Swiggy, FirstCry add $160M to SoftBank's notional gains in Q1; Ola Electric drags
As SoftBank doubles down on Al globally, its India playbook shifts quietly from bold bets to careful exits.
Sayan Sen
Friday August 08, 2025 , 2 min Read
Food delivery giant Swiggy and omnichannel retailer FirstCry emerged as the top Indian performers in SoftBank’s Vision Fund portfolio for the April–June quarter, contributing nearly $160 million in unrealised investment gains.
Swiggy led the charge with a $139 million increase in fair value, as its stock climbed 21% during the quarter. FirstCry added another $20 million to SoftBank’s books, following a 5% rise in its share price, according to the investment banker's latest earnings presentation.
As of June, the Japanese investor’s stake in Swiggy is valued at about $800 million, while its holding in FirstCry stands at around $500 million. The uptick marks a reversal from the previous quarter, when both companies weighed down Vision Fund returns.
In the March quarter, Swiggy’s stock had plunged nearly 40%, resulting in a notional loss of $424 million for SoftBank. FirstCry’s stock, too, fell sharply—down 43%—although SoftBank didn’t explicitly disclose the extent of that markdown in its March quarter earnings.
To be sure, these gains and losses remain on paper—SoftBank has not exited or trimmed its holdings in either company.
Ola Electric, another marquee India bet, saw its stock fall over 22% in the June quarter. The drop translated into a notional loss of around $300 million, though the company had also declined in the March quarter, when the precise impact wasn’t broken out separately in SoftBank’s report.
SoftBank posted a 421.83 billion yen ($2.87 billion) profit in Q1 FY25, with Vision Fund gains hitting 726.83 billion yen ($4.94 billion). While earnings surged, its recent calls have focused on AI bets like OpenAI and Perplexity—with no mention of India.
Despite $14 billion invested over the years, India doesn’t feature in SoftBank’s AI playbook anymore. Instead, it's focused on realising returns through upcoming IPOs of Lenskart and Meesho—key bets in a 15-company India portfolio now valued at $4.1 billion.
SoftBank has signed no new deals in the country since 2022.
The investment banker is reportedly exploring buyouts in India's outsourcing sector. According to a report by ET, the Tokyo-based investor held talks to acquire AGS Health in a $1 billion deal, and is also in discussions with firms like WNS Global.
The Japanese conglomerate aims to integrate Al into Business Process Outsourcing (BPO) services, targeting sectors like finance and healthcare to drive cost efficiencies and revenue growth by transforming traditional service models.
Edited by Suman Singh