We have identified opportunity in technology globally, knowing that certain markets will thrive more than others.

Backing winning segments

We will continue to focus on our core segments and drive organic growth in the underlying companies. While tech has done well across the board, we have invested in segments where we believe there is markedly more growth potential.

Targeting high-growth markets around the world

• While regulatory change has recently curbed investor enthusiasm in China, we believe it remains one of the most attractive internet markets, and Tencent is well positioned. We also believe that considered regulation ultimately can be healthy for any industry or market – in time, businesses will adjust and investor appetite will return.
• India is a priority, and we are strengthening our teams and investments there. We will focus on backing local entrepreneurs to ensure we align well with India’s domestic priorities.
• We are investing more in south-east Asia. We see opportunity there – growth is strong and smartphone adoption is rising rapidly.
• In Brazil, we see strong opportunity for iFood. Again, we are focused on organic growth, particularly strengthening iFood’s local ecosystem. That ecosystem is centred around a strong food-delivery core supplemented by offerings in grocery, convenience retail and fintech.
• We will continue to monitor markets for opportunities and be selective in our approach, prioritising the best opportunities.

Our businesses are building ecosystems with a strong local presence.

• Our Food Delivery businesses are building on their sizeable delivery operations to extend into adjacent delivery verticals, such as convenience and grocery. This creates more value for customers and more value for our businesses.
• We are expanding our Payments and Fintech platform in India to create a broader ecosystem.
• We are building valuable local ecosystems around local market heroes, such as eMAG in Central and Eastern Europe. eMAG is building Romania’s largest last-mile delivery platform, growing food delivery rapidly, and expanding into grocery delivery.

Apart from our existing core segments, we aim to explore new areas with world-changing companies that can provide future growth, both from an operating and from an investing perspective. One direction to explore is segments in which GenAI may become a growth driver. The goal is to look aggressively but deploy carefully only when we find genuinely exceptional businesses.

Shareholders, regulators and many other stakeholders are increasingly interested in how seriously we take our responsibilities as a global technology group: how well we look after our people and our customers; the kind of role we play in society; and the impact of our businesses on the planet.

We have a strong heritage of acting responsibly as a group. But much of this good work has been implicit – a natural consequence of fundamentals such as being disciplined about long-term value creation, backing entrepreneurs who share our values, and focusing on improving people’s everyday lives through technology.

We believe it is now essential that we do business with the stated goal of being a positive force for the world around us. We will therefore ensure we are all clear on our role in the world, and on our expectations of each other. Through our Ventures arm, we are increasing our focus on sustainable investment themes, such as agtech (agriculture technology) and healthtech.

We have also formalised our approach to responsible investment.

We are all united by our shared purpose – to improve everyday life for billions of people through technology – and our shared values.