SoftBank posts $7 billion Q2 loss; Lenskart, Meesho emerge as India bright spots

Résumé détaillé

SoftBank's India investments delivered mixed returns, with Lenskart and Meesho valued at 6.7 and 3.3 times their original investment, respectively, while Ola Electric remained below cost.

SoftBank Group swung to a net loss of $7 billion in the September quarter, from a profit of about $15.7 billion a year earlier, as a write-down on power equipment linked to US artificial intelligence (AI) data centres and losses on derivative contracts weighed on its results.

The Japanese investment group recorded a $3.7 billion write-down on power equipment associated with US AI data centres and a derivative loss of about $2 billion on contracts linked to Intel.

Its investment business also swung to a loss of about $840 million, compared with a gain of roughly $21.6 billion in the year-ago quarter. The earlier gain was driven largely by investments in OpenAI.

SoftBank's Indian portfolio, meanwhile, delivered mixed results. Lenskart and Meesho were valued at several times their original investment, while Ola Electric remained below its acquisition cost.

Lenskart emerged as one of SoftBank's strongest investments in India. Its stake was valued at about $1.5 billion, against an investment of $225 million. That puts its valuation at 6.7 times the original investment.

SoftBank's stake in Meesho was valued at $927 million, compared with an investment of $285 million, representing a 3.3-times multiple.

The group has fully exited PolicyBazaar, Delhivery and Zomato, generating returns of 3 times, 1.7 times and 1.2 times its respective investments.

Its investment in Swiggy was valued at about $450 million, broadly matching the original investment and representing a 1-times multiple.

Ola Electric remained a weaker investment. SoftBank's stake was valued at about $370 million, against an investment of $556 million. That puts the current valuation at 0.7 times the original investment.

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