SoftBank's listed India portfolio lost more than $600 million in value during the January-March quarter, according to the Japanese investor's latest earnings disclosures. The decline was led by drops in Swiggy, Ola Electric, Meesho, FirstCry, and Delhivery, while Lenskart partly offset the drag. Overall, the Vision Fund reported losses of roughly $4.2 billion from its listed investments for the quarter.
Lenskart shines amid portfolio losses
Among SoftBank's Indian listed holdings, only eyewear retailer Lenskart delivered gains during the period, contributing about $100 million in upside. The rest of the portfolio saw declines in market value, resulting in paper losses for the investor.
IPO companies face scrutiny
Several of SoftBank's India-backed companies that went public over the last two years have faced continued scrutiny from investors around profitability, cash burn, competition, and post-listing growth trajectories.
SoftBank's quarterly profit jumps
The disclosures came alongside a sharp jump in SoftBank's quarterly profit, driven largely by gains linked to its investment exposure to OpenAI. The company reported quarterly net profit of about $12 billion, while the Vision Fund recorded investment gains exceeding $19 billion.
SoftBank's India investment strategy
SoftBank has invested more than $15 billion in India over the past decade, backing startups across ecommerce, food delivery, mobility, logistics, fintech, and consumer sectors. Its India portfolio has increasingly become tied to public market performance as more portfolio companies list on the stock exchanges.
In recent quarters, however, the Japanese investor has slowed its pace of new investments in India, focusing largely on selective bets and follow-on rounds in existing portfolio firms. One of its recent investments includes AI coding startup Emergent.
