SoftBank Vision Fund Gains $394 Mn on Lenskart and Meesho
SoftBank Vision Fund added $394 Mn on Lenskart and Meesho in Q2, but Ola Electric lost $42 Mn, as the group posted a $7 Bn loss. See the India split.
By Avinash Mishra, Business Correspondent
3 min read
Quick Take
- Lenskart and Meesho added about $394 Mn to SoftBank’s books in Q2; Ola Electric lost $42 Mn.
- SoftBank Vision Fund now carries Lenskart gains at $1.3 Bn, up 27% from $1 Bn, on $225 Mn invested.
- Watch Ola Electric’s next raise: its $370 Mn mark is about 30% below the $556 Mn invested.
SoftBank’s India bets split in the quarter ended September 30, 2026: Lenskart and Meesho added about $394 Mn while Ola Electric lost $42 Mn.
The split sat inside a rough quarter for the group. SoftBank’s second-quarter results, released on November 10, show a net loss of about $7 Bn. A year earlier it made a profit of about $15.9 Bn.
It was SoftBank’s first loss in nearly two years. The hit came from US data-centre costs, not from India.
SoftBank Vision Fund Winners: Lenskart And Meesho
Lenskart was SoftBank’s biggest India winner this quarter. Its gross gains reached $1.3 Bn, up 27% from $1 Bn in the prior quarter. SoftBank has put in $225 Mn.
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Meesho added $121 Mn in the quarter. Its gross gains rose to $642 Mn from $521 Mn, on $285 Mn invested.
Swiggy barely moved. Its gross return rose about $14 Mn to $451 Mn, close to the $450 Mn invested.
In its results, SoftBank credited the India gains to higher private-round valuations and stronger share prices at listed holdings, including Meesho and Lenskart.
| Company | SoftBank put in | Q2 gain or loss |
|---|---|---|
| Lenskart | $225 Mn | +$273 Mn |
| Meesho | $285 Mn | +$121 Mn |
| Swiggy | $450 Mn | +$14 Mn |
| Ola Electric | $556 Mn | -$42 Mn |
| Delhivery | Not disclosed | -$34 Mn |
| FirstCry | Not disclosed | -$50 Mn |
The India Losers: Ola Electric, Delhivery And FirstCry
Ola Electric was SoftBank’s biggest India drag. Its value fell 10.2% to $370 Mn from $412 Mn. That sits about 30% below the $556 Mn SoftBank invested.
Two older bets also slipped. Delhivery fell $34 Mn to $667 Mn from $701 Mn. FirstCry, run by BrainBees Solutions, fell 14%, or $50 Mn, to $308 Mn.
Even after the dip, SoftBank remains one of India’s largest tech backers. It has put nearly $16 Bn into Indian startups and funded nearly a fifth of the country’s 100-plus unicorns. Past bets include Flipkart, OYO and OfBusiness.
What this means for you
If you hold stock options (ESOPs) or shares in Lenskart or Meesho, SoftBank just marked your company higher on its own books. If you work at Ola Electric, its mark now sits about 30% below SoftBank’s cost, so watch the price of the next funding round.
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Disclaimer: This article is for information only and is not investment advice. StartupFeed and its authors are not SEBI-registered investment advisors. Please speak to a SEBI-registered advisor before investing.