SoftBank posts record $32 bn loss at its Vision Fund

Investment giant SoftBank has posted a record $32 billion loss at its Vision Fund for the fiscal year that ended in March 2023 as tech startups valuations continue to dip.
SoftBank JapanThe value of private portfolio companies decreased, reflecting markdowns of weaker-performing companies and share price declines among market comparable companies, SoftBank said in its earnings report.

The SoftBank Vision Fund 1 and Vision Fund 2 made new and follow-on investments (including those through share exchanges) totalling $3.14 billion in the fiscal year, a significant reduction from $44.26 billion in the previous fiscal year.

Overall, SoftBank posted a net loss of 970.14 billion yen for the fiscal year.

SoftBank has exited several startups and companies in the recent past, like in ride-hailing platform Uber, T-Mobile and Alibaba.

In India, SoftBank Group reduced its investments by around 84 percent in 2022 in comparison to 2021.

In March, Softbank offloaded 3.8 percent of its stake in logistics service provider Delhivery for Rs 954 crore.

Last month, SoftBank sold one of its venture capital arms, SoftBank Ventures Asia, to Singaporean investment firm The Edgeof.

The acquisition comes after SoftBank and its Vision Fund registered huge financial losses amid the overall slump in the world of technology.

In February, SoftBank posted a loss of nearly $6 billion in the quarter that ended in December 2022.

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