SoftBank CEO Rajiv Misra revealed his plan to invest in the Indian market next year
Startups in the country are enjoying significant gains
SoftBank Group Corp. may spend $5 billion to $10 billion in India next year if valuations are attractive, according to Rajeev Misra, CEO of SoftBank Investment Advisers.
“If we find the right companies, we could invest $5 billion to $10 billion in 2022,” Misra said on Thursday at the Bloomberg India Economic Forum. “If we find the right opportunities at the right valuation.”
So far, investments in India have not disappointed the Japanese company, with its portfolio of startups in the country enjoying significant valuation gains. SoftBank plans to boost its stake in India, has committed $3 billion in 2021, just as global firms become more hesitant of bets in China, where tighter rules in a variety of industries are hampering negotiations.
SoftBank’s Vision Fund posted a record loss of 825.1 billion yen ($7.2 billion) for the quarter ended September, owing to a decrease in the value of public assets such as Korean e-commerce giant Coupang Inc. and Chinese ride-hailing giant Didi Global Inc. Before being acquired by Walmart Inc., the Japanese company made an early investment in the Indian industry, acquiring stakes in ride-hailing major Ola and e-commerce leader Flipkart.
India’s tech ecosystem is taking off and SoftBank’s patience will be “rewarded,” Misra said. “It is India’s time.”
