SoftBank's investments in India experienced a notable decline during the January-March quarter, resulting in considerable paper losses for its Vision Fund. This downturn was primarily driven by drops in market value for key companies such as Swiggy and Ola Electric.
In the first quarter of 2026, SoftBank reported net mark-to-market losses exceeding $600 million related to its Indian portfolio, which includes companies like Meesho, Delhivery, and FirstCry. Overall, the Vision Fund recorded a substantial loss of approximately $4.2 billion from its listed portfolio companies.
Key Contributors to Losses:
- Swiggy
- Ola Electric
- Meesho
- Delhivery
- FirstCry
While Lenskart provided a $100 million gain, the majority of SoftBank's other Indian investments saw a decline in market value, contributing to the overall losses. This situation reflects ongoing concerns regarding profitability and competitive pressures faced by many of SoftBank's recent public offerings in India.
Market Context: The losses are primarily mark-to-market, indicating they stem from fluctuations in share prices rather than actual divestments by SoftBank. Many of these investments have been linked to the public markets, which have faced scrutiny recently.
Despite these setbacks, SoftBank announced a significant rise in its net profit for the quarter, amounting to $12 billion, largely due to gains from its investment in OpenAI. The Vision Fund also reported gains exceeding $19 billion from its technology investments.
Investment Strategy: SoftBank has been a key player in India's startup ecosystem, investing over $15 billion across various sectors including food delivery, mobility, and e-commerce. However, the company has recently adopted a more cautious approach, making fewer investments in India.
SoftBank's history in India has been mixed, with previous investments yielding both significant losses and gains. For instance, it lost over $500 million on Paytm but gained close to $400 million from Policybazaar.
