SoftBank Vision Fund 2 booked a $42 million valuation loss on Ola Electric in the quarter ending September 2026. That drop contrasts with Lenskart and Meesho, which together contributed nearly $400 million in gains to the fund during the same period. The diverging performance offers a stark read on where capital is still flowing—and where it's being pulled back—in India's late-stage private markets.
How We Got Here
SoftBank's Q2 FY26 results cover the quarter from July to September 2026. The fund previously recorded Ola Electric's gross return at $412 million in Q1 FY26, before this sequential decline.
The Numbers
- Lenskart added $273 million in gross returns, bringing its total gross gains for SVF2 to $1.3 billion.
- Meesho contributed $121 million in gains, pushing its total gross gains to $642 million.
- Ola Electric's gross return dropped 10.2% sequentially from the previous quarter's figures.
- SoftBank Vision Fund 1 also recorded valuation losses of $34 million on Delhivery and lower gross returns for FirstCry.
- Swiggy saw a modest $14 million valuation gain, reaching $451 million in gross returns against its $450 million investment.
What Happens Next
🇮🇳 Why This Matters for India
For growth-stage founders in Chennai and Hyderabad, these Q2 numbers indicate investors are scrutinizing unit economics and clear path-to-profitability models over pure hyper-growth plays.
The Take
SoftBank's latest report solidifies a market split: consumer tech with established revenue streams like Lenskart and Meesho are finding favour, while capital-intensive plays like Ola Electric face tougher scrutiny. Ola Electric needs a strong public listing to counter this perception, otherwise, its performance signals a clear shift in late-stage investor sentiment.
Source:
Inc42 ↗