Good day, ladies and gentlemen, and welcome to the Naspers and Prosus interim results call. All participants are currently in listen-only mode, and there will be an opportunity to ask questions later during the conference. If you should need assistance during the call, please signal an operator by pressing star and then zero. Please also note that this call is being recorded. I would now like to turn the conference over to the Group Investor Relations Officer, Eoin Ryan. Please go ahead, sir.
Thanks, Chris, and everyone for joining the call today. On the call with me is our CEO, Bob van Dijk, and our CFO, Basil Sgourdos, who will walk you through an update on the group as well as the financials for the past six months. Then we'll open the call for questions. Before I hand over, a quick reminder and a few housekeeping items. As you know, Prosus is a subsidiary of Naspers, and its financial results almost completely account for Naspers results. To ensure that shareholders of Prosus and Naspers are provided with the information simultaneously, we're having one call focusing on Prosus' results, but where necessary, we'll highlight the impact on Naspers. We report every revenue and trading profit on an economic interest basis, meaning they include our proportionate share of the results of our associates and our joint ventures.
The results of our associates, Tencent, Meituan, and Delivery Hero and others, are reported on a three-month lag. Importantly, free cash flow is a consolidated number as associates and JVs are fully funded via M&A. Finally, growth is in local currency, excluding the impact of M&A. We distributed our earnings material through our investor relations site this morning, and you can also find the replay there. With that, I will hand the call over to Bob. Bob?
Thanks, Eoin, and thanks everybody for joining the call today. It's been another busy period for the group, and it's been a time when a lot was accomplished. The operating environment remains turbulent, but consumers continue to shift more and more of their daily activities online. We see that as really having a positive effect on our operations and investments. It's really in periods like this that the best opportunities come out, and they present themselves to those with patience, with capital, and with conviction, and that's what we do here at Prosus. That's why we invested in Tencent 20 years ago, and this is why, over the past 8 years, we've built a portfolio of the fastest-growing assets in classifieds, payments, food delivery, and ad tech globally. Our e-commerce portfolio will be worth roughly $54 billion after approval of the BillDesk transaction.
Our core segments are operating at scale, and they're still growing significantly in value, and we really have momentum that will propel future growth and value creation. Today, I will walk you through the drivers of current and future growth, as well as the investments that we're making to fund that growth. After that, we'll open the lines and take all your questions. Let's start on slide five that shows our strategy, which is aimed to build businesses with sustainable growth potential. We do this by identifying great products that are managed by excellent teams in high-growth markets that are addressing key societal or consumer needs, and we do that by building online platforms. Operating at this intersection has driven tremendous value creation for the group over the last few years.
If you look at slide six, you can see the pace at which this value has been created, and importantly, the impact that scale is having on value creation. In the first half of the year, our e-commerce portfolio grew revenues 53% year-on-year organically. This has driven substantial value appreciation. Excluding Tencent, we're currently generating a 22% IRR on the $22 billion we have invested over the last decade. Actually, if you look at the IRRs of our most recent investments, primarily in food and ad tech, they are considerably higher than the 22%. At the current course and speed, our non-Tencent e-commerce portfolio is on track to exceed $100 billion in the next few years and can meaningfully expand beyond that after.
I'm confident that investing across our portfolio will create strong returns for our shareholders. Today, if you own shares of Naspers and Prosus, you own, as you can see on slide 7, a really fast-growing, unique portfolio of unique consumer internet companies. Most of these are not yet accessible to public market investors. After the approval of BillDesk, three out of our four segments are worth more than $10 billion and are growing strongly. Our fourth, which is ad tech, has a clear path to the same. If I take a step back, that makes each of our segments bigger than 90% of all publicly listed internet companies. I am committed to ensure that this value is realized over time. That's really how we think about things from a top-down perspective.
Now let's turn to slide 8 and get to the key highlights of what's really been a very strong six months. First, as I mentioned, e-commerce revenue growth accelerated to 53% year-on-year. We've now grown more than 100% over the last 2 years, and our operations and investments are scaling and are growing significantly in value. Second, this growth is underpinned by ongoing expansion of our businesses' ecosystems. As an example, there's auto transactions in classifieds, and there's convenience in food delivery, which will extend that growth of these segments well into the future. Third, we've also invested in new and exciting assets and made more than 40 investments during the period.
BillDesk and Stack Overflow are just two of them, and these investments will position the group well for continued growth. Fourth, we funded our investments with ongoing improvements in profitability at our core operations, which is a very important point. That has also enabled us to efficiently access the debt capital markets through the issuance of $4 billion worth of bonds at very attractive rates. Finally, we're making massive progress in our sustainability efforts at the group, and I look forward to speaking about that more shortly. Let's dig a little deeper in each of our operating segments, and we'll start with Classifieds on slide nine. After a pretty turbulent 2021, OLX rebounded very strongly with more than 200% growth at OLX Autos and 48% growth in core Classifieds.
The growth in core classifieds was driven to a great extent by outstanding performance from Avito in Russia, which generated 67% revenue growth at higher operating margins. In Brazil, Grupo ZAP is now fully integrated in the business, and this has strengthened our property vertical, and it's contributed to OLX Brazil's 40% organic revenue growth. On the left-hand side of the slide, you can see how OLX's growth compares to the peer group. We're very pleased to see that our performance is well ahead of the industry average. We see significant further opportunity to build out a full-service auto transaction business through OLX Autos. While it's still somewhat early, you can see from the right-hand side of the slide that we really are making good progress.
We're growing the business quickly, and we just surpassed $1 billion in total car transactions. We are, in terms of numbers of cars sold, actually comparing already quite well to some of the public companies that are operating in the same space. All of these companies have very significant valuations. Let's move to food delivery, and you'll see there we're following a similar path to classified. We are delivering strong growth of a scaled core, but at the same time, we are extending the business through adjacent product offerings. I think slide 10 illustrates that well. During the period, orders grew 70% year-on-year. Besides a major step up in scale achieved last year, we've increased our investments in things like grocery and convenience to capture the broader delivery opportunity beyond food.
iFood continues to go from strength to strength with consistently strong growth, as you can see on the left-hand side of slide 10. Over the last year, iFood added more than 60,000 new restaurants onto its platform. That's another 20% up from last year, and that was already on top of a very, very strong growth path in restaurant adding. That growth was made possible by iFood developing its own delivery business from basically nothing in 2018 to 36% of orders today. That's exceptional given that the marketplace business, which is sort of the non-own delivery, is also growing strongly. iFood's first party business is now actually bigger than all of its other competitors in the markets combined. That's actually a great example of our metric-based investing.
This is the same approach we're now taking in building out the additional offerings in convenience and grocery. It's still early days there, but as you can see from the right-hand side of the slide, the signs are very positive, and the revenues from adjacencies in iFood is growing threefold in a very short period of time. For me, it's a demonstration that the opportunity in this space has expanded significantly. You're seeing an increased investment in iFood, Swiggy and Delivery Hero, and that is a reflection of that conviction in increased opportunity. If I can move on to PayU on slide 11. Again, here you see the same theme of strong growth at the core while we are investing to expand the opportunity set from here.
In the period, the core PSP business grew an impressive 48% year-on-year, with growth actually coming from all markets, and it's benefiting from increased e-commerce transaction activity everywhere in the world. When the BillDesk transaction is approved, PayU will move sort of from the middle of the pack in large payments providers to be a top 10 global payment provider, and the combined TPV of the business will be well over $100 billion. It will process more than 4 billion transactions annually and will have more than 300 million transacting customers. That actually includes the vast majority of customers that are trading and transacting online in India today. With that level of scale, the combination will create a platform with a broad product offering and also significant potential for growth in digital banking.
On a separate note, there's been another important value creation story in PayU, and that was the IPO of Remitly that happened in September. We invested about $200 million in Remitly some four years ago. Based on its market cap at the end of September, our stake is worth $1.7 billion, and that applies a 7x return so far. It's a great business that we're excited to be in. Let's now turn to our newest segment, which is EdTech on slide 12. So far we've deployed $3.5 billion in nine exceptional businesses that all have high potential, and we see them scaling rapidly, both in usage but also in value. When we think about the space, we tend to think about it in two main verticals.
On one side, there's the enterprise or vocational space, and on the other side, there's K-12, and you can see that on the left-hand side of the slide, and we are investing in both. In enterprise and vocational, we know that employers today need to provide continuous education opportunities for their employees in order for these companies to remain competitive. At the same time, employees need the ability to constantly upskill while they're on the job to remain relevant. We're investing in the platforms and products that address those needs, and we are building enterprise solutions on a global scale. It's been a busy six months in EdTech. Skillsoft went public and actually reported a strong first set of results as a public company that we're very proud of.
In June, we closed the acquisition of Stack Overflow, which is a phenomenal platform that's growing very quickly. As you probably know, Stack is a core resource for most software engineers around the world, and it serves more than 100 million developers and technologists every single month. It's one of the 50 most used websites in the world. If you step back from it, our portfolio now reaches 90% of the Fortune 100 across our corporate learning companies, and that includes Skillsoft, Udemy, and Codecademy. There is significant opportunity to drive future growth through these relationships that we have. Actually, we have a similarly exciting presence in K-12 through Byju's and Brainly. There, we're really investing in the mechanization of the classroom.
We're enabling students to gain access to alternative forms of learning that augment the core curriculum. As a group, you should expect us to look for additional opportunities in the EdTech space. While we're scaling e-commerce rapidly, and I hope what I just told you underlines that, I also want to underline the group's continued commitment to our longest standing investment, which is Tencent. Tencent is a phenomenal business, and it's also an investment with tremendous upside potential. Slide 13 shows this. Here's why. First, China will become the world's largest economy and a growth that's underpinned by a population of 750 million middle and upper income customers. Over the next decade, close to 1 billion people will be living in cities, and they'll be using smart technologies in every aspect of their daily lives.
Second, I believe China is the world's most attractive internet market with over 1 billion mobile internet users. Actually, the level of engagement of those users is well ahead of those in the West. Simply put, if you want to be a large consumer internet investor at a global scale, you have to be deeply invested in China. Against this very supportive backdrop, I am convinced that Tencent is best positioned to take advantage of all of this. There are four key drivers which underpin our conviction in Tencent. First, Tencent is led by a world-class leadership team, and it has a proven track record of operating through all types of environments to the benefit of all stakeholders. Second, Tencent continuously evolves, and it innovates its ecosystems in a profound way.
Third, Tencent is the market leader in its core segments, and it is investing and innovating to keep those positions. Finally, Tencent is also one of the most active and successful investors globally. They have 1,400 investee companies. They invested close to $100 billion in deployed capital. We don't believe that those assets are appropriately valued by the market, and therefore it represents significant upside to our investment case. Now I've told you a few things about our strategy and about value creation. I hope you're excited about that too. Now on slide 14, I would like to spend a moment on our approach to capital allocation, which over the years has remained focused, has been disciplined, and has been balanced.
In the center of the slide, you can see that as a group, we've generated and raised approximately $44 billion over the last six years. That's been through a combination of asset disposals and capital raises in the debt market. We have deployed 60% of these funds into extending our core four segments. These all have tremendous potential, and as you've seen in the past few slides, have grown tremendously over time. We achieved an impressive 22% IRR on doing this, and that excludes Tencent. As I mentioned earlier, actually, our return has accelerated of late, driven by food and EdTech investments. Finally, and importantly, while we have deployed roughly two-thirds of our capital to investing for future growth, we have returned roughly one-third of that $44 billion to our shareholders over this period as well.
Finally, when we turn to slide 15, I would like to emphasize the progress we've made in our sustainability efforts across the group. I would also like to say a few words on how we apply our influence across the group to controlled and non-controlled businesses when it comes to ESG. At a group level, what we do is we set the standards and the principles, which we then actively cascade across our majority controlled businesses, and we work closely with them to focus on areas specific to their business model. With our minority businesses, we share our principles, and we demonstrate best practice, and we amplify that through our board seats and through our operational engagement.
Now, we recently joined the UN Global Compact, and we're really pleased that our efforts are being recognized externally, with Prosus achieving an inaugural score of 73 out of 100 on the Dutch Transparency Benchmark. That actually puts us already in the top 40 of the benchmark. In the meantime, Sustainalytics also acknowledged our efforts with an improved 2021 low-risk ESG rating, which again, is a great confirmation of our progress. Finally, just a week ago, we received the Prosus and the Naspers scores on the annual S&P assessment, and we are happy to see a 69% jump in the Prosus score and a 52% increase in the Naspers score.
Importantly, this improvement actually qualifies Prosus to be included in the Dow Jones Sustainability Index Europe, which we're very proud about. I think we should be excited about this progress. There is, however, a lot more that's planned here, and our priorities for the coming months include setting emission reduction targets, and also articulating in full our responsible investment thesis, which we are looking forward to sharing with all of you. With that, I would like to turn the call over to Basil. Basil, can you take us from here?
Thank you, Bob. Hello, everyone, and thanks for joining us, and I hope you're all doing well. As you heard from Bob, it's certainly been a busy period for the group, and I'm happy to be speaking with you today to discuss another set of strong results, where, as Bob mentioned, our businesses continue to build off the strong momentum and scale that they achieved last year. Group revenues grew 29% to $16.6 billion for the six months. Importantly, our e-commerce revenues grew even faster and accelerated 2 percentage points to deliver a very strong growth of 52% year-on-year. The Group trading profit grew 8% to $2.9 billion. As we took advantage of the business's operational momentum and the growth in our more established businesses profits to invest in future growth, which I'll expand on later.
Tencent delivered strong results and remains well-positioned, with our share of its revenues reflecting a growth in revenue of 23% year-on-year and 13% in trading profit. Core headline earnings per share grew 7% year-on-year. This was driven by a larger contribution from Tencent, and this despite our sale of a 2% holding in Tencent during the period. That was, of course, partially offset by the investments in the fast-growing new opportunities we are identifying in the e-commerce portfolio. Finally, this was another six months of positive cash flow, with contributions both from our core profitable businesses and from Tencent dividends. Our balance sheet remains very strong, which provides us with sufficient flexibility to pursue our strategy.
Folks, please turn to slide 18, there we talk about the e-commerce revenues that have accelerated by 2 percentage points to an impressive 63%, which means that over the past 2 years, the underlying revenues of this portfolio have more than doubled, which has led to the value expansion Bob highlighted. For the period, we saw growth across all our segments, adding further scale and generating $4.2 billion of e-commerce revenues. Classifieds performed particularly well, with the OLX Group growing revenues in excess of 100% to $1.3 billion. The business is emerging from the pandemic stronger, with healthy growth at its core, driven by playing a large role in the transaction space. Food delivery contributed a similar amount of revenue to Classifieds at $1.3 billion.
Despite lacking an exceptional year of growth last year, growth this year remained very strong at 86%. Our payments and FinTech segment accelerated its growth too to 44%, with the Indian payments business up 50% year-on-year and the GPO business up 27%. PayU remains positioned very well to benefit from the continued global shift to digital payments in all of its markets. The past eighteen months have been a real turning point for EdTech, and we reflect this by highlighting its financial performance and reporting it for the first time as a separate segment. For the period, our new EdTech segment grew 51% to $120 million. However, I'd like to point out that this is not a true reflection of the segment size, as several businesses were only consolidated partway through the period.
On a pro forma basis, revenues would have exceeded $200 million in the half year. Bob has highlighted why we're so excited about this space, and you should expect to see continued investment in it. Finally, eMAG grew 4% to generate $1 billion in revenue for the first 6 months. This is notable given the exceptional performance last year of the strong boost from the COVID-19 pandemic. eMAG has delivered close to 60% top-line growth in the last 18 months. Now let's spend a minute dissecting the margin trends across the portfolio on slide 19. During the period, building on the strong momentum and consumer adoption across our businesses, we stepped up our investment in each of our segments to build out additional products, services, and offerings.
We believe this will expand the opportunity set and drive future growth and significant value creation across the portfolio. As a result, during the period, our e-com trading losses then increased to $372 million. Importantly, operating margins remained flat, reflecting improved profitability at the core of our Classifieds, Food Delivery, and Payments and Fintech segments. EdTech margins, of course, decreased as we stepped up investment, given that this is a segment in an earlier stage of development, and there is a significant opportunity ahead. The stepped up investment in EdTech is most visible in Byju's and Stack Overflow. We invested across the portfolio in the period. Specifically, we're expanding our pay and ship offerings and auto transactions in Classifieds and our credit and digital banking offerings in Payments and Fintech. In Food Delivery, we are moving into convenience and groceries.
We're also pursuing similar convenience and food delivery opportunities in Romania through eMAG. Finally, as Bob already mentioned, we significantly expanded our EdTech portfolio during the period, adding Skillsoft, Stack Overflow, and GoodHabitz. With the early results of this increased investment coming back very positive, we are excited to be able to invest further and ramp up the opportunities we see ahead, which will mean increased investment for the rest of the year. Now let's dive a little deeper into our core segments, and we'll start with Classifieds, which has had a strong rebound from a very difficult year last year. This is shown clearly on slide 20. Classified revenues more than doubled to $1.3 billion, and the trading profit rose to $108 million from just $29 million in the prior period. OLX is evolving to meet the rapidly changing environment.
It has demonstrated remarkable resilience. It's strengthening market positions by accelerating new consumer offerings, such as pay and ship services, scaling its order-calls-action businesses, where it also offers financing, and increasing trust and safety across its platforms. In our core Classifieds business, revenues increased 48%, driven by Russia, Europe, and Brazil, with monthly paying listers reaching 4.2 million. OLX has over 300 million active users. The core Classifieds' profits more than doubled to $165 million. Avito delivered another excellent performance, growing its revenue 67% at a 48% margin, which is in fact stronger than previously reported, driven by strong momentum across all verticals resulting from good market demand, increased traffic, and investment in new product offerings. Similarly, in Europe, we reported strong top-line growth of 37%.
We saw good growth in jobs and services, and we gained traction in the auto segment. This despite still being affected by supply constraints. We've stepped up investment, which will temporarily impact margins. Trading profit margin remains healthy despite this increased investment at 28%. OLX Brasil, which is our 50% joint venture with Adevinta, grew its revenues 40% with a 22% trading profit margin, which continues to improve. We've successfully integrated Grupo ZAP and realized both revenue and cost synergies. OLX Autos, which represents all our controlled businesses outside Russia, Europe, and Brazil, recovered sharply from a tough period last year, as many of its inspection centers were closed due to lockdowns.
OLX Autos almost tripled its revenue to $605 million and reported trading losses of $57 million, with margins improving significantly by 60 percentage points to a -9% margin. We are, of course, delighted with the performance of the team and the business during the period. I want to point out that growth will remain strong in the second half of the year, but it will slow versus the first half, as OLX was most impacted by COVID-19 in the first half of last year and started to recover in the second half. Additionally, from an expense perspective, I remind you that the second half of the year is traditionally when OLX grows fastest and invest in marketing during the major holidays. You should expect increased investment also in OLX Autos to build further scale and momentum going into the new year.
Let's go into food delivery on slide 21. You can see a healthy 6 percentage point improvement in the trading margins versus the prior year, driven by improved profitability in the core of the food delivery business. As our markets start normalizing post-COVID, growth rates remain strong. This is very encouraging, given the growth and scale achieved last year. For the six months, GMV grew 73%, driven by 7% order growth, leading to 86% growth in revenues. Trading losses rose to $312 million, reflecting the new investment in convenience and groceries, as well as some higher customer acquisition costs as our markets normalize post COVID-19 restrictions largely being lifted.
As Bob noted, iFood continues to fire on all cylinders, with orders growing 44% to more than 300 million, translating to revenues of $464 million, up 38% year-on-year, off a very large revenue base already. iFood is uniquely positioned to capitalize on the grocery delivery trend and is rolling out its grocery delivery service across the country. This has, of course, led to our trading losses increasing to $100 million, while the core food delivery business is very close to breakeven. In the second half of the year, we're going to increase the pace of investment in the grocery delivery business. Similarly, Delivery Hero again recorded strong organic growth in its first six months of its financial year. Our share of Delivery Hero's revenues grew 158%, $703 million.
Just over half of the food delivery segment losses come from Delivery Hero. The losses increased $60 million as Delivery Hero also invests in quick commerce and other exciting opportunities. Moving to India, where Swiggy is recovering strongly from the pandemic, the business is reactivating users and it's increasing monthly frequency. Revenues grew 56%, driven by healthy demand and expansion of the grocery business through Instamart and Supr Daily. The rate of growth has further accelerated in recent months. Swiggy's core food delivery business is very close to profitability. Swiggy is well-funded and will invest in product and technology to continue building and expanding its ecosystem, particularly in groceries and convenience, which are sizable opportunities in the India market. Moving on to payments and fintech on slide 22, where we continue to see a shift to digital payments across our markets.
PayU grew revenues 44% to $359 million, and trading losses remained flat as the core PSP business improved its profit margins by 3 percentage points, which of course helped to fund the new investment into our credit business. Our largest market is India, and they grew their transactions by 53%. India now accounts for over 50% of the volumes processed. This translating to almost $19 billion worth of total payment value. The combination of BillDesk and PayU will significantly accelerate our progress and our offerings to consumers and businesses. Outside of India, our GPO business maintained its good trajectory. Despite a higher revenue base, TPV grew 29% to $16 billion, supported by a 39% increase in the number of transactions.
Following the acquisition of Iyzico in 2019, Turkey is now the largest revenue contributor to GPO and one of the fastest-growing markets. As you know, in credit, we did scale back at the start of the pandemic to mitigate the risks, but we're now starting to expand and scale this opportunity. We remain optimistic about the India credit opportunity as we drive new products such as checkout finance that scales our loan book growth. Total dispersals for the period were $175 million. That's up four-fold, and we expect further acceleration in issuances in the second half of the year. Folks, let's now turn to slide 23, where our newest core segment, EdTech, is benefiting from a generational tailwind of technology innovation and continued increased willingness by consumers and companies to pay for EdTech products.
With the pandemic restrictions eased in many parts of the world, this segment grew its revenues by 51%, with all businesses contributing to this growth. During the period, we closed the acquisition of Stack Overflow and GoodHabitz in July and have consolidated two months of their results. Going forward, these businesses, together with inclusion of Skillsoft from October 1 this year, will become more meaningful to the segment. Yes, trading losses increased to $48 million, but that's driven by the new entrants to the portfolio and of course, continued investments to accelerate growth and capture the sizable opportunity ahead. This is quite evident in companies like Byju's that expands its operations into a global footprint. Slide 24 is a very important slide as we unpack the increased contribution to the central cash flows by our profitable internet businesses.
This illustrates the cash flow generation to the center. Consolidated trading profit from these businesses increased 44% year-over-year, driven by Classifieds and Payments and Fintech, with dividends from Classifieds totaling $154 million during the six months, mainly coming from Avito and OLX Europe. On slide 25, free cash flow for the six months was an inflow of $180 million compared to $370 million in the prior year. Tencent remains a meaningful contributor to our cash flow via a stable and increasing dividend stream. Dividends from Tencent grew 25% to a sizable $571 million. Cash from operating activities and working capital decreased to reflect the investments in the new opportunities across our segments.
It's important to note that from a cash flow perspective, trading losses from associates such as Delivery Hero and Swiggy do not impact cash flow as losses incurred by these investments are funded by the capital already raised by these companies. Working capital investment increased as eMAG prepares for the sales season and in classifieds as it scales its autos business. During the period, we settled higher amounts than prior years in stock-based compensation. Our people have created tremendous value, which is reflected in the significant e-commerce valuation you've heard of today. CapEx has increased as we invested to expand eMAG warehouse capabilities and locker rollout. Our taxes paid have also increased as profitability in our core classified units grew. Moving to slide 26, you can see that this has been a very active season of M&A, particularly in EdTech, food delivery, and in payments.
To date, in full year 2022, we've invested $5.2 billion in the first half, and we've committed $4.7 billion to the acquisition of BillDesk, which of course, is subject to regulatory approval and may close by the end of the year or early next year. As Bob mentioned earlier, the IRRs on our most recent investments have been even higher than the average, and we are confident the investments we made thus far this year will create significant value for the group and our shareholders over time. We will continue to look for more opportunities, although it is unlikely that the type of momentum we had in the first six months will be sustained in the second half of the year. Remember, our historical average run rate for M&A has been about $3 billion per year.
Folks, let's move to the balance sheet on slide 27. We've made great progress over the last few years, increasing our financial flexibility. We've actively taken advantage of the low interest rate environment to step up our leverage profile and lengthen our maturities. This provides the necessary funding to pursue our objectives. While we strengthen our balance sheet, we've also been actively deploying the capital. We had gross cash of $13.6 billion at the end of September, and net cash of just about $3 billion. The cash balance will be reduced on closing the BillDesk transaction and the close out of our current $5 billion buyback program. Post these two events, we expect our net position to turn to a net debt position.
We continue to work hard to increase our financial flexibility, and as always, will remain disciplined and focused as we allocate our capital. Folks, in closing and in summary, we're very pleased with the significant progress over the past six months and our positions as we enter the second half of the year. All core segments make good progress against financial and strategic objectives. Our priority for the rest of the year is driving profitability at the core in our established e-commerce segments, while at the same time providing investment required by each of the segments to pursue the substantial growth opportunities we see ahead. Our balance sheet remains strong and liquid. We'll continue to look for M&A that progress our strategic ambitions.
It is precisely the strategy that has led to the substantial value creation we've reported today, and I'm convinced it will deliver similar value accretion over time. With that, folks, I'll hand back to Bob to go through our thoughts on the future.
Yeah. Thanks, Basil. Before we head to questions, I'll just take us to slide 29 to talk us through our key priorities. First, I think you've seen from the numbers reported today, the fundamentals of our business are very strong and are in fact strengthening. Our focus will remain on building bigger businesses by expanding our opportunity set from here. Second, we will continue to drive profitability at the core of our segments, while at the same time investing to extend their ecosystems on the platforms. Third, we remain very strong believers in Tencent's growth prospects, and we are investors for the long term. Fourth, as growth continues to come through, we will build on our progress by continuing to bolster financial flexibility through additional debt.
Fifth, as we deploy capital, we will remain disciplined and focused on generating returns, and we aim to generate strong risk-adjusted returns north of 20%. With that, this is where the presentation part of the meeting stops, and we open up the lines for questions that you may have. I think Chris will take us through that.
Thank you very much, sir. Ladies and gentlemen, at this time, if you do wish to ask a question, please press star and then one on your touchtone phone or on the keypad on your screen, and you will hear a confirmation tone that you have joined the queue. If you wish to withdraw your question, please press star and then two. The first question is from Cesar Tiron of Bank of America Securities. Please go ahead.
Hi, everyone. Thanks for the call and thanks for the Q&A session. I have three questions, if that's okay. The first one, for Bob, maybe, relating to the $100 billion ex-Tencent NAV by 2025. Can you please help us visualize better how this NAV will look like? Do you see any verticals that will probably be larger than others? Will all these verticals be fully owned by Prosus or maybe some of them would be listed by them? And also, how much investment do you think you need to make it a $100 billion? Is that $10 billion-$15 billion or is that more? Thank you so much. The second question really relates to food delivery profitability.
Can you please help us better understand the near-term dynamics of food delivery profitability? As I think you mentioned in the release that iFood core is post profitability, but of course, e-groceries require more investments. We've also seen GMV growth ahead of revenue growth at iFood, for example, in the past six months.
Last question would be to better understand what has caused the slower revenue growth at eMAG besides obviously the very tough comps with last year given the lockdowns. Thank you so much.
Yeah. Thanks, Cesar. I will answer your third question and then your first question, and then I'll ask Larry to talk to the food delivery profitability prospects. On eMAG, I would say it's still. If you look at the two-year growth path, it's still an absolutely phenomenal jump in activity. Really that business has gone from strength to strength, and it remains on a positive trajectory, which is quite remarkable if you think we're lapping indeed a period last year where people were basically locked up, and in many cases, it was the only way for people to buy products for their family is to order them online.
What we've done is look quite carefully at whether eMAG has sort of compared to the overall online ecosystem and maintained momentum, and to that the answer is a resounding yes. eMAG is continuing to actually grow faster than e-commerce as a whole, but they're just lapping an absolutely outstanding performance a year ago. That's really all there is to that. That was your third question. First question is how do we get to the 100 billion? Which verticals? I think, look, it's hard to predict the future in detail, but I think you'll see the current core four verticals make up the bulk of that, where based on current growth rates, I think food will be a very large part.
Classifieds will be as well, because not only are we seeing strong momentum in the core, but we're also seeing that in auto transactions in particular, which could just be another OLX in a few years. We actually don't see we need a very large amount of additional investment in there. Yeah, there will be, but we're not talking in the many billions, but actually this is a more organic development from where we are today. Look, we will see, right, to what extent these will be fully owned or partially owned. In food and in AgTech, obviously we are already in a situation where we have partial ownership.
I think in that few years horizon, we could see some of our core segments actually go to market in an IPO. I think that covers the key components of your questions there. Then I can hand over to Larry for profitability and food delivery.
Yeah, happy to take that one. Yeah, over the last 18-24 months of the pandemic, food delivery businesses around the world have trended closer to profitability. It's really just a function of unit economics improving with increased volume and significantly diminished need for consumer acquisition spend, and our businesses are no different there. iFood was profitable in a few months during that period as it really didn't need to spend on customer acquisition. At the same time, you know, in order to continue to fuel future growth, specifically in grocery and convenience, I think those sectors really emerged during the pandemic. We invested behind that growth.
The potential of those so big, the TAM so big, it made sense to put more capital behind our food businesses despite the fact that the core businesses were trending towards profitability.
Thank you so much, Larry and Bob. Very clear and helpful. Thank you.
Thank you. The next question is from William Packer of Exane BNP Paribas. Please go ahead.
Hi, Bob, Basil. Many thanks for taking my questions. Three for me, please. Firstly, we're now a year into the Chinese authorities regulatory overhaul, which has materially impacted Tencent. You own that stake via a VIE structure. Is there any update to share on the authority's perspectives on this ownership vehicle as the environment's shifted? Secondly, the discount to NAV has remained stubbornly high despite your recent efforts, including buybacks and the exchange offer. Could you talk through some of the options to help reduce the discount in the next 12 months? What are you thinking through? Finally, you've been ramping up payments and shipping across your Generalist portfolio. Could you share with us some progress on those products and how to think about the long-term potential, for example, attachment rates you're achieving or what level of commissions are possible? Thank you.
Yeah. Thanks, Will, for those questions. The first question, I think, Charles, you can probably, from your position, best answer. Obviously, I have a few things to say about it too, but I think I'll ask Charles to go first. I can say a bit more about the second, which is the discount to NAV, and I'm sure Basil can add. Around pay and ship, I think Romain, our relatively new leader for our Classifieds group is there, and maybe I can ask him to answer that. Maybe Charles, you want to go first and say a few words about VIE?
Yes. Thanks very much, Will.
Will, as you know, there's been a lot of regulatory developments in China over the last six months or so. Much of this sort of focus and targeting around industry behavior
particularly in that anti-monopoly related stuff, data privacy, certain social issues that were coming through within the economy. Those regulations have been sort of having their effects and the e-business generally adjusting to it, and I think creating a much healthier environment in terms of the internet within China. More specifically in relation to VIE, there's been no developments actually during this period that has been focused on VIE and VIE structures specifically. As you know, those structures have been around for a very long time, have worked well, continue to work well, and continue to be endorsed by, you know, the senior members within both the regulatory authorities and also within the CSRC.
We see very little change. In fact, nothing in that respect that would have any impact on our current operations at all.
Thanks, Charles. Then I can talk a little bit to the share exchange and the discount to NAV. Now, the share exchange was a really essential step forward to bring the size of the two free floats more in line with the markets they operate in. It's not something to be seen in isolation, right? We've done a number of other things over time. Actually, we are currently in the process of a very large buyback. When we did the share exchange, it was pretty much coinciding with a fair amount of regulatory uncertainty in China, and actually Tencent got significantly affected by that. We've seen a lot of volatility in the market since.
I think, investors are cautious, and I think that has had an impact, right? I think, we've seen our buyback being executed. We're now a fair amount of distance along the way. We've also seen some switchback from Prosus shareholders back into Naspers that we expected, and that's exactly why we designed the buyback in this case. I think over time, the benefits from the share exchange will come through. I think it is the right solution. Then from there, we think although the situation is stable, there will be further opportunities to improve. I think most importantly, what we need to do is to continue to show exceptional results as we've done today, right?
With growth in commerce, improving in the core of the profitable businesses as well as increased disclosure, I think we'll get there over time. Maybe Romain, you want to talk briefly about our ambitions in Pay & Ship and the adoption rates we're starting to see?
Absolutely. Thank you, Bob. Pay & Ship is a strong focus for us in Classifieds. It, as it's, one of the very important way to move toward the transaction of customers. In the last six months, we've really accelerated the rollout of our products and services, increasing both payment and delivery coverage to reach more customers and enable more transaction on the platform. While I will not comment on the attachment rate, 'cause it's still very early stage, I think there are a couple of benchmarks available in the industry that I'll refer people to. The sure thing about Pay & Ship is, we're seeing two things.
First, a unique opportunity to monetize our consumer audience, especially on our horizontal platform, which previously was not entirely monetized, so great opportunity for future revenue growth. The second thing is that what we've seen with the different experiments we've done around Pay & Ship and the way we're gonna monetize it has been a very strong adoption. Very early positive sign, but it'd be too early to be more definite about it.
Thank you very much.
Thanks, Romain.
Thank you. The next question is from Lisa Yang of Goldman Sachs. Please go ahead.
Gentlemen, I have three questions as well. The first one is for Basil. You mentioned a few times there's gonna be more investments in the second half of the year to obviously drive this exceptional growth momentum. Could you maybe help us understand where you are in this sort of investment cycle into these new growth extensions? Do you see the H2 run rate rather as a peak or something that we should also expect for FY 2023 and onwards? That would be very helpful as a first question. The second question is on OLX Autos. You disclosed that B2C is already 20% of transactions in the markets where it is operating.
Could you maybe share a bit more color in terms of what are your plans regarding B2C in terms of rolling out into other markets and which are the markets where that functionality is there today? The third one is on Avito. There, there's been some press reports about an attempt to buy Cian.ru, the leading property vertical in Russia, which was then blocked by the regulator. I guess two questions related to that. One is, what does this mean for your approach to growth in Russia? Is it gonna be more organic, or you think there's other M&A opportunities? Across the rest of the Classifieds portfolio, do you also see, you know, a lot more consolidation opportunities? Thank you.
Yeah. Thanks, Lisa, for those questions. I think Basil can answer indeed the first one. I think Romain can answer the second one about OLX Autos. Actually I can answer the third one because we don't really comment on M&A, either future or potential or maybe in the past that didn't work out. There's not much to be said about that. I can tell you about Russia. I think actually the numbers do the talking on Russia, where we saw organic growth of 67%. That business is in exceptional shape, and it's actually performing really well across the verticals, and we're quite proud of that.
I think in the other parts of the market as well, again, we don't tend to speculate on future M&A, but the organic momentum is really strong, and that really is our priority at this point in time. Maybe, Basil, you can comment on the investment cycle, where we are, and then Romain on OLX Autos B2C rollout.
Thanks, Bob. Hi, Lisa, thanks for the question. Look, I'll make a couple of points. First of all, you'll know that we don't give guidance, and that hasn't changed. There's lots of reasons for it, not because we're trying to be cagey and not transparent. It's really because we're a global business. We operate in 100 countries. We have a number of new opportunities. Some of them are very sizable and the level of investment is gonna really be driven by the pace of success. Bob spoke earlier about metrics-based investment. That's what we do. If the opportunity is big, we're doing particularly well, and we're seeing the unit economics turn out well, we're gonna step up investment. If that means more investment in the full year 2023, Bob, so be it.
The key thing needs to be that we can deliver great value and a great return to shareholders and build new sizable businesses. Overall, it's also important to note that our profitable businesses are also growing fast, both at the top line and bottom line. In time they'll continue to scale and they'll have an offset of that increased investment. It's hard to tell you whether full year 2022 is the peak or whether full year 2023 is the peak, and really it's because I don't know. It's really driven by how well we execute on the opportunities there. Based on what we see so far, we're doing really well, and this is why we're encouraged to pick up investment in the second half of the year.
To answer the question on OLX Autos and our move toward B2C, business to consumer, our move to B2C is as you might recall, when we did the acquisition of FCG, it was 100% what we call consumer-to-business, industry or business, right? We're basically buying cars from consumers and selling them to dealers through an auction mechanism. While this is still a very important part of our business, we have taken the strategic decision to move toward building our B2C mix, and that allows a couple of things. First, it really helps us provide a differentiated experience to consumers versus what is available right now in the industry when they go through an offline dealer.
Secondly, it will allow us to capture more of the value created through car transaction because we both have the value of buying the car but also reselling the car. More importantly, as you can also see in multiple examples in the industry today, it will allow us to upsell loans, car loans in particular, but also things such as additional insurance and others. A move to B2C is quite important for us to be able to build a consumer brand, own the customer, and make sure we deliver a business which is not only sizable, but provide the right customer experience at the right type of economics for our shareholders.
To your question about how we are rolling out in our markets, if you look at our markets today, we have already initiated a move toward B2C in most of our markets, when it's for us the most relevant, the most penetrated of those being Indonesia, which is a market where we have an opportunity to move a little bit quicker.
Thank you very much. The next question is from Miriam Adisa of Morgan Stanley. Please go ahead.
Great. Good afternoon. Three from me, please. Firstly, just on the sort of portfolio structure, I'm just wondering how you're thinking through the number of listed assets in your portfolio. Over time, do you envisage having more concentrated stakes in a few listed assets or having smaller stakes in lots of listed assets across your kind of four key verticals? Just thinking about sort of the complexity of the portfolio and how you sort of envision that over time. Secondly, on EdTech, if you could just give a bit more detail about specifically where you're investing the key sort of cost lines and when you think the scale benefits will start to come through.
Then thirdly, just on iFood and grocery, just wondering firstly about the other adjacencies beyond grocery that you're interested in exploring for iFood, and then also just generally given the amount of funding that we've seen in grocery and the fact we're starting to see some consolidation in on-demand grocery, how active should we expect that you want to be in that? Thank you.
Okay, Miriam. Thank you. I will take the first question around the listed assets. I think Larry, even though I think several of us can talk to it, but is best placed to talk about where we are investing in EdTech primarily. Also I think Larry can talk to us about the investments beyond grocery that are happening at iFood. In terms of the portfolio of listed assets, I think the key criterion for us is the expected return and the quality of the team that we're invested in, and our ability to have a view on value added there beyond just being a shareholder.
I think that's been the case for our listed assets over time, and I think that you know gating will stay the same. I think we have been able, I think, to manage well active positions there. So for us, it's not so much about the size, but it's our ability to make sure that it strategically fits. We believe in the financial upside, and we have something to add. It's really those two things that will drive that portfolio over time. If we think it doesn't tick those boxes, we will do something with the stake. Maybe over to Larry for the EdTech and the iFood question.
On EdTech and where we're investing, I think during the pandemic, we've seen an acceleration of consumer activity on the K-12 side, but really where we've focused our investing attention has been on the vocational and enterprise side. You know, these businesses in many ways have been hiding in plain sight over the course of the past decade, but really finally gotten some visibility not just from us, but from investors around the world. We've been investing on both sides, and I think certainly I expect to continue to explore opportunities in both. I think there was a second part to that question of when scale benefits kick in.
We're certainly seeing it on both the vocational and the K-12 side. On the vocational side, the scale at which the companies are able to sell into large enterprises as the products mature and the sales engines mature, we're seeing operating leverage within the companies. On the K-12 side, in many cases, these are consumer businesses with classic network effects dynamics. As the networks of a Brainly or a Byju's grow, we see increased leverage there. Shifting gears over to food, you asked about the other adjacencies within iFood. It's important to note within food delivery that while the core of these businesses started, as you know, restaurant food delivery, often the adjacencies are...
That's true globally. Often, the adjacencies are much more local. In the case of iFood, we've seen real opportunity in fintech, and this means, you know, facilitating, you know, financial services to our small merchants, our restaurant partners, and have also been looking at meal vouchers and addressing other meal occasions for our consumers, in addition to grocery and convenience that's more of a global opportunity. Secondly, you asked about grocery consolidation. I think there's an important point there. You know, we saw grocery and convenience very early. You know, so one of the benefits we have as a global investor is being able to see sectors as they emerge.
In the case of grocery and convenience, really saw it in the case of convenience emerge in the Middle East and Southeast Asia. We're able to invest in that behind our existing food delivery platforms, save one direct investment in the space. I think even back then, we signaled that we thought there would be some consolidation that would happen because there are some very natural synergies within the broader food delivery space.
Thank you. The next question is from John Kim of UBS. Please go ahead.
Hi, everybody. Thanks for the opportunity. Two questions, please. If we look at your pace of investment, we're looking at kind of pro forma $10 billion for this fiscal year versus an average of $3 billion, or call it $2+ billion the last four years. How comfortable are you with taking leverage at the corporate level to support an increased level of spend, even if it's not $10 billion pro rata? And is there an opportunity to lever at the OpCo? The reason I ask is if you look at valuations, they've been quite robust over the last one to two years. Given your style of investment, I would have to think that the valuations are putting pressure on how you can allocate a given pot of money. Any color there would be helpful. Thank you.
Let me take these, John. I think the pace of investment has indeed been relatively high. I think we've seen just in particular in the case of BillDesk, right? We have a very strong business in India focused primarily on merchants and e-commerce, and we saw that business has been sort of created from scratch, and we created a tremendous amount of value there over the years. We saw huge synergies with BillDesk business, which is mainly in the bill payment space. We then decide that is actually an opportunity that's too good to let go and create a top ten.
Payments company in the process. In terms of leverage, I think we see opportunity to further leverage at the TopC o. I think in particular cases, we could also think about leverage at the operational company level. We see definitely that there's opportunity for value for debt at the TopC o level. I think in terms of valuations, I think look, the reality of things is that we've been extremely selective for many years, right? If you look at how we've invested, we typically invested in one out of 100 or several hundred opportunities that we've screened.
I think that has allowed us to create the kind of IRRs that we've created, right? You don't get to 22% by being indiscriminate. Even if you look at the last few years, right? When I would argue that valuation levels have been quite significant in the last few years. We actually have seen our IRRs to be better in the last few years than they were previously. On our investments in food and in tech, we've actually gotten IRRs which are often in excess of 30%.
I think for us, it's the reason why we've seen that long-term high returns is because we've been selective, and also we've gotten better at understanding the businesses we're in, which has allowed us to do better investments and create more NAV in the process. You can expect us to continue to be selective and to continue to put the bar high, and then when we see the opportunities, we take them, and if we don't, we don't. That's hard to predict, but the level of selectiveness is one that's consistent, and our commitment to driving great return is the other piece that is consistent.
Thank you, sir. The next question is from Andrew Ross of Barclays. Please go ahead.
Great. Good afternoon, everyone. I've got three questions as well, if that's okay. First one is on OLX Autos. Can you just give us a sense as to how the GPU or the growth margin is trending in that business, both on C2B and B2C? Second question is perhaps one for Laurent if he's on the line, but it sounds like there are some pretty cool developments going on with digital banking, buy now, pay later, et cetera, in India. It would be helpful just to get a bit more color on how LazyPay and the Indian strategy is evolving, big picture. Then third question is on food delivery and consolidation. Clearly a big deal the other day with DoorDash and Wolt.
I'm curious from any learnings that you guys have on Wolt as an investor in that asset, and perhaps more interestingly, your latest thinking on food consolidation. I think particularly within that, how you see valuations given there appears to be a bit of a disconnect between what you see in the private space and in the public markets. Thank you.
Thanks. Some big questions, Andrew. I'm gonna ask Romain to comment a little bit on gross margins in Autos, but to manage your expectations, those numbers are not numbers that we disclose, so that will be quite directional. Laurent is on the line and he is very close to BNPL business, particularly what we're doing in India, so I'm sure he can eloquently answer that. On food delivery consolidation, again, it's fairly broad questions which are interesting, we can talk about a lot, but maybe Larry wants to comment and I maybe can answer it. Maybe Romain, you can give a directional answer to Andrew's question.
Thank you, Bob. Absolutely. I'll say a couple of things here. First, we operate in very different markets, and so you should expect C2B and B2C margin or GPU to be quite different by market. As you might expect, those are driven by two main factors. First, the price of the car, and secondly, the type of margin we're able to extract in C2B and in B2C. Both of those are highly dependent on the market you're operating in. One thing I might share is that when you look at C2B and B2C margin, usually C2B is the large part of the margin and B2C is like, you know, 50% of B2C, right? In ratio. When you do C2B2C, you can see that you obviously do more margin.
Finally, I'll add just that if you look at the market today, you will see that given the shortage in new cars, the used car market has seen a lot of tailwinds, which have pushed for price increase and margin increase. So the GPU has developed very well, but we think there is a situational part of it which might taper in the second part of the year or the first part of next year.
Thanks, Romain. Laurent, you wanna talk about BNPL?
Yes, absolutely. In India, we have two businesses. One is for payments and merchants that pay you, second one is the one credit, and the brand is LazyPay. We launched LazyPay as a pure buy now, pay later product a bit more than a couple of years ago. What we've been doing in the meantime is first expand the product suite, so from buy now, pay later, actually to revolving and to personal loans. We have the full range of products. What it means is basically we are able, you know, to give more credit lines as we get to know more about the credit risk of our consumers. And expand, basically our revenues, but also our profits. The second thing we've been able to do is expand also the distribution of our buy now, pay later products.
We are leveraging the relationship that we have with our merchants on the payer side, actually, to use Laybuy as a checkout product. This is really helping us accelerating the growth of our consumers. At the moment, we're adding 150,000 new customers a month, active customers, right? Which means we will have close to 1 million active consumers on Laybuy by the beginning of next year. That's already a sizable and active base of consumers, and this is also a profitable business. Now, where do we go from there? There are two directions. The first one is, as Basil mentioned, you know, during the call, we had to be careful during COVID with our personal loans, but actually now we are starting to dial up again the amount of origination that we are doing for this.
That's the first thing, from buy now, pay later to more personal loans, okay? We are doing around $50 million a month in personal loans, and this will double very quickly. We have our credit risk under control. The second thing that you are leading to that we can do is actually moving to digital banking. The brand will be Laybuy. The product is ready, and the product will be fundamentally credit led. What it means? It means that consumers will be able to access a line of credit and use it, of course online, but use it also offline through a credit card that we will be issuing in partnership with the bank. That's really the core proposition of our digital banking solution. It's around credit. At the moment, the product is only being used by friends and family.
It will be actually open to the general public next week, and we already have a waiting list, which is quite encouraging. A bit more than 100,000, you know, users of Laybuy are registered for that. This will be the big push that we will see next year in the market for Laybuy.
Thanks. Maybe Larry,
Thanks a lot.
Yeah, thanks.
I'll hop on the anchor leg here. Question on consolidation and views on Wolt. I think with Wolt specifically, it's a technology-forward business that was built in some of the hardest markets in the world. You know, if you reflect back, you know, just a couple years ago, there was a view that restaurant food delivery couldn't work in, you know, smaller cities and expensive labor markets. That Wolt has made that work speaks to the potential of the model. That it's able to reach many more use cases and find profitability even in markets where people thought that was not possible.
It's very similar to how iFood in a matter of years has been able to get to many more cities than previously imagined. It fuels some of our enthusiasm about this space. This is not a niche behavior. I think that's some of the dynamics in play around the Wolt acquisition. In terms of consolidation more broadly, I think it's important to note that these food delivery businesses are inherently local. While in this setting we often talk about, you know, cross-border and global consolidation, we're increasingly seeing consolidation locally as businesses build out, you know, local ecosystems. You know, as we touched on a little earlier on the call in grocery and convenience and fintech as they're building on the back of these platforms.
Thanks, Larry. I think we're running a little bit over here, but I think operator, if there's one more question in queue, I think we can do it, and then we should probably close off for today.
Of course, sir. The last question is from Catherine O'Neill of Citi. Please go ahead.
Great. Thank you. I just wanted to come back to Classifieds actually, where the profitability was obviously very solid, including Auto transactions, which was I think a broadly similar loss year-on-year. Firstly, I just wondered how you think about the value of Classifieds remaining as part of the broader Prosus Group. Then secondly, I just wanted to see if you could provide a bit more detail on the Auto transaction ramp up, especially in the second half. Should we assume that's gonna more than offset the profitability in the core Classifieds business? Thank you.
Yeah. Maybe I'll take Romain out of the way on both. I think I should answer the first question rather than him. I think on the second one, we don't give guidance, so I think that's relatively hard to give a view on. It's also very dependent on the speed at which we can grow the business. There I think we're gonna disappoint you. I think on the first question, look, I think OLX is a business that's developed exceptionally well, right? I remember when I took over as CEO, we were investing $several hundred million in the year, and I think our investors were a little nervous at the time on whether that would actually create value.
Now, we've created a business segment that is worth well over $10 billion with actually an investment that was, given the size of that opportunity, quite limited and a great rate of return. I think now everybody is actually quite excited about that value creation. I think the business, given its trajectory and its size, I think is basically becoming a business that could stand on its own. On the other side, you've heard Romain speak about the further potential in transactions, and that is a business that we wanna build, and we wanna build that and there is real work to be done there.
There's real investments to be made to get also that value creation story to fruition. We'll think about where that is, what the right moment is for the business to stand on its own. It's definitely a combination of huge value creation so far, but also an investment story on the Autos business going forward.
Thank you, sir. We have no further questions in the queue. Do you have any closing comments?
No, except to say thank you for joining us today. I hope you're excited as we are about the momentum in the business and what the value creation story is so far. There's more to come. Thanks for all the great questions that you asked today. Have a good evening.
Thank you very much, sir. Ladies and gentlemen, that then concludes this event, and you may now disconnect.