Snapdeal, Ola cause Rs 9000 crore loss for investor SoftBank
Synopsis
SoftBank has written off over USD 1 billion on valuation of its investment in Snapdeal. The Japanese firm has multi-billion investments in Indian firms.
Japanese conglomerate SoftBank Group said it has recorded loss from investments to the tune of USD 1.4 billion, or over Rs 9,000 crore, for 2016-17 in Indian startups like Snapdeal and Ola.
SoftBank Group Corp (SBG) registered loss from financial instruments at FVTPL (fair value through profit or loss) of Japanese yen 160,419 million in consolidated financial statements for the fiscal year ended March 2017, SoftBank said in a statement.
The financial instruments at FVTPL include preferred shares of Jasper Infotech (Snapdeal) and ANI Technologies (Ola), it added. SoftBank has also written off over USD 1 billion on valuation of its investment in Snapdeal.
"This (SBGs loss at FVTPL) mainly resulted from recording a loss as the amount of changes in the fair value of the financial instruments at FVTPL from March 31, 2016 to March 31, 2017," SoftBank said.
The Japanese firm has multi-billion investments in Indian firms, including Ola, Snapdeal and Elara Technologies, which owns PropTiger, Housing and Makaan.com.
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