SoftBank posts $7 billion loss as Lenskart and Meesho gains offset Ola Electric hit

Ola Electric’s $42 million drag on SoftBank’s Vision Fund 2

SoftBank’s Vision Fund 2 absorbed a $42 million valuation hit from Ola Electric in the quarter ended September 2026. The electric vehicle maker’s gross return to the fund slid 10.2% to $370 million—nearly 30% below SoftBank’s total investment in the company.

Lenskart and Meesho lift Vision Fund 2 by $394 million

Lenskart added $273 million in valuation gains for SoftBank’s Vision Fund 2, raising the fund’s total gross return from the eyewear startup to $1.3 billion for the quarter. Meesho chipped in another $121 million, pushing its gross gains to $642 million—up from $521 million in the previous quarter. Together, the two startups lifted SVF2’s quarterly valuation by $394 million.

Other Indian bets show mixed results

Swiggy eked out a $14 million valuation gain, but Delhivery and FirstCry’s parent, BrainBees Solutions, moved in the opposite direction. Delhivery’s gross return fell by $34 million to $667 million, while BrainBees Solutions dropped 14% to $308 million.

SoftBank swings to $7 billion net loss

SoftBank posted a net loss of nearly $7 billion for the quarter—the first quarterly loss in nearly two years. Rising costs to build data centers in the US and higher financing payments drove the deficit, even as net sales climbed 15.6% year-on-year to $14.1 billion.

$16 billion bet on India’s startup boom

SoftBank has now poured nearly $16 billion into Indian startups, bankrolling almost a fifth of the country’s unicorns. The portfolio spans Flipkart, OYO, OfBusiness, Lenskart, Meesho, and Ola Electric.

What this means

Lazyfounder analysis — our interpretation, not reported fact.

SoftBank’s pivot from growth-at-all-costs to selective pruning is now measurable: every dollar of gain from its profitable Indian bets helps offset the cash bleed from money-losing bets like Ola Electric and data-center buildouts, but the quarter’s $7 billion loss shows the math still does not add up to a sustainable recovery.

Key takeaways

• Lenskart and Meesho delivered $394 million in valuation gains, masking some—but not all—of the $42 million loss from Ola Electric.
• SoftBank’s $7 billion net loss signals that rising costs in the US and higher financing payments are outpacing even strong gains from its Indian portfolio.
• With nearly $16 billion already deployed in India, SoftBank’s exposure leaves it heavily reliant on a handful of winners to balance its global write-downs.
• The quarter reinforces SoftBank’s status as a bellwether: its losses and gains often foreshadow broader trends in venture capital and emerging-market startups.

Related on Lazyfounder

• SoftBank
• Ola Electric
• More finance news