TOKYO - SoftBank Group swung to a quarterly profit on a series of successful Indian listings and a rebound in tech valuations that boosted the Vision Fund portfolio.
The Vision Fund reported a gain of 373 billion yen, thanks to strong initial public offerings for Indian start-ups and valuation gains in Coupang and Didi Global. SoftBank is seeing a “harvest season in India,” Devi Subhakesan, an independent analyst from Investory who publishes on SmartKarma, wrote in a note prior to the earnings release. She estimates SoftBank’s stake in Swiggy to be valued at around US$803 million based on the IPO price, representing a 78 per cent rise from its investment in January 2022.
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