SoftBank Q2 Results 2026: The Japanese tech investment firm SoftBank has delivered contrasting results from its investments in startups in India for the quarter ended September 2026. Startups like Lenskart and Meesho saw high valuations, while Ola Electric, Delhivery, and FirstCry saw their valuations decline during the quarter.
As per the latest investors’ presentation by SoftBank, Lenskart and Meesho collectively created $394 million in gross valuation gains for Vision Fund 2 (SVF2). But the investment company also incurred a net loss of almost $7 billion in the quarter.
SoftBank Records $394 Million Gains From Lenskart and Meesho
Lenskart and Meesho were among the biggest contributors to SoftBank’s Indian-listed startup portfolio in the September quarter. The Vision Fund 2’s gross returns from Lenskart increased by an additional $273 million. This drove total gross winnings for the fund to nearly $1.3 billion at the eyewear retailer, up from $1 billion in the previous quarter.
Meesho also has a positive addition to make. The e-commerce firm had valuation gains of $121 million, raising SoftBank’s gross gains from the company to $642 million, from $521 million in the previous quarter. The two companies added $394 million in extra gains during the reporting period.
SoftBank’s presentation cited a rise in the valuation of some private investments held in the portfolio and the prices of listed investments like Lenskart and Meesho as reasons for the improvement in gains on investment.
The investment firm has reportedly invested in Lenskart to the tune of $225 million and in Meesho to the tune of $285 million through the relevant Vision Fund portfolio.
SoftBank Q2 Results 2026: Ola Electric Records $42 Million Valuation Decline
The gross investment value of Ola Electric was on a downward trend, while Lenskart and Meesho had positive returns. During the September 2016 quarter, SoftBank’s Vision Fund lost $42 million in gross returns on the electric vehicle manufacturer.
The fund’s gross return from Ola Electric was $370 million, down from $412 million in the same period last year. This is a trend that has decreased by around 10.2% sequentially. The new number is also lower than the $556 million that SoftBank claims it has spent on the company to date.
The drop is a reflection of the hurdles Ola Electric is facing in India’s competitive electric mobility landscape. Investors remain very focused on the company’s financials, business execution, and market valuation.
The valuation cut of Ola Electric by SoftBank indicates that the Indian portfolio of the company is not all one-way. Part of its lack of strength in EV investment has been mitigated by gains from other listed companies.
Swiggy Adds Nearly $14 Million to SoftBank’s Portfolio
Another Indian startup that made a positive contribution was food delivery and quick commerce company Swiggy. Swiggy delivered gross returns of about $451 million to SoftBank’s Vision Fund in the September quarter, as against $437 million in the year-ago quarter.
This is an increase of almost $14 million. The reported gross return for the fund was a bit more than the total investment of about $450 million.
Swiggy is doing business in the fast-changing food delivery and quick commerce industry in India. It is still significant for investors who are looking at the long-term investment prospects of consumer companies with a technology-driven business model. The company’s investment also dampened the negative impact of SoftBank’s other investments in India.
Delhivery and FirstCry Face Declines in Investment Returns
It wasn’t just Ola Electric that felt the pressure. Delhivery and FirstCry, which are also listed in SoftBank’s portfolio, had lower gross returns.
Delhivery’s gross investment return fell $34 million short of the previous quarter at $701 million, but SoftBank’s Vision Fund 1 (SVF1) achieved a $667-million return in the September quarter.
This was a $34 million decrease on the back of the prior period. Likewise, SoftBank’s gross return from its parent company BrainBees Solutions, which owns FirstCry, fell to $308 million from $358 million.
This $50 million cut is about 14% down from the previous year’s total. The developments suggest that the returns SoftBank’s listed Indian investments have yielded have been uneven. Some consumer tech firms have seen gains in the value of their assets, whereas others have seen a drop.
SoftBank Reports Nearly $7 Billion Net Loss in Q2
While Lenskart and Meesho have helped relieve the financial strain on SoftBank, the company’s earnings overall have been suffering. The Japanese investment firm posted a net loss of almost $7 billion in the September 2026 quarter compared with an earnings gain of about $15.9 billion in the same period of the previous year. The round was its first loss-making quarter in almost two years.
Financial pressure was exacerbated by higher spending on data centre infrastructure in the United States and more funding payments. But SoftBank’s net sales did increase. The company’s net sales were about $14.1 billion, up from $12.2 billion a year ago. This is approximately 15.6% more than last year.
The difference between sales growth and a large net loss reflects the power of the valuation of investments, infrastructure investments and financing expenses in a big technology investment business. The startup ecosystem in India continues to thrive, and SoftBank is making a continued commitment to invest in it.
SoftBank’s Continued Investment in India’s Startup Ecosystem
Over the years, the investment company has pumped in almost $16 billion in capital into Indian startups and has invested in several biggies such as Flipkart, OYO, Delhivery, FirstCry, OfBusiness and Meesho.
It has invested across various sectors ranging from ecommerce and logistics to financial technology and consumer internet and electric mobility.
The quarterly result is the latest example of the need to know the individual portfolio companies. If one investment is doing well, it doesn’t mean that the whole portfolio is doing well. SoftBank’s performance in general is also a sign of how significant a role the public market can play in the valuation of Indian startups, for the major global funds.
What SoftBank’s Latest Results Mean for Indian Startups
SoftBank’s September quarter is a reflection on the evolving investment landscape of Indian technology companies. Lenskart and Meesho are proving to be good additions to the Vision Fund 2 group, with Ola Electric, Delhivery and FirstCry being under valuation pressure.
The numbers highlight the significance of sustainable business growth, financial discipline, and investor confidence for founders and investors. The success of a company’s business in securing funding or a good valuation is just half the story. Business performance and long-term value creation are still on the agenda.
Frequently Asked Questions (FAQs)
- How much value did Lenskart and Meesho generate for SoftBank in Q2 2026?
Lenskart and Meesho generated a combined gross valuation gain of approximately $394 million for SoftBank in the September quarter of 2026.
- What gross gains did SoftBank earn through Lenskart?
The additional gross gains from Lenskart were approximately $273 million. Thus, the total gross gains for SoftBank came out to be around $1.3 billion.
- What is the contribution of Meesho in the overall investment portfolio of SoftBank?
The gross gain earned from Meesho was around $121 million for the quarter, bringing the total gross gains to $642 million.
- What was the gross loss incurred by Ola Electric in SoftBank’s portfolio?
The gross return earned by SoftBank from Ola Electric fell by $42 million to stand at $370 million for the quarter of September.
- What was SoftBank’s net loss in Q2 2026?
SoftBank had a net loss of nearly $7 billion for the quarter of September 2026, as opposed to the profits of around $15.9 billion in the corresponding period of the last year.
