SoftBank Gross Return From Lenskart, Meesho Up $394 Million
Vision Fund 2's gross return on Lenskart and Meesho rose in the September quarter, while the gross return on its Ola Electric stake fell by $42 million.
Key Takeaways
- Lenskart added $273 million to SoftBank Vision Fund 2's gross return in the July to September 2026 quarter.
- Meesho added $121 million, taking the two companies' total to $394 million.
- SoftBank's gross return on Ola Electric fell to $370 million from $412 million, against $556 million invested.
- In Vision Fund 1, Delhivery fell by $34 million and BrainBees Solutions by $50 million.
- SoftBank's gross gain on Lenskart reached about $1.3 billion on $225 million invested.
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SoftBank India holdings Lenskart and Meesho added $394 million to the gross return of SoftBank Group's Vision Fund 2 in the July to September 2026 quarter, according to the earnings presentation SoftBank released on November 10, 2026. Lenskart added $273 million and Meesho added $121 million.
Not every Indian holding rose. The gross return on the fund's Ola Electric stake fell by $42 million, to $370 million from $412 million at the end of June. In Vision Fund 1, Delhivery fell by $34 million and FirstCry parent BrainBees Solutions fell by $50 million over the same quarter.
SoftBank's Indian listed holdings in the September quarter
| Company (fund) | Change in gross return, July to September 2026 | Gross return or gain at September 30, 2026 |
|---|---|---|
| Lenskart (Vision Fund 2) | Up $273 million | Gross gain of about $1.3 billion on $225 million invested |
| Meesho (Vision Fund 2) | Up $121 million | Gross gain of $642 million on $285 million invested |
| Swiggy (Vision Fund 2) | Up about $14 million | Gross return of $451 million on $450 million invested |
| Ola Electric (Vision Fund 2) | Down $42 million | Gross return of $370 million on $556 million invested |
| Delhivery (Vision Fund 1) | Down $34 million | Gross return of $667 million |
| FirstCry parent BrainBees Solutions (Vision Fund 1) | Down $50 million | Gross return of $308 million |
SoftBank defines gross return as the cash an investment has brought in plus the market value of the shares still held. The changes above compare the figures at September 30, 2026 with those at June 30, 2026.
Lenskart and Meesho lift SoftBank's India returns
Lenskart, the eyewear retailer, gave the biggest lift. SoftBank's gross gain on its Lenskart stake reached about $1.3 billion at the end of September, up from about $1 billion at the end of June. Meesho, the ecommerce marketplace, took SoftBank's gross gain on its stake to $642 million from $521 million.
Ola Electric, the electric two-wheeler maker, moved the other way. Its gross return of $370 million is below the $556 million that SoftBank's Vision Fund 2 invested in it. Swiggy's gross return rose to $451 million from $437 million, against an investment of $450 million.
| When | What happened |
|---|---|
| August 9, 2024 | Ola Electric shares listed on the stock exchanges |
| November 10, 2025 | Lenskart shares listed on the stock exchanges |
| December 10, 2025 | Meesho shares listed on the stock exchanges |
| November 10, 2026 | SoftBank released results for the July to September 2026 quarter |
SoftBank on higher share prices at Meesho and Lenskart
"The investment gain at SVF2 reflected increases in the fair values of certain private portfolio companies due to higher valuations in recent transactions as well as higher share prices of certain public portfolio companies, including Meesho Limited and Lenskart Solutions Limited"
Where SoftBank's India portfolio stands after the September quarter
Lenskart and Meesho together added $394 million to the gross return of SoftBank's Vision Fund 2 between July and September 2026. Over the same period, Ola Electric, Delhivery and BrainBees Solutions together lost $126 million, while Swiggy rose by about $14 million. At September 30, 2026, Lenskart was SoftBank's largest gain among these Indian listed holdings, at about $1.3 billion.
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Frequently Asked Questions
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