SoftBank founder Masayoshi Son is slated to meet Prime Minister Narendra Modi in New Delhi on Wednesday as part of his ongoing India visit. The meeting underscores SoftBank’s continued focus on India, a crucial market for the Japanese investor. Son also met Reliance Industries chairperson Mukesh Ambani in Mumbai on Tuesday. He is expected to meet with several Indian entrepreneurs from SoftBank’s portfolio in the national capital.
Son last visited India in March 2023 to attend Oyo founder Ritesh Agarwal’s wedding, where he also met some Indian portfolio founders and CEOs.
Son’s visit coincides with SoftBank’s robust earnings performance, where Indian IPOs have boosted its bottom line. SoftBank reported a nearly $8 billion profit for the July-September quarter, its highest in over two years, driven by successful IPOs from Indian portfolio firms FirstCry and Ola Electric. Swiggy also listed on the bourses in a $1.3 billion IPO with a better-than-expected debut. SoftBank owns under 8% in Swiggy and did not sell any shares during the public offering. Portfolio companies like OfBusiness are expected to go public next year.
Earlier this month, Rajeev Misra, SoftBank’s top dealmaker, stepped down from his leadership roles at the Japanese fund’s flagship investment vehicles. Alex Clavel is taking over as chief executive officer at SoftBank Investment Advisers (SBIA) and SoftBank Global Advisers (SBGA) following Misra’s departure.
In an interview with ET on October 22, Clavel said India is among SoftBank’s top-performing markets following a wave of portfolio firms going public. “India is the world’s most successful IPO market of 2024,” he said, adding that other markets, including the US, have not seen as many IPOs, even outside of tech.
