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- [00:01]
A
Hi everybody.
- [00:02]
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Tune in to this short version of the podcast which we do every Friday. For the long version, tune in on Wednesdays. Hi everyone, I'm Nicola Tangen, the CEO of the Norwegian Sovereign wealth fund. And today, hey, I'm in really good company with Fabricio Bloisi, the CEO of Prosus. Now you may not know what Prosus is, but they basically have incredible Ifood, which is the equivalent of Doordash in Brazil, the Just Eat, which feeds millions and millions of people across Europe, Swiggy in India and PayU, one of the biggest fintech platforms in emerging markets. So all in all they reach like a billion and a half people across the world. And he is pretty pleased about it himself. I can see his smiling hair on the screen. So, Fabric. We look forward to hearing all about it. But before we talk about you, what is Process?
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Process is a tech company. And. And we offer amazing products for one and a half billion customers on delivery, food delivery on top of that, payment on top of that, lifestyle services like events and travel. And we are just getting started. We do all of that in three big regions, Latin America, India and Europe. And we are reinventing everything we are doing. We are in a moment of amazing change through AI. My whole story is about reinventing everything. So I'm very excited to build the next chapters of Pros.
- [01:23]
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What do these companies have in common?
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I think our focus is to build an ecosystem and this ecosystem means we are not investors just to start. What we build are operational tech companies that are very good in execution, technology, services. So when we build an ecosystem, we make sure that one company help each other through culture, management, model, cross sell, innovation, AI. And I'm investing the same kind. I'm building the same kind of ecosystems in Latin America, India and Europe. So if you look to Latin America, I already had IT work in Latin America. In Latin America people talk about Thai food, but it's 10 times bigger than Ifood. We have beverages and pet shops and payments and meal voucher and grocery and travel. The same ecosystem that is very sophisticated that I have in Latin America, I'm building today in India where I have very similar companies and the same ecosystems I'm going to build in Europe. Let's start with just eat and Olx, but I'm going to expand that to the same kind of ecosystem.
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Tell us about some of the innovations you did in the food company in Brazil. What were some of the clever things you did today?
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For example, Ifood is a company run by AI. The personalization of the first page. What we offer to the customers the push we give to them, the anti frauds, all those, the customer relationship management, all of that is through AI. And there is no guideline how to do that. You have to experiment to try to do it better. Today we spend less money in marketing than our customers. We have better NPS customer satisfaction because of AI. We internally we have a system called token where we give AI, give the capability to everyone in the business to use AI to do their own jobs better through agents. None of that was done like it was an idea of Fabrice. We go there and do it. All of that starts with Empower. Entrepreneurs move fast, test 20, 30 versions until you have results that makes your company better, then put that on a scale. Because we never invest 10 million or 100 million or billion because of idea. What I do is to have entrepreneurs moving fast. We call it Jet Skis.
- [03:33]
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Tell me about the Jet Skis.
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Jet Skis means empower a small team with 5, 10 people to experiment as if they were the owner of that business. So they have to experiment, take risks, try 10, 20, 30. Things fail a lot until they find in a way that has amazing impact. So all the innovations I told you started as Jet Skis. A small group trying very fast until we have the best operations of our category of the world. And why is it important to tell this story? Because that's not how big companies work. Big companies, usually they say, let's make a budget. The budget is a billion dollars. The CEO like this project. Then we have one year to deliver a big, big thing. And then one year after you lost a billion dollars and you lost one year. So what we have to find first, without money, without team, without one year timeline, is to find how we make this really work. That was a Jet Ski, a small company, a startup inside a big company with the right people to innovate and deliver.
- [04:38]
B
You had to sell your stake in Delivery Hero, right? Whilst at the same time, competition could make acquisitions. Just how do you look at the, you know, the European regulatory environment?
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Yeah, I am a optimistic CEO founder, but it's frustrating to operate in Europe because at the same time I have everyone in Europe saying, I need big tech, I need innovation, I need AI. I said, I'm ready to invest $10 billion to build debt in Europe. And then the regulator said, no, you have to divest. And I even told the regulators, I'm going to divest and sell to an American or a Chinese company. They said, we don't care. So Europe. A funny thing I see the American Companies having the government trying to say, I need big tech here, let's make my big tech global leaders. I see the same thing in India, the same thing in China. In Europe, I have to fight Europe. I have to spend a lot of energy, say Europe, it is good, it's necessary to have big tech here. What's happening right now in Europe is that Europe is succeeding in avoiding big tech in Europe and succeeding in making the Americans and the Asian big tech to win in Europe, because the European companies can't win in Europe. So I have an obligation to sell my participation in Delivery Hero. I absolutely disagree with this direction. Interesting thing. Two weeks ago, Europe said, we are going to change our guidelines on the M and A. And then we said, okay, so like, why we are selling? We are a European company, have two European players, why we are selling one of them. And they said, we are changing next year. You have to sell this year.
- [06:25]
B
Let's talk about AI. Do you think AI is underhyped?
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I think AI is underhyped. This is a crazy phrase to say. And the reason is I do that operationally. I am a CEO of a big company, but I understand the details about what's happening. Many people last year were talking, maybe there is overhype and next year things are going to cool down. It's the opposite. What's happened the last three months, it's much more than everyone expected for this year. In robotics, obviously, robotics is moving at crazy speed. But what's happened with OpenClaw or with cloud code in the last 60 days is substantially more than what happened before. And it's going to change completely how companies work.
- [07:11]
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How is your group going to work going forward? By implementing everything you can do in
- [07:16]
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AI, we will have every time more autonomous organizations where AI do much more than making the job of one person 20 times faster. What AI is going to do is to make the whole company 100, 200% more efficient. Until now, people are trying to make their job faster, have to do a document. I say, AI, help me with this document. What is possible today is much more than that. And it was not possible in December. That's the thing that many people didn't understand from December to May. Now it's possible to teach an AI, to teach the intelligence of the company to an AI. So the company can really operate for. Not for 10 minutes by itself, but can operate for one to three days by itself. Internally, we have 20,000 people creating agents. That makes them substantially more productive. The last month I gave a course to all our executives Starting with the CEO so they can program by themselves. You can think, are you crazy? We're talking about CEOs of five $10 billion company making software. Yes, because when they learn what they can do in four hours work, they understand that all their goals can be substantially bigger.
- [08:32]
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How would you characterize the corporate culture in the company?
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First thing I do is to kill the corporate world. Culture means empowering people to move faster, to be innovative. We call our product culture process way entrepreneurs that feel that they are in charge to have results, innovation. Innovation is core to everything. We have to question what we are doing all the time. Obsession about results. We need results. I don't need smart people giving nice excelsior. I need results and impact. I really believe big companies should have impact and have a positive contribution to the regions they are. So we talk about culture all the time. I think my job is to set the culture and division and some people love this culture and they work two, three times more. Some people don't fit and we have to politely suggest them. Keep looking to the company where they fit the culture. To me the most important thing Protos had a good year, we had good results, we grow, we are more profitable. The financial people like to talk about results and numbers. To me, I like to talk about culture. Because every result we have is because the company is more focused about giving more power to the right people, moving faster, delivering results and being more innovative.