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SoftBank’s India-listed portfolio accounted for more than a seventh of the Vision Fund’s losses on public holdings in the January-March quarter, underscoring the drag from a sharp correction in some of its recent India bets.
The Japanese investor recorded net mark-to-market losses of over $600 million on Swiggy, Ola Electric, Meesho, Delhivery, and FirstCry during the first quarter of 2026, according to SoftBank Group’s latest earnings disclosures. The Vision Fund’s overall loss from listed portfolio companies stood at about $4.2 billion for the quarter.
Barring eyewear retailer Lenskart, where SoftBank registered roughly a $100 million gain, all its other listed Indian companies shed market value during the period, leading to a paper loss for the Japanese investor, the filings showed.
The decline comes as several of SoftBank’s India bets, many of which went public over the past two years, continue to trade amid concerns around profitability, competitive intensity, and post-listing performance. The losses are mark-to-market in nature, reflecting changes in the share prices of listed companies rather than exits by the investor.
Earlier today, SoftBank reported a sharp rise in its net profit for the quarter, at $12 billion, as it booked gains on its investment in OpenAI, currently the world’s biggest AI company. The Vision Fund, through which SoftBank has been investing in tech firms, reported a gain of more than $19 billion.
SoftBank has been one of the most aggressive global investors in Indian startups over the past decade, backing companies across food delivery, mobility, ecommerce, logistics, childcare retail, and financial services. It has deployed over $15 billion in India over the years.
With companies such as Swiggy, Ola Electric, Delhivery, FirstCry, and Lenskart, Softbank’s India portfolio has become increasingly linked to the public markets. However, lately, it has been cautious in investing in India and made only a few deals, such as vibe coding platform Emergent, and follow-ons in some of its portfolio companies.
Previously, too, SoftBank, has had mixed returns. While the Japanese investor lost over $500 million on its Paytm investment, it earned close to $400 million on Policybazaar, and also netted $100 million from Eternal, in which it got a stake via its investment in Blinkit (earlier Grofers). Eternal (earlier known as Zomato) acquired Blinkit in 2022.
The Japanese investor recorded net mark-to-market losses of over $600 million on Swiggy, Ola Electric, Meesho, Delhivery, and FirstCry during the first quarter of 2026, according to SoftBank Group’s latest earnings disclosures. The Vision Fund’s overall loss from listed portfolio companies stood at about $4.2 billion for the quarter.
Barring eyewear retailer Lenskart, where SoftBank registered roughly a $100 million gain, all its other listed Indian companies shed market value during the period, leading to a paper loss for the Japanese investor, the filings showed.
The decline comes as several of SoftBank’s India bets, many of which went public over the past two years, continue to trade amid concerns around profitability, competitive intensity, and post-listing performance. The losses are mark-to-market in nature, reflecting changes in the share prices of listed companies rather than exits by the investor.
Earlier today, SoftBank reported a sharp rise in its net profit for the quarter, at $12 billion, as it booked gains on its investment in OpenAI, currently the world’s biggest AI company. The Vision Fund, through which SoftBank has been investing in tech firms, reported a gain of more than $19 billion.
SoftBank has been one of the most aggressive global investors in Indian startups over the past decade, backing companies across food delivery, mobility, ecommerce, logistics, childcare retail, and financial services. It has deployed over $15 billion in India over the years.
With companies such as Swiggy, Ola Electric, Delhivery, FirstCry, and Lenskart, Softbank’s India portfolio has become increasingly linked to the public markets. However, lately, it has been cautious in investing in India and made only a few deals, such as vibe coding platform Emergent, and follow-ons in some of its portfolio companies.
Previously, too, SoftBank, has had mixed returns. While the Japanese investor lost over $500 million on its Paytm investment, it earned close to $400 million on Policybazaar, and also netted $100 million from Eternal, in which it got a stake via its investment in Blinkit (earlier Grofers). Eternal (earlier known as Zomato) acquired Blinkit in 2022.
