SoftBank Group Corp. can invest $5 billion to $10 billion in India next year if it finds valuations attractive, said Rajeev Misra, chief executive officer of SoftBank Investment Advisers.
¡°If we find the right companies, we could invest $5 billion to $10 billion in 2022,¡± Misra told Haslinda Amin at the Bloomberg India Economic Forum on Thursday. ¡°If we find the right opportunities at the right valuation.¡±
So far, investments in India haven¡¯t disappointed the Japanese giant with its portfolio of startups in the country sitting atop sizable gains in valuations. SoftBank is planning to raise the stakes in India ¡ª having invested $3 billion in 2021 ¡ª just as global firms grow more wary of bets in China with tighter regulations across a number of industries hurting deals there.
India has been a bright spot for SoftBank, whose Vision Fund reported a record loss of ?825.1 billion ($7.2 billion) for the quarter ended in September, on the decline in value of public holdings such as the Korean e-commerce giant Coupang Inc. and the Chinese ride-hailing giant Didi Global Inc. The Japanese company invested early in the Indian market, taking a stake in ride-hailing giant Ola and e-commerce leader Flipkart, before its acquisition by Walmart Inc.
SoftBank also invested in digital payments pioneer Paytm, which is poised to raise $2.5 billion in its initial public offering. Oyo Hotels & Homes, also backed by SoftBank, filed preliminary documents for an 84.3 billion rupee ($1.1 billion) initial public offering in October.
India¡¯s tech ecosystem is taking off and SoftBank¡¯s patience will be ¡°rewarded,¡± Misra said. ¡°It is India¡¯s time.¡±
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