New Delhi: Rajeev MishraCEO at softbank Investment Advisors, a wholly owned subsidiary of Japan softbank group stepping down from the executive function of one that manages the group’s twin Vision Fund Vision Fund 2, as he hopes to launch a new fund with Saudi investors.
The SoftBank Vision Fund consists of two funds—Vision Fund 1 ($100 billion) and Vision Fund 2 ($55 billion)—that were created to invest in technology startups. While Mishra will continue to head Vision Fund 1, he will leave the top role to his boss. masayoshi sonoThe founders of SoftBank, for the second fund, said sources. Mishra will play the role of vice president for the $55 billion fund.
SoftBank, which has backed several new-age companies in India including Ola, Oyo, Flipkart, Swiggy and Meesho, last year invested nearly $3 billion with Misra saying the total investment in 2022 would be $5. -10 billion dollars. However, it seems so. No longer a possibility.
A SoftBank spokesperson did not comment on this story. However, the development comes at a time when SoftBank has put a squeeze on big bets in India, given the economic shock through the industry brought on in part by the ongoing Ukraine-Russia war and global macroeconomic factors.
a former Deutsche Bank Industry watchers said Misra, 60, who joined SoftBank in 2014, played a key role behind the Tokyo-headquartered conglomerate investing heavily in startups, which at times led to their bloated valuations.
In its first year, the $100 billion Vision Fund 1, created jointly with Saudi Arabia’s Public Investment Fund, the Abu Dhabi government and other investors including Apple, invested nearly $65 billion in startups.
After placing big bets on several companies, including Uber and WeWork, some of these investments later came back to haunt the group as valuations plummeted. For example, in 2019, SoftBank wrote about $9 billion into WeWork out of the $10 billion it had invested in remote working startups in previous years.
While Misra is expected to lead top SoftBank executives along for the new fund, the move reflects the general mood, with the aggressive Japanese investor reporting a record loss of $26 billion to its Vision Fund in May. Forced to accept that the fund will invest half. Or even a quarter compared to last year.
The SoftBank Vision Fund consists of two funds—Vision Fund 1 ($100 billion) and Vision Fund 2 ($55 billion)—that were created to invest in technology startups. While Mishra will continue to head Vision Fund 1, he will leave the top role to his boss. masayoshi sonoThe founders of SoftBank, for the second fund, said sources. Mishra will play the role of vice president for the $55 billion fund.
SoftBank, which has backed several new-age companies in India including Ola, Oyo, Flipkart, Swiggy and Meesho, last year invested nearly $3 billion with Misra saying the total investment in 2022 would be $5. -10 billion dollars. However, it seems so. No longer a possibility.
A SoftBank spokesperson did not comment on this story. However, the development comes at a time when SoftBank has put a squeeze on big bets in India, given the economic shock through the industry brought on in part by the ongoing Ukraine-Russia war and global macroeconomic factors.
a former Deutsche Bank Industry watchers said Misra, 60, who joined SoftBank in 2014, played a key role behind the Tokyo-headquartered conglomerate investing heavily in startups, which at times led to their bloated valuations.
In its first year, the $100 billion Vision Fund 1, created jointly with Saudi Arabia’s Public Investment Fund, the Abu Dhabi government and other investors including Apple, invested nearly $65 billion in startups.
After placing big bets on several companies, including Uber and WeWork, some of these investments later came back to haunt the group as valuations plummeted. For example, in 2019, SoftBank wrote about $9 billion into WeWork out of the $10 billion it had invested in remote working startups in previous years.
While Misra is expected to lead top SoftBank executives along for the new fund, the move reflects the general mood, with the aggressive Japanese investor reporting a record loss of $26 billion to its Vision Fund in May. Forced to accept that the fund will invest half. Or even a quarter compared to last year.