SoftBank realises $7.4 billion from India bets; Lenskart, Meesho IPO gains lift portfolio to $13.7 billion

Strong IPO performances by Lenskart and Meesho have significantly lifted SoftBank’s India portfolio valuation, even as gains from OpenAI helped the Vision Fund return to profitability in Q3FY26. By Arundathi Ramanan Japan’s SoftBank has realised $7.4 billion from its India investments so far, underscoring the country’s growing importance in the conglomerate’s global technology portfolio. As of December 31, 2025, SoftBank’s holdings in India stood at $13.7 billion, reflecting a mix of realised gains and mark-to-market valuation increases driven largely by recent IPOs and operational improvements at key portfolio companies. Through its Vision Fund, SoftBank has made 24 investments in India. Of these, eight companies are now publicly listed, while the fund has completed four full exits. IPO Momentum Boosts Valuations Recent listings have played a pivotal role in lifting SoftBank’s India portfolio value, particularly the strong market debuts of Lenskart and Meesho. SoftBank invested approximately $300 million in Lenskart, a stake that is now valued at around $1.3 billion — translating into a gross multiple of roughly 4.8x. The eyewear retailer’s financial performance has also strengthened, with revenues rising from $461 million in FY23 to $778 million in FY25, implying annualised growth of about 30%. Similarly, SoftBank backed Meesho with a total investment of about $300 million. That investment is currently valued at roughly $800 million in its books. The e-commerce platform closed calendar year 2025 with approximately 199 million annual transacting users, net merchandise value (NMV) of $3.6 billion, and revenue of $1.1 billion. The robust post-listing performance of these companies has materially improved the mark-to-market valuation of the Vision Fund’s India exposure. Portfolio Composition: Large Private Exposure Remains Despite the monetisation achieved through listings and exits, a significant portion of SoftBank’s India portfolio remains invested in privately held companies across high-growth sectors. Key holdings include Oyo, OfBusiness, InMobi, Unacademy, Whatfix, and Zeta, spanning hospitality, B2B commerce, adtech, edtech, SaaS, and fintech. SoftBank has fully exited several marquee Indian startups over the years, including Flipkart, Paytm, Zomato, and Policybazaar — transactions that contributed substantially to the $7.4 billion realised to date. The current $13.7 billion exposure indicates that India continues to be one of the Vision Fund’s more meaningful geographic allocations, even as global tech valuations remain volatile. Vision Fund Rebound Driven by OpenAI Gains Globally, SoftBank reported a profit of $1.6 billion in Q3FY26. The Vision Fund posted a $2.4 billion gain during the quarter, supported by a sharp rise in the valuation of its OpenAI investment, which helped offset weakness in other parts of its global portfolio. The recovery in AI-linked investments has provided a cushion at a time when venture and growth-stage technology valuations remain uneven across markets. Against that backdrop, India’s improving IPO environment and operational progress at portfolio companies have emerged as a relative bright spot for SoftBank. Also Read | SoftBank in talks to invest up to $30 billion more in OpenAI India as a Strategic Growth Engine With eight listed companies, four full exits, and several mature private assets potentially approaching public market readiness, India appears positioned to play an increasingly central role in SoftBank’s monetisation strategy over the next few years. (Edited by : Ajay Vaishnav )