In its latest financial disclosure on February 12, 2026, Japanese investment titan SoftBank Group revealed that it has realized a cumulative $7.4 billion from its exits in the Indian startup ecosystem. Despite a global shift toward AI-centric investing, India remains one of the Vision Fund’s most successful geographic allocations, with the remaining portfolio valued at $13.7 billion as of December 31, 2025.
The $7.4 billion figure represents proceeds from 24 total investments in the country, including marquee names that have either gone public or been fully acquired.
The “Big Winners”: Lenskart and Meesho
SoftBank’s 2026 narrative is defined by the massive valuation jumps in its e-commerce and retail bets, which have significantly outperformed the broader venture market.
| Portfolio Company | Investment Cost | Current Value / Exit | Gross Multiple |
| Lenskart | $300 Million | $1.3 Billion | 4.8x |
| Meesho | $300 Million | $800 Million | 2.8x |
| Flipkart | Undisclosed | Full Exit | High Returns |
| Paytm | Undisclosed | Full Exit | Mixed/Strategic |
| Policybazaar | Undisclosed | Full Exit | Strategic Gain |
Operational Highlights:
- Lenskart: The eyewear giant reported revenue growth from $461 million in FY23 to $778 million in FY25, operating over 2,700 stores.
- Meesho: The Bharat-focused e-commerce platform closed 2025 with 199 million annual transacting users and a revenue of $1.1 billion.
Portfolio Status: Public vs. Private
SoftBank’s India strategy is currently in a “harvesting” phase, where it is transitioning mature private assets into the public markets.
- Listed Companies: Of the 24 Indian investments, 8 companies are now publicly listed on the Indian stock exchanges.
- Full Exits: SoftBank has completely exited 4 companies, including the notable sale of its remaining stakes in Flipkart and Policybazaar.
- Private Exposure: A significant $13.7 billion remains locked in private firms. Key active holdings include Oyo, OfBusiness, InMobi, Unacademy, Whatfix, and Zeta.
Global Context: The OpenAI Rebound
The India gains contributed to a strong Q3 FY26 for SoftBank Group, which reported a net profit of $1.62 billion—its fourth consecutive profitable quarter.
The global Vision Fund segment recorded a $2.4 billion gain, largely driven by the skyrocketing valuation of its OpenAI investment. SoftBank’s 11% stake in OpenAI is now a cornerstone of its “ASI” (Artificial Super Intelligence) strategy, helping offset volatility in other parts of its global portfolio.
“India’s improving IPO environment and the operational progress at our portfolio companies have emerged as a relative bright spot for SoftBank… with $7.4 billion realized and $13.7 billion in remaining holdings.” — SoftBank Financial Disclosure.
