SoftBank's Vision Fund 2 (SVF2) recorded combined valuation gains of $394 Mn on Lenskart and Meesho in the September quarter (Q2 FY26 in the group's fiscal calendar). It marked down several other listed Indian holdings.
Lenskart added $273 Mn in gross returns during the quarter. SVF2's total gross gains on the eyewear company rose 27% from about $1 Bn in Q1 to $1.3 Bn, against a stated investment of $225 Mn. Meesho contributed another $121 Mn, taking gross gains to $642 Mn from $521 Mn in the previous quarter. SoftBank has invested $285 Mn in the ecommerce company. The investor attributed the fund's gains to higher share prices of listed holdings, including these two, and to higher valuations in recent transactions involving private portfolio companies.
Ola Electric moved the other way. SVF2's gross return on the EV maker fell $42 Mn, or 10.2%, to $370 Mn from $412 Mn in Q1 FY26. That is below the $556 Mn SoftBank says it has invested in the company. Swiggy, by contrast, gained nearly $14 Mn in value. Its gross return rose to $451 Mn from $437 Mn, against $450 Mn invested.
In Vision Fund 1, Delhivery recorded a sequential valuation loss of $34 Mn, with gross return slipping to $667 Mn from $701 Mn. SoftBank valued its stake in FirstCry parent BrainBees Solutions at $308 Mn, down $50 Mn, or 14%, from $358 Mn.
At group level, SoftBank swung to a net loss of nearly $7 Bn, against a profit of $15.9 Bn a year earlier. It was the company's first loss-making quarter in almost two years. Higher buildout costs for data centres in the US and a sharp rise in financing payments weighed on results. Net sales rose 15.6% to $14.1 Bn from $12.2 Bn in Q2 FY25.
SoftBank has deployed nearly $16 Bn in Indian startups and has backed close to a fifth of the country's more than 100 unicorns. Its portfolio has included Flipkart, OYO, Delhivery, OfBusiness, FirstCry and Meesho.
