Whalesbook
Vision Fund Rebounds on OpenAI Boost
The Vision Fund's return to profitability in Q3FY26, marked by a $2.4 billion gain, was significantly driven by a sharp increase in the valuation of its artificial intelligence firm OpenAI investment. This performance provided a crucial cushion amid uneven global tech valuations.
India's IPO Momentum Fuels Portfolio Growth
Against this global backdrop, India's improving IPO environment and the operational progress at key portfolio companies emerged as a relative bright spot for SoftBank. Recent successful listings, particularly Lenskart and Meesho, have played a pivotal role in lifting the conglomerate's India portfolio value. SoftBank invested approximately $300 million in Lenskart, a stake now valued at around $1.3 billion, reflecting a 4.8x gross multiple. Lenskart's revenue grew from $461 million in FY23 to $778 million in FY25. Similarly, its $300 million investment in Meesho is valued at approximately $800 million, with the e-commerce platform reaching 199 million users and $3.6 billion in net merchandise value in calendar year 2025.
Exits Contribute Substantially to Realized Gains
These IPOs and mark-to-market increases build upon substantial monetisation achieved through previous exits. SoftBank has fully divested stakes in prominent Indian startups including Flipkart, Paytm, Zomato, and Policybazaar. These transactions have collectively contributed significantly to the $7.4 billion realised to date, underscoring India's growing importance in SoftBank’s global technology portfolio.
Private Holdings Remain a Key Component
Despite the monetisation through listings and exits, a substantial portion of SoftBank's India portfolio remains invested in privately held companies. Key holdings span high-growth sectors and include Oyo, OfBusiness, InMobi, Unacademy, Whatfix, and Zeta. India's position as one of the Vision Fund's more meaningful geographic allocations is reinforced by its $13.7 billion holdings as of December 31, 2025.
India as a Strategic Growth Engine
With eight companies now publicly listed, four full exits, and several mature private assets potentially nearing public market readiness, India is strategically positioned to play an increasingly central role in SoftBank’s monetisation strategy in the coming years. This focus highlights the enduring appeal of India's technology and startup ecosystem for global investors.