach traditionally unserved consumers through neighbourhood retail stores across the deepest rural pockets of India. These rural stores remain underserved by consumer brands due to the high-cost structures of traditional distribution networks, rural Kiranastores’ long distances from the cities and small order sizes.

    ElasticRun announces US$330M funding with participation from Prosus Ventures
     

Share This Page