Funding
SoftBank Records Rs 9000 Crores Loss From Indian Startup Investments
Telecommunications and internet corporation giant SoftBank Group Corp., announced that it has witnessed a loss of Rs. 9000 crore ($1.4 billion) from its investments in the country’s investment sector for the financial year 2106-2017.
The company had reported this loss on its two flagships: major cab aggregator Ola and online market platform Snapdeal.
“Loss on financial instruments at FVTPL (fair value through profit and loss) was ¥160,419 million ($1.4 billion) compared to a gain of ¥114,377 million ($1.1 billion) in the previous fiscal year,” states a report from SoftBank.
Shares of Jasper Infotech (Snapdeal) and ANI Technologies (Ola) are included in the FVTPL’s financial instruments. SoftBank has also written off over $ 1 Billion on the valuation of its investments in Snapdeal.
SoftBank is one of the biggest investors in India’s digital commerce market, however, the company faced a $ 350 million loss on its investments in the same Ola and Snapdeal, earlier in November 2016.
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