SoftBank’s listed India bets account for over $600 million of Vision Fund losses

SoftBank’s listed India portfolio lost more than $600 million in value during the January-March quarter, led by declines in Swiggy, Ola Electric, Meesho, FirstCry and Delhivery, even as Lenskart partly offset the drag, according to the Japanese investor’s latest earnings disclosures. Overall, the Vision Fund reported losses of roughly $4.2 billion from its listed investments for the quarter.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.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.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 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.