SoftBank Vision Fund gains $394 million from Indian stars Lenskart and Meesho

Indian startups lead SoftBank portfolio gains

Japanese technology investor SoftBank Group reported $394 million in combined valuation gains from Indian tech champions Lenskart and Meesho in its Vision Fund 2 portfolio for the quarter ended September 2026.

The performance underlines the expanding maturity and fundamental value of India's startup ecosystem, supported by sustained consumer demand and rapid digital adoption across the country.

Omnichannel eyewear maker Lenskart delivered $273 million in additional gross returns to SoftBank Vision Fund 2 (SVF2) during the second quarter. That boosted total gross gains from Lenskart to $1.3 billion, representing a 27 per cent sequential increase from $1 billion in the previous quarter. SoftBank has deployed $225 million in Lenskart to date.

E-commerce provider Meesho contributed $121 million in quarterly gains, taking SoftBank's total gross gains from the startup to $642 million, up from $521 million in the first quarter. SoftBank's total investment in Meesho stands at $285 million. Food delivery provider Swiggy also recorded a valuation gain of nearly $14 million, bringing its total gross returns to $451 million against a $450 million investment.

Startup valuations across SoftBank portfolio

SoftBank attributed the investment gains in Vision Fund 2 to higher fair values across key portfolio companies following recent transaction markups and increased public market valuations.

While Lenskart and Meesho powered portfolio growth, electric vehicle manufacturer Ola Electric recorded a $42 million reduction in gross returns, bringing its quarterly total to $370 million compared to $412 million in Q1. In Vision Fund 1, logistics firm Delhivery saw a sequential valuation decline of $34 million to $667 million, while FirstCry parent BrainBees Solutions recorded a $50 million decline to $308 million.

Global headwinds contrast with Indian stability

Globally, SoftBank Group reported a net loss of nearly $7 billion for Q2 FY26, compared to a net profit of $15.9 billion in the same period last year. The global deficit was largely driven by rising buildout costs for data centres in the United States and higher financing expenses. Net sales rose 15.6 per cent year-on-year to $14.1 billion.

SoftBank remains one of the largest foreign institutional investors in India, having invested approximately $16 billion into the national technology sector and backed over 20 per cent of India's more than 100 tech unicorns.