SoftBank bags $7.4 billion from India exits; portfolio value stands at $13.7 billion

SoftBank clocks $7.4 billion cumulatively from India exits to date; portfolio value stands at $13.7 billion

• SoftBank's India holdings valued at $13.7 billion as of December 31
• Meesho and Lenskart IPOs boosted SoftBank's returns in India
• SoftBank fully exited Flipkart, Paytm, and Policybazaar

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Japan’s SoftBank has realised about $7.4 billion in cumulative proceeds from its India investments so far, while the current value of its holdings in the country stands at roughly $13.7 billion, as of December 31, according to the technology and investing conglomerate's latest disclosure.

The Japanese investment major has made 24 investments in India through its Vision Funds, with eight portfolio companies listing on markets and four full exits, reflecting steady monetisation of late-stage bets.

SoftBank's best India bets

Recent initial public offerings played a key role in lifting the value of SoftBank’s India holdings, particularly strong post-listing performance by companies such as Meesho and Lenskart.

Meesho, which SoftBank backed at a total cost of about $300 million, is now valued in its books at roughly $800 million, implying a 2.8× gross multiple.

The ecommerce platform closed 2025 with about 199 million annual transacting users, $3.6 billion in net merchandise value and $1.1 billion in revenue.

Lenskart has delivered even stronger returns. SoftBank’s $300 million investment is now valued at about $1.3 billion, translating into a 4.8× gross multiple. The eyewear retailer reported 12.4 million transacting customers, more than 2,700 stores, and 27 million units sold, with revenue growing from $461 million in FY23 to $778 million in FY25, reflecting roughly 30 percent annualised growth.

Which Indian startups does SoftBank still hold stakes in?

A large share of SoftBank’s remaining exposure in India continues to sit in privately held companies across sectors such as software, ecommerce, fintech, mobility and edtech including Oyo, OfBusiness, InMobi, Unacademy, Whatfix and Zeta.

SoftBank exits

SoftBank has fully exited companies such as Flipkart, Paytm and Policybazaar, which contributed to the cumulative proceeds disclosed by the firm.

At the group level, SoftBank, in the December quarter, reported a net profit of $1.6 billion, its fourth straight profitable quarter, driven largely by investment valuation gains from bets such as OpenAI.

Its Vision Fund segment posted a $2.4 billion gain, reflecting increases in portfolio valuations.