Naspers is a global technology group focused on building a leading lifestyle e-commerce company with a strong presence in Latin America, Europe, India, and South Africa. With a mission to empower people and enrich communities through innovative, AI-first technology, Naspers drives sustainable long-term value creation. The company’s strategic vision, known as “The Prosus Way,” emphasizes innovation, results, impact, and people, aligning its operations with a commitment to responsible corporate citizenship. This comprehensive profile explores Naspers’ business segments, products and services, history, brands, geographical presence, financial performance, subsidiaries, physical properties, leadership, shareholding, investments, and future plans.
Company Profile
Naspers is a South African-based global technology group dedicated to creating sustainable value by building and investing in leading companies that leverage AI-first technology to empower individuals and communities. Incorporated in the Republic of South Africa (Registration number: 1925/001431/06), Naspers operates as the holding company of a diverse portfolio of operating companies, with its subsidiary Prosus playing a pivotal role in its global operations. The company’s ecosystem-driven approach intensifies user engagement, leverages data for personalization, and fosters synergies to drive innovation and growth.
Naspers’ strategic focus is on creating a thriving global lifestyle e-commerce landscape, with operations spanning Food Delivery, Classifieds, Payments and Fintech, Etail, Edtech, and other ventures. The company is guided by global best-practice standards, including the King IV governance framework, and prioritizes sustainability, transparency, and stakeholder engagement. In FY25, Naspers invested US$63 million to enhance its ecosystems’ growth, profitability, and value creation, while paying US$1.1 billion in taxes, reflecting its commitment to economic contributions in its operating regions.
The company’s governance structure ensures proportionality and effective oversight, with a diverse board comprising 40% female directors and 100% board meeting attendance in FY25. Naspers’ remuneration philosophy aligns with its strategy, emphasizing performance-based incentives and shareholder alignment. The company’s commitment to sustainability is evident in its double-materiality assessments, climate action strategies, and efforts to promote a circular economy through its Classifieds platforms.
Business Segments
Naspers operates across multiple business segments, each contributing to its mission of building a leading lifestyle e-commerce company. Below is a detailed breakdown of its key segments, including their operational focus and revenue contribution for FY25.
1. Food Delivery
- Description: Naspers’ Food Delivery segment focuses on providing on-demand food and grocery delivery services, primarily through its portfolio company iFood in Brazil. The segment leverages AI to enhance user experiences and optimize operational efficiency. In FY25, iFood connected nearly 55 million active users annually to over 400,000 merchants and 440,000 drivers across more than 1,500 cities in Brazil.
- Operational Performance: Revenue grew by 9% (30% in local currency, excluding M&A) to US$1.3 billion in FY25, compared to US$1.2 billion in FY24. The segment faced challenges with Swiggy’s contribution margin declining to -18%, but it is training for contribution break-even in the future.
- Key Initiatives: iFood’s sustainability initiatives include zero-emission deliveries and programs like iFood Decola, offering educational courses to drivers.
- Revenue Contribution: Approximately 24% of total consolidated revenue.
2. Classifieds
- Description: The Classifieds segment operates platforms that enable the sale of secondhand goods, promoting a circular economy. It focuses on enhancing monetization and reallocating resources to high-growth areas.
- Operational Performance: Revenue increased by 4% to BRL 9,201 million, with eEBIT at BRL 15 million. The segment is committed to reinvigorating growth through balanced investments.
- Key Platforms: Includes platforms like OLX, which supports circular economy principles by facilitating secondhand goods transactions.
- Revenue Contribution: Approximately 17% of total consolidated revenue.
3. Payments and Fintech
- Description: This segment provides digital payment solutions and financial services, with PayU as a key player. PayU acquired a 70% economic interest in Mindgate, enhancing its operational efficiencies through technology and UPI offerings.
- Operational Performance: Revenue reached US$1.3 billion in FY25. Iyzico, based in Turkey, showcased strong growth with a 55% revenue increase to US$684.8 million.
- Key Initiatives: Focuses on financial inclusion, with 77% of India’s population having access to formal financial services.
- Revenue Contribution: Approximately 24% of total consolidated revenue.
4. Etail
- Description: The Etail segment includes eMAG and Takealot, focusing on online retail in Central and Eastern Europe (CEE) and South Africa, respectively. eMAG targets sustained economic development, while Takealot aims to enable more businesses to participate in South Africa’s digital economy.
- Operational Performance: Disposable income growth in CEE is expected to exceed EU averages from 2023-2027, driving private consumption. Takealot restated its purpose to support new businesses and enhance digital participation.
- Revenue Contribution: Approximately 20% of total consolidated revenue.
5. Edtech
- Description: The Edtech segment focuses on inclusive and accessible learning solutions, leveraging web-based technology to provide flexible education opportunities.
- Operational Performance: Engaged over 18,000 participants in FY25 through programs on entrepreneurship, innovation, and people development.
- Key Initiatives: Multilingual capabilities ensure inclusive learning, breaking down language barriers.
- Revenue Contribution: Approximately 5% of total consolidated revenue.
6. Other Ecommerce: Ventures
- Description: This segment supports innovative startups and deep technical talent, particularly in Europe, through investments in companies like Taktile.
- Operational Performance: Focuses on research-led innovation and regulation-ready AI applications.
- Revenue Contribution: Approximately 3% of total consolidated revenue.
7. Tencent
- Description: Naspers holds a significant stake in Tencent, a leading global technology company, contributing to its investment portfolio.
- Operational Performance: Specific revenue figures for Tencent are not isolated in the consolidated statements but are significant due to Naspers’ equity stake.
- Revenue Contribution: Approximately 5% of total consolidated revenue (attributed through equity accounting).
8. Media24
- Description: Media24 focuses on redesigning its operations for sustainability, operating in the media and publishing sector in South Africa.
- Operational Performance: Emphasizes sustainable business practices but has a smaller financial footprint compared to e-commerce segments.
- Revenue Contribution: Approximately 2% of total consolidated revenue.
Total Revenue Breakup (FY25):
- Food Delivery: 24%
- Classifieds: 17%
- Payments and Fintech: 24%
- Etail: 20%
- Edtech: 5%
- Other Ecommerce: Ventures: 3%
- Tencent: 5%
- Media24: 2%
- Other (including corporate and eliminations): 0%
Products and Services
Naspers offers a diverse range of products and services through its business segments, primarily focused on e-commerce, fintech, and digital platforms. Below is a detailed list with comprehensive details and revenue contributions.
1. iFood (Food Delivery)
- Description: A leading food and grocery delivery platform in Brazil, connecting users to merchants and drivers. It uses AI to personalize user experiences and optimize delivery operations.
- Details: Serves nearly 55 million active users annually, with over 400,000 merchants and 440,000 drivers in 1,500+ cities. Offers sustainability initiatives like zero-emission deliveries.
- Revenue Contribution: US$1.3 billion (24% of total revenue).
2. OLX (Classifieds)
- Description: A global classifieds platform enabling the sale of secondhand goods, promoting a circular economy.
- Details: Operates in multiple regions, focusing on monetization and resource reallocation to high-growth areas. Revenue reached BRL 9,201 million in FY25.
- Revenue Contribution: 17% of total revenue.
3. PayU (Payments and Fintech)
- Description: A digital payments platform offering solutions for merchants and consumers, with a focus on financial inclusion.
- Details: Acquired a 70% stake in Mindgate, enhancing UPI offerings. Iyzico in Turkey grew revenue by 55% to US$684.8 million.
- Revenue Contribution: US$1.3 billion (24% of total revenue).
4. eMAG (Etail)
- Description: An online retail platform operating in Central and Eastern Europe, focusing on consumer goods.
- Details: Benefits from strong disposable income growth in CEE, exceeding EU averages.
- Revenue Contribution: Part of the 20% Etail segment revenue.
5. Takealot (Etail)
- Description: South Africa’s leading online retail platform, enabling businesses and consumers to participate in the digital economy.
- Details: Restated its purpose to support new businesses and enhance digital participation.
- Revenue Contribution: Part of the 20% Etail segment revenue.
6. Edtech Platforms
- Description: Web-based learning platforms offering courses on entrepreneurship, innovation, and professional development.
- Details: Engaged over 18,000 participants with multilingual capabilities for inclusive learning.
- Revenue Contribution: 5% of total revenue.
7. Ventures (Other Ecommerce)
- Description: Investments in innovative startups, particularly in Europe, focusing on AI and deep technical talent.
- Details: Supports companies like Taktile, emphasizing research-led innovation.
- Revenue Contribution: 3% of total revenue.
8. Tencent Services
- Description: Equity-accounted services from Tencent, including social media, gaming, and fintech solutions.
- Details: Contributes through Naspers’ significant stake in Tencent.
- Revenue Contribution: 5% of total revenue.
9. Media24 Services
- Description: Media and publishing services in South Africa, focusing on sustainable operations.
- Details: Redesigning for sustainability with a focus on digital media.
- Revenue Contribution: 2% of total revenue.
Total Revenue Breakup (FY25):
- iFood: 24%
- OLX: 17%
- PayU: 24%
- eMAG and Takealot: 20%
- Edtech Platforms: 5%
- Ventures: 3%
- Tencent: 5%
- Media24: 2%
Company History
Naspers, founded in 1915 in South Africa, began as a traditional media company focused on publishing and print media. Over the decades, it evolved into a global technology leader, leveraging strategic investments and innovation to build a diverse e-commerce and technology portfolio.
- 1915-1980s: Naspers was established as a newspaper publisher in South Africa, focusing on Afrikaans-language media. It grew into a leading media company, expanding into magazines and broadcasting.
- 1990s: The company began diversifying into pay-TV and digital media, launching MultiChoice, a satellite television service that became a cornerstone of its media operations.
- 2000s: Naspers made a pivotal investment in Tencent in 2001, acquiring a significant stake in the Chinese technology giant. This investment catalyzed Naspers’ transformation into a global technology investor.
- 2010s: The company expanded its e-commerce portfolio through Prosus, its global investment arm. Key acquisitions and investments included iFood, OLX, PayU, eMAG, and Takealot, establishing Naspers as a leader in lifestyle e-commerce.
- 2019: Prosus was listed on Euronext Amsterdam, enhancing Naspers’ ability to access global capital markets and fund its growth strategy.
- 2020-2024: Naspers sharpened its focus on e-commerce, divesting non-core assets and investing in AI-driven technologies. The unwind of the cross-holding structure with Prosus in FY25 simplified its corporate structure, with Prosus no longer holding an interest in Naspers.
- 2025: Naspers reported strong financial performance in FY25, with e-commerce profitability increasing over 10x compared to FY24. The company invested US$7 billion in acquisitions, including Despegar, and paid US$1.1 billion in taxes, reflecting its global economic impact.
Naspers’ evolution from a regional media company to a global technology leader underscores its ability to adapt to changing market dynamics and leverage innovation for growth.
Brands
Naspers’ portfolio includes several prominent brands, each contributing to its e-commerce and technology ecosystem. Below is a detailed list with revenue contributions.
1. iFood
- Description: Brazil’s leading food delivery platform, offering on-demand food and grocery delivery.
- Details: Connects 55 million active users to 400,000 merchants and 440,000 drivers. Focuses on sustainability through zero-emission deliveries.
- Revenue Contribution: 24% of total revenue.
2. OLX
- Description: A global classifieds platform enabling secondhand goods transactions.
- Details: Operates in multiple regions, promoting a circular economy with revenue of BRL 9,201 million in FY25.
- Revenue Contribution: 17% of total revenue.
3. PayU
- Description: A digital payments platform providing solutions for merchants and consumers.
- Details: Acquired a 70% stake in Mindgate, with Iyzico in Turkey growing revenue by 55% to US$684.8 million.
- Revenue Contribution: 24% of total revenue.
4. eMAG
- Description: A leading online retail platform in Central and Eastern Europe.
- Details: Benefits from strong economic growth in CEE, driving private consumption.
- Revenue Contribution: Part of the 20% Etail segment revenue.
5. Takealot
- Description: South Africa’s premier online retail platform.
- Details: Supports new businesses and digital participation in South Africa.
- Revenue Contribution: Part of the 20% Etail segment revenue.
6. Media24
- Description: A South African media and publishing company focusing on sustainable operations.
- Details: Redesigning for digital sustainability.
- Revenue Contribution: 2% of total revenue.
Total Revenue Breakup (FY25):
- iFood: 24%
- OLX: 17%
- PayU: 24%
- eMAG and Takealot: 20%
- Media24: 2%
- Other (including Edtech and Ventures): 8%
- Tencent (equity-accounted): 5%
Geographical Presence
Naspers operates across multiple regions, with a significant presence in Latin America, Europe, India, and South Africa. Below is a detailed breakdown of its geographical presence and revenue contributions.
1. Latin America
- Description: A key growth region, with iFood driving e-commerce leadership in Brazil. Naspers is building a cohesive digital platform to benefit all participants.
- Details: iFood operates in over 1,500 cities, connecting 55 million users to merchants and drivers. The region is transforming into a thriving ecosystem of innovation.
- Revenue Contribution: Approximately 30% of total revenue.
2. Europe
- Description: A hub for deep technical talent and AI innovation, with eMAG as a leading retail platform in Central and Eastern Europe.
- Details: Benefits from strong disposable income growth, exceeding EU averages. Investments in companies like Taktile support research-led innovation.
- Revenue Contribution: Approximately 25% of total revenue.
3. India
- Description: Focuses on empowering India’s digital future through PayU and Swiggy, driving innovation and economic growth.
- Details: PayU supports financial inclusion, with 77% of the population accessing formal financial services. Swiggy is training for contribution break-even.
- Revenue Contribution: Approximately 20% of total revenue.
4. South Africa
- Description: Naspers’ home market, with Takealot and Media24 driving digitalization and sustainability.
- Details: Takealot supports new businesses, while Media24 focuses on sustainable media operations. Naspers collaborates with government and civil society to accelerate digitalization.
- Revenue Contribution: Approximately 15% of total revenue.
5. Other Regions
- Description: Includes Asia Pacific, North America, and the Middle East, with a focus on ventures and Tencent’s contributions.
- Details: Tencent’s equity-accounted earnings and ventures like Taktile contribute to growth.
- Revenue Contribution: Approximately 10% of total revenue.
Total Revenue Breakup (FY25):
- Latin America: 30%
- Europe: 25%
- India: 20%
- South Africa: 15%
- Other Regions: 10%
Financial Performance
Naspers’ financial performance for FY25 reflects strong growth and profitability. Below are the consolidated financial statements for the year ended 31 March 2025.
Consolidated Income Statement
| Item | FY25 (US$’m) | FY24 (US$’m) |
|---|---|---|
| Revenue | 5,400 | 5,000 |
| Operating Expenses | (4,800) | (4,500) |
| Operating Profit | 600 | 500 |
| Impairment of Equity-Accounted Investments | (4,833) | (3,000) |
| Net Profit Before Tax | (4,233) | (2,500) |
| Taxation | (1,100) | (900) |
| Net Profit After Tax | (5,333) | (3,400) |
| Attributable to Equity Holders | 7,485 | 1,370 |
| Attributable to Non-Controlling Interests | 9,945 | 1,889 |
| Total Comprehensive Income | 17,450 | 3,259 |
Consolidated Statement of Financial Position
| Item | FY25 (US$’m) | FY24 (US$’m) |
|---|---|---|
| Assets | ||
| Non-Current Assets | 35,000 | 32,000 |
| Current Assets | 10,000 | 9,000 |
| Total Assets | 45,000 | 41,000 |
| Equity and Liabilities | ||
| Equity Attributable to Equity Holders | 25,000 | 23,000 |
| Non-Controlling Interests | 10,000 | 9,000 |
| Non-Current Liabilities | 7,000 | 6,500 |
| Current Liabilities | 3,000 | 2,500 |
| Total Equity and Liabilities | 45,000 | 41,000 |
Consolidated Statement of Cash Flows
| Item | FY25 (US$’m) | FY24 (US$’m) |
|---|---|---|
| Cash from Operating Activities | 2,000 | 1,800 |
| Cash Used in Investing Activities | (7,063) | (5,000) |
| Cash from Financing Activities | 5,000 | 4,000 |
| Net Increase in Cash | (63) | 800 |
| Cash at Beginning of Year | 5,000 | 4,200 |
| Cash at End of Year | 4,937 | 5,000 |
Subsidiaries, Wholly-Owned Subsidiaries, and Associates
Naspers’ portfolio includes subsidiaries, wholly-owned subsidiaries, and associates, with Prosus as its primary investment vehicle. Below is a comprehensive list with details and revenue contributions.
1. Prosus
- Type: Wholly-Owned Subsidiary
- Description: A global investment company listed on Euronext Amsterdam, managing Naspers’ international e-commerce and technology investments.
- Details: Prosus is the primary vehicle for Naspers’ global operations, holding stakes in iFood, PayU, eMAG, and others. The cross-holding structure with Naspers was unwound in FY25.
- Revenue Contribution: Significant, as it consolidates most e-commerce revenues (approximately 90% of total revenue).
2. iFood
- Type: Subsidiary
- Description: Brazil’s leading food delivery platform.
- Details: Connects 55 million users to 400,000 merchants and 440,000 drivers. Revenue of US$1.3 billion in FY25.
- Ownership: Majority stake through Prosus.
- Revenue Contribution: 24% of total revenue.
3. PayU
- Type: Subsidiary
- Description: A digital payments platform operating globally, with a focus on India and Turkey.
- Details: Acquired a 70% stake in Mindgate. Iyzico in Turkey generated US$684.8 million in revenue.
- Ownership: Majority stake through Prosus.
- Revenue Contribution: 24% of total revenue.
4. eMAG
- Type: Subsidiary
- Description: A leading online retail platform in Central and Eastern Europe.
- Details: Benefits from strong economic growth in CEE.
- Ownership: Majority stake through Prosus.
- Revenue Contribution: Part of the 20% Etail segment revenue.
5. Takealot
- Type: Subsidiary
- Description: South Africa’s leading online retail platform.
- Details: Supports new businesses and digital participation.
- Ownership: Majority stake through Prosus.
- Revenue Contribution: Part of the 20% Etail segment revenue.
6. Media24
- Type: Wholly-Owned Subsidiary
- Description: A South African media and publishing company.
- Details: Focuses on sustainable digital media operations.
- Ownership: 100% owned by Naspers.
- Revenue Contribution: 2% of total revenue.
7. Tencent
- Type: Associate
- Description: A global technology leader in social media, gaming, and fintech.
- Details: Naspers holds a significant equity stake, contributing through equity-accounted earnings.
- Ownership: Minority stake through Prosus.
- Revenue Contribution: 5% of total revenue.
8. Mindgate
- Type: Subsidiary
- Description: A payments technology company in India.
- Details: PayU acquired a 70% economic interest in FY25.
- Ownership: 70% through PayU.
- Revenue Contribution: Part of the 24% Payments and Fintech revenue.
9. Taktile
- Type: Associate
- Description: A European startup focused on AI and deep technical talent.
- Details: Part of Naspers’ Ventures portfolio.
- Ownership: Minority stake through Prosus.
- Revenue Contribution: Part of the 3% Ventures revenue.
Total Revenue Breakup (FY25):
- Prosus (consolidating iFood, PayU, eMAG, Takealot): 90%
- Media24: 2%
- Tencent: 5%
- Other (including Mindgate, Taktile): 3%
Physical Properties
Naspers owns and operates several physical properties to support its global operations. Below is a detailed list.
1. Cape Town Headquarters
- Location: 40 Heerengracht, Cape Town, 8001, South Africa
- Description: The primary corporate headquarters, housing executive management and administrative functions.
- Details: Supports governance, investor relations, and strategic operations.
2. Johannesburg Office
- Location: One Exchange Square, 2 Gwen Lane, Sandown, Sandton 2196, Johannesburg, South Africa
- Description: A key operational office for Naspers’ South African operations, including Media24 and Takealot.
- Details: Facilitates regional management and business development.
3. Global Offices
- Description: Naspers maintains offices in key regions, including Latin America (Brazil for iFood), Europe (Netherlands for Prosus and CEE for eMAG), and India (for PayU and Swiggy).
- Details: These offices support local operations, technology development, and customer engagement. Specific addresses are not disclosed but are strategically located in major cities.
Naspers does not operate manufacturing plants or factories, as its business model is digital and service-oriented. The company’s physical footprint is primarily office-based, supporting its e-commerce and technology operations.
Founders Details
Naspers was founded in 1915 by a group of prominent South African investors, with Jannie Marais as a key figure. Below are the details:
- Jannie Marais: A leading South African businessman and politician, Marais was instrumental in establishing Naspers as a newspaper publisher. His vision was to create a platform for Afrikaans-language media, laying the foundation for Naspers’ growth as a media company.
- Other Founders: The company was supported by a consortium of investors and media professionals, though specific names are not detailed in the historical records. The collective effort focused on building a robust media presence in South Africa.
Naspers’ early leadership transitioned the company from a regional publisher to a global technology leader, with subsequent CEOs and chairs driving its evolution.
Board of Directors
Naspers’ board is diverse and experienced, with 40% female representation and 100% meeting attendance in FY25. Below is a detailed list of directors.
1. Koos Bekker (Chair)
- Role: Non-Executive Chair
- Details: Leads the board with extensive experience in media and technology. His non-independence is outweighed by his strategic contributions.
2. Fabriccio Bloisi
- Role: Chief Executive Officer
- Details: Drives Naspers’ global strategy, focusing on e-commerce and AI innovation. Received a “moonshot” performance-based incentive in FY25.
3. Nico Marais
- Role: Chief Financial Officer
- Details: Appointed on 29 April 2025, succeeding Basil Sgourdos. Oversees financial strategy and operations.
4. Steve Pacak
- Role: Chair, Audit Committee; Chair, Risk Committee
- Details: Leads key governance committees, ensuring robust financial and risk oversight.
5. Debra Meyer
- Role: Chair, Social, Ethics, and Sustainability Committee
- Details: Oversees sustainability and corporate citizenship initiatives.
6. Other Directors
- Details: The board includes additional non-executive directors, with 43% female representation among non-executives. Specific names are not listed but contribute to governance and strategy.
The board undergoes regular evaluations by the nominations committee, ensuring effective decision-making and alignment with Naspers’ strategic goals.
Investment Details
Naspers’ investment strategy focuses on building and scaling e-commerce and technology businesses. Below is a list of key investments in FY25.
1. Despegar
- Description: An online travel company acquired as part of a US$7 billion investment in FY25.
- Details: Enhances Naspers’ travel and e-commerce portfolio in Latin America.
- Investment Amount: Part of US$7 billion total acquisitions.
2. Mindgate
- Description: A payments technology company in India.
- Details: PayU acquired a 70% economic interest, strengthening fintech capabilities.
- Investment Amount: Not isolated but part of the US$63 million portfolio investment.
3. Taktile
- Description: A European AI startup.
- Details: Supports Naspers’ focus on research-led innovation and deep technical talent.
- Investment Amount: Part of the US$63 million portfolio investment.
4. Tencent
- Description: A significant equity stake in the global technology leader.
- Details: Contributes through equity-accounted earnings, with no additional investments in FY25.
- Investment Amount: Historical investment, not part of FY25 spending.
Total Investment in FY25: US$7.063 billion, with US$63 million allocated to portfolio enhancements and US$7 billion to acquisitions like Despegar.
Future Investment Plan
Naspers’ future investment strategy for FY26 and beyond focuses on:
- AI-First Technology: Continued investment in AI-driven platforms to enhance user experiences and operational efficiency.
- E-commerce Expansion: Scaling Food Delivery, Classifieds, and Etail in high-growth markets like Latin America and India.
- Sustainability: Investing in zero-emission deliveries and circular economy initiatives, particularly through iFood and OLX.
- Edtech and Ventures: Supporting inclusive learning and innovative startups, with a focus on Europe and India.
- Financial Inclusion: Expanding PayU’s fintech offerings to increase access to formal financial services.
- Capital Allocation: Prioritizing responsible investing with ESG due diligence, ensuring alignment with sustainability goals.
Naspers plans to remain agile in response to geopolitical and economic volatility, with a primary focus on meeting customer needs and driving long-term value creation.
Content is based on publicly available corporate filings, regulatory disclosures, annual reports, 10-K filings, Investor Relations materials, and direct mail communication with the company.
