SoftBank records loss of nearly $350 mn from Snapdeal, Ola

The biggest strategic investor in Indian startup ecosystem SoftBank Group registered a loss of nearly $350 million from Snapdeal and Ola.

These two startups are Softbank’s biggest investments in India. Softbank has always maintained it will invest $10 billion in the country.

The figures comes after Softbank reported a loss of over $550 million for the six-month period ending September 30.

"Loss recorded as the amount of change in the fair value of the company's investments, primarily in India, from the previous fiscal year-end to the end of the third-quarter. Of this, a gain of ¥16,133 million was due to foreign exchange rate fluctuation," the company stated its latest earnings report.

It had recorded a gain of ¥108.42 billion for both companies in the year-ago period.

Ola was valued at about $5 billion after its previous funding round in November 2015, Snapdeal's valuation was pegged at $6.5 billion in February this year.