Swiggy Drives Valuation Gains For SoftBank Vision Fund 2 In Q1

SUMMARY

In its quarterly results, the tech investor noted that SVF2 made unrealised valuation gains totalling $308 Mn due to Swiggy’s upward surge on the Indian markets

SoftBank Vision Fund 2 is sitting on gains worth $357 Mn on its initial investment in Swiggy, fetching a gross return of $807 Mn against an investment cost of $450 Mn

Overall, the Japanese tech conglomerate reported a consolidated profit of $2.9 Bn in the April-June quarter, rebounding from a loss of $1.2 Bn during the same period last fiscal

Japanese tech investor SoftBank’s Vision Fund 2 (SVF2) reported healthy valuation gains in the quarter ended June 2025 on the back of rising share prices of its portfolio foodtech company Swiggy.

In its quarterly results, the tech investor noted that SVF2 made unrealised valuation gains totalling $308 Mn due to Swiggy’s upward surge on the Indian markets. Buoyed by this, the valuation of SVF2’s public portfolio companies reflected a 22% sequential growth in the quarter under review.

“The gain at SVF2 was mainly due to unrealised valuation gains (net) totalling ¥45,508 Mn for investments held at the first quarter-end. These gains were largely attributable to share price increases of public portfolio companies, such as Symbotic and Swiggy Limited,” SoftBank said.

Notably, SVF2 clocked $48.8 Bn in cumulative returns on $70.9 Bn investments during the quarter under review, with a $22.1 Bn gross loss.

Overall, the Japanese tech conglomerate reported a consolidated profit of $2.9 Bn in the April-June quarter on the back of early gains from AI bets, rebounding from a loss of $1.2 Bn during the same period last fiscal.

The Swiggy Windfall For SoftBank

In line with the jump in the valuation of SVF2’s listed portfolio, SoftBank is sitting on gains worth $357 Mn on its initial investment in Swiggy. The foodtech major fetched a gross return of $807 Mn for the fund at the end of June 2025 against a total investment cost of $450 Mn. Effectively, Swiggy closed the quarter with a gross multiple on invested capital (MOIC) of 1.5X on SVF2’s books.

Meanwhile, kids-focussed omnichannel retailer added gains worth $311 Mn to SVF1’s listed portfolio, with a gross MOIC of 2.2X. Against an initial investment of $268 Mn, the tech major’s maiden Vision Fund is sitting on returns worth $580 Mn on account of FirstCry.

SVF1 was also sitting on gains worth $262 Mn on account of logistics giant Delhivery at the end of June 2025. The investor clocked gross returns worth $660 Mn against an investment of $397 Mn, translating into a gross MOIC of 1.7X.

The only laggard in SVF2’s India listed portfolio was Ola Electric, which accounted for a gross loss of $138 Mn for the fund, fetching a mere $417 Mn as of June 2025 against a total investment of $556 Mn. This translated into a gross MOIC of 0.8X.

Amid all this, SoftBank Investment Advisers’ managing partner and CFO, Navneet Govil, said that the investment form had a strong pipeline of Indian portfolio startups slated to go public

“What we’re beginning to see is a couple of things, one is a very strong pipeline of IPOs (from SVF2). As Goto-san (SoftBank CFO Yoshimitsu Goto) mentioned in his presentation, there are a number of upcoming IPOs… (from) our India portfolio – Meesho, Lenskart, and the fintech portfolio overall,” added Govil.

Govil also said that SoftBank’s India portfolio was doing well, adding that the investment major will continue to see “value being unlocked” by its fintech investments.

It is pertinent to note that SoftBank has reportedly funded nearly a fifth of India’s 100+ unicorns and is said to have invested more than $10 Bn in India to date.