SoftBank loses $350 million on Indian investments including Ola, Snapdeal
Japan's multinational telecom and internet firm SoftBank has reported $350 million loss on its investments in India including its investments in Ola and Snapdeal.
Japan's multinational telecommunications and internet company SoftBank is reported to have made an investment loss of 39.28 billion yen ($350 million or nearly Rs 2,328.5 crore) in India including its investments in taxi-hailing company Ola and e-commerce firm Snapdeal, PTI reported on Thursday.
In the earnings statement for nine months ended December 2016, SoftBank wrote off 39.28 billion yen in the value of shares in its Indian investments, which include Ola and Snapdeal, cited the news report.
"Gain or loss arising from financial instruments at Fair Value Through Profit or Loss (FVTPL) comprises mainly of changes in fair value of preferred stock investment including embedded derivatives, such as ANI Technologies and Jasper Infotech in India, designated as financial assets at FVTPL," the report said quoting SoftBank, as saying in the earnings statement.
According to the report, the new set of numbers are lower than the loss recorded by SoftBank in November last year.
SoftBank had booked an investment loss of 58.14 billion yen ($560 million or nearly Rs 3,725.5 crore) for the six-month period ending September 30, impacted by appreciation of Japan's Yen against the local currency.
In October 2014, SoftBank had led a $210-million (nearly Rs 1,397.1 crore) investment in Ola and $627 million (nearly Rs 4,171.3 crore) in Snapdeal and made follow-on investments in both companies.
The company till date has invested close to $2 billion (nearly Rs 13,305.5 crore) in the country and in the beginning of this year it said that it is looking to increase its investments to $10 billion (nearly Rs 66,527.5 crore) in next 5 to 10 years.