ET Exclusive | Closing new deals in India despite Byju's debacle: Prosus CEO Fabricio Bloisi
Fabricio Bloisi, the newly appointed CEO of Dutch technology investment firm Prosus and its parent Naspers, said he will continue to back early-to-late stage companies in India despite the $500 million write-off incurred due to the collapse of its once high-flying portfolio firm, Byju’s. He added that the valuation reset in the technology world is typical of the funding cycles for the sector and doesn't deter long-term investors from taking bets on India. Prosus doesn’t “live by cycles,” he said in an interview on his first India visit since taking over the chief executive role from interim CEO Ervin Tu.
“I founded a startup 20 years ago… I don't get nervous about valuations… it’s part of life,” Bloisi told ET.
“In 2001, 2008, everyone thought it was the worst time… Prosus is not a company that lives by these waves,” he said.
He added that his views on India remain unchanged despite setbacks and that the local market continues to be a “global priority” for the group, which has the likes of Swiggy, Meesho and Urban Company in its portfolio.
Bloisi worked closely with former Prosus and Naspers CEO Bob van Dijk, best known for being an early investor in Chinese technology giant Tencent, where the stake is now worth $107 billion.
Van Dijk unexpectedly left the conglomerate last year in September amid a broader top-deck reshuffle and key exits coming on the back of a challenging few years for tech investors globally.
Naspers group chairman Koos Bekker, who transformed a single-country print publisher into what’s
