Bob van Dijk, the CEO of Naspers and Prosus, has resigned from his position, effective immediately. Ervin Tu, the Group Chief Investment Officer at Prosus, has been appointed as the interim CEO of both companies.
Van Dijk’s departure comes at a time when the tech industry is facing a number of challenges, including rising inflation, interest rates, and the war in Ukraine. However, both companies have stated that their strategic goals remain unchanged, including achieving consolidated e-commerce trading profit in the first half of FY25.
Tu has expressed his honor at taking on the role of interim CEO and is enthusiastic about working with the team and shaping the group’s future.
Prosus’s Focus on India
Prosus considers India an essential market and has invested approximately $6 billion in the country to date. It holds stakes in Indian unicorns like Byju’s and Swiggy, with both companies operating in the edtech and food delivery sectors. Swiggy is preparing for a potential public listing in the coming year.
Additionally, Prosus holds a significant stake in edtech unicorn Eruditus and has investments in various Indian unicorns across different sectors, such as The Good Glamm Group, Urban Company, Mensa Brands, and PharmEasy.
In recent years, Prosus has focused its resources on PayU to lead its fintech investments, particularly in India. PayU is now aiming for an IPO next year with a valuation of $6 billion and reported revenues of $400 million in FY23. The Indian entity includes subsidiaries engaged in merchant lending, consumer lending, and payment authentication platforms.
Conclusion
The management shakeup at Naspers and Prosus comes at a time when the tech industry is facing a number of challenges. However, the companies have stated that their strategic goals remain unchanged, and they continue to invest heavily in India. It will be interesting to see how the companies perform under Tu’s leadership and whether they can achieve their ambitious goals.
