Highlights of the year
OLX continued to grow around the world and turned profitable and free cash flow positive in the year (excluding letgo).
PayU enjoyed healthy growth, with total payments volume exceeding US$25bn, and made key investments in Kreditech and Remitly.
Online food delivery
We continued to invest in this promising sector, including a 22% stake in Swiggy and 23% stake in Delivery Hero. Revenue for iFood was up 121% year on year.
We achieved strong growth across all our etail businesses and eMAG’s Romanian business became profitable. (Post year-end we signed an agreement to sell our stake in Flipkart for US$2.2bn, representing an internal rate of return (IRR) of 32%).
MakeMyTrip strengthened its leadership in India. In its third quarter, MakeMyTrip delivered 94% year-on-year growth on revenue less service costs, while improving operational efficiencies.
We continued to invest in key opportunities such as edtech. Post year-end we invested US$35m in Honor, a mid-stage home-care company that helps older adults live safely and comfortably in their own home by enabling reliable and high-quality care.
Social and internet platforms
Tencent continued to excel in China.
Mail.ru strengthened its position as Russia’s number 1 internet group.
Other business segments
We are building Africa’s leading video-entertainment business. The key to our growth and success is to offer our customers great entertainment anywhere, anytime across platforms, including digital terrestrial television, direct-to-home and subscription video-on-demand services.Video performance
In our media segment, Media24 is building communities through content, technology and commerce. We are focusing on building a more diversified media player with market-leading mobile content and a portfolio of ecommerce solutions, including efashion, efulfilment and online job classifieds.Media performance