Naspers [NPSNY]

The Naspers Ecosystem, Part 3: Payments

Back in 2014, Naspers combined all of its payments investments into one company, PayU, which currently represents the whole Payments vertical. As a result, PayU presents itself as an emerging markets payments solution with operations in 18 of the 20 fastest growing markets. The crown jewel of this portfolio is the Indian segment, which makes …

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The Naspers Ecosystem, Part 2: Food Delivery

The Food Delivery business is Naspers’ biggest loss-making venture. Naspers’ exposure extends to its stakes in Delivery Hero [$1.3bn invested to date; ~22% ownership], Swiggy [$837m invested to date; ~39% ownership] and iFood [$400m invested to date; ~55% ownership]. Delivery Hero is a European publicly traded company with operations in across the world. Swiggy is …

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The Naspers Ecosystem, Part 1: Classifieds

The general narrative around Naspers slices the company into two pieces: its Tencent stake and “other businesses”. Through either prodigious foresight or sheer luck, Naspers go into Tencent on the ground floor, investing ~$30m for 35% of the company in its infancy. Since then, Naspers has sold a portion of this investment, but its current …

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