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SoftBank Corp suffers a loss of 58.14 billion yen on its investment in Ola, Snapdeal

New Delhi: Japan’s SoftBank Corp faces a failure of 58.14 billion yen ($560 million) this year on its investment in  cab services firm Ola and e-commerce platform Snapdeal.

The shares of SoftBank including Ola and Jasper Infotech touched 58.14 billion in India in the six months of this year. Out of 58.14 million, 29.62 billion yen was because of a currency impairment.

“Gain or loss arising from financial instruments at FVTPL (fair value through profit or loss) comprises mainly changes in fair value of preferred stock investment including embedded derivatives, such as ANI Technologies Pvt Ltd and Jasper Infotech Private Limited in India, designated as financial assets at FVTPL,” SoftBank said.

In October 2014, Softbank had invested $210-million investment in Ola and $627 million in Snapdeal.

Currently, cab service provider Ola as well as e-commerce platform Snapdeal is planning to invests more funds to maintain operations.

Cab Service Provider Ola has lift up $1.2 billion from several investors including Tiger Global Management, Matrix Partners, SoftBank Group and Didi Chuxing.

In 2015, Snapdeal.com took $500 million from Chinese e-commerce firm Alibaba Group, Foxconn Technology Group and SoftBank Group.

In India, SoftBank has invested $2 billion this year. Now, the company is planning to invest $10 billion in coming 5-10 years.

“My goal is to become the Warren Buffett of the tech industry. We’re aiming to be the Berkshire Hathaway of tech,” SoftBank Group Corp Chief Executive Masayoshi Son said after the earnings announcement.
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