STARTUPS
SoftBank gains $394 million on Lenskart and Meesho as Ola Electric drags returns
Vision Fund 2 saw solid gains from eyewear and e-commerce investments, offset by markdowns in mobility, logistics and retail.
SoftBank Vision Fund 2 marked up its investments in Indian portfolio companies Lenskart and Meesho by a combined $394 million in the second quarter ended September 2026, offsetting markdowns on electric vehicle maker Ola Electric.
According to investor presentations published by SoftBank, Lenskart generated $273 million in additional gross returns during the quarter under review. That pushed total gross gains from the eyewear company to $1.3 billion, a 27 per cent sequential increase from $1 billion in Q1 FY26. SoftBank has invested $225 million in Lenskart to date.
E-commerce marketplace Meesho contributed $121 million in quarterly valuation gains. Gross returns on SoftBank's $285 million investment in Meesho reached $642 million in Q2 FY26, up from $521 million in the preceding quarter.
Food delivery player Swiggy also recorded a valuation gain of nearly $14 million during the quarter, bringing its total gross return to $451 million against an invested capital of $450 million.
Markdowns on Ola Electric, Delhivery and FirstCry
The valuation markups in Vision Fund 2 were partially counterbalanced by markdowns elsewhere in SoftBank's Indian portfolio.
SoftBank Vision Fund 2 booked a $42 million valuation loss on EV manufacturer Ola Electric during the quarter. Gross returns on Ola Electric dropped 10.2 per cent sequentially from $412 million in Q1 FY26 to $370 million in Q2 FY26. SoftBank noted that its total investment in the company stands at $556 million, meaning current gross returns remain roughly 30 per cent below invested capital.
Valuation markdowns extended to SoftBank Vision Fund 1 as well. Logistics provider Delhivery saw its gross return fall by $34 million sequentially, closing the September quarter at $667 million compared to $701 million in Q1 FY26.
BrainBees Solutions, the parent company of mother-and-baby retailer FirstCry, recorded a $50 million sequential valuation loss in SVF1, with gross returns declining 14 per cent to $308 million from $358 million in the previous quarter.
| Company | SoftBank Fund | Invested Capital | Q2 FY26 Gross Return | Q1 FY26 Gross Return | Q2 Valuation Impact |
|---|---|---|---|---|---|
| Lenskart | SVF2 | $225 Mn | $1.3 Bn | $1 Bn | +$273 Mn |
| Meesho | SVF2 | $285 Mn | $642 Mn | $521 Mn | +$121 Mn |
| Swiggy | SVF2 | $450 Mn | $451 Mn | $437 Mn | +$14 Mn |
| Ola Electric | SVF2 | $556 Mn | $370 Mn | $412 Mn | -$42 Mn |
| Delhivery | SVF1 | Not disclosed | $667 Mn | $701 Mn | -$34 Mn |
| FirstCry | SVF1 | Not disclosed | $308 Mn | $358 Mn | -$50 Mn |
Why it matters
For Indian startup founders and investors, SoftBank's latest figures offer a clear signal on public market sentiment and portfolio valuations.
Mature e-commerce and retail technology platforms with strong market positions like Lenskart and Meesho continue to fetch higher market values. Conversely, listed firms facing post-IPO operational pressures or stock price corrections, such as Ola Electric, Delhivery, and FirstCry, face immediate markdowns reflected on investor balance sheets.
The data demonstrates that growth funds are applying strict mark-to-market discipline across public and late-stage holdings, rewarding operational discipline while marking down underperforming assets.
SoftBank Group posts overall loss
On a global level, SoftBank Group swung into the red, recording a net loss of nearly $7 billion for Q2 FY26 compared to a net profit of $15.9 billion in the corresponding period of the previous year.
The loss represents SoftBank's first unprofitable quarter in nearly two years. The firm attributed the slide to rising buildout costs for data centres in the US alongside a steep jump in financing payments.
Despite the bottom-line loss, SoftBank reported net sales of $14.1 billion for the quarter, reflecting a 15.6 per cent increase compared to $12.2 billion in Q2 FY25.
In its statement, SoftBank explained: "The investment gain at SVF2 reflected increases in the fair values of certain private portfolio companies due to higher valuations in recent transactions as well as higher share prices of certain public portfolio companies, including Meesho Limited and Lenskart Solutions Limited."
SoftBank remains one of the largest foreign investors in India's startup market, having deployed nearly $16 billion across more than 20 Indian unicorns, including Flipkart, OYO, Delhivery, OfBusiness, FirstCry, and Meesho.