Naspers-backed Prosus, the global consumer internet-focused investor, announced it has committed Rs 100 crore to the PM CARES Fund, the disaster relief trust set up to combat the Covid-19 pandemic.
The commitment by Prosus is possibly the largest by a single risk capital investor in India so far, and comes 10 days after a number of top fund managers from blue-chip venture capital firms—including Sequoia Capital, Accel and Lightspeed Venture Partners—and prominent startup CEOs joined hands to set up a Rs 100-crore ACT Grant that will back fledgling firms working on products and services to combat the Covid-19 pandemic.
As per a statement released by Prosus, the Euronext Amsterdam-listed global consumer internet investment arm of Naspers, will also work with its portfolio companies in the country, including Swiggy, PayU India, OLX and BYJU’s, to help communities and consumers across the board.
“These are unprecedented times and we want to play our part in contributing to the efforts underway in India. By working with government and civil society, we hope to help India overcome this very difficult period. We are also immensely proud of the innovative efforts of our partner companies to help their country, customers and colleagues,” Bob Van Dijk, Group Chief Executive of Prosus and Naspers, said.
Prosus is focused on building meaningful businesses in the online classifieds, payments and fintech, and food delivery sectors in markets including India, Russia and Brazil. It has been investing in India since 2005, has pumped in an estimated $5 billion in the country’s ecosystem, across sectors, having backed the likes of Flipkart, India’s largest online retailer, food delivery major Swiggy, ed-tech unicorn BYJU’s and social commerce startup Meesho, among others.
Prosus is a global consumer internet group and one of the largest technology investors in the world. Operating and investing globally in markets with long-term growth potential. Prosus has a primary listing on Euronext Amsterdam (AEX:PRX) and a secondary listing on the Johannesburg Stock Exchange (XJSE:PRX), and is majority owned by Naspers.
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