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SoftBanks son Masayoshi to meet PM Modi

SoftBanks son Masayoshi to meet PM Modi

 


SUMMARY

Masayoshi Son also met Reliance Industries Chairman Mukesh Ambani. During the meeting, they discussed potential AI opportunities in India.

One of the largest investors in the local startup landscape, SoftBank has backed nearly a fifth of India's 100-plus unicorns and has injected more than $15 billion into the country.

Four Indian startups from SoftBanks' portfolio, Swiggy, Ola Electric, FirstCry and Unicommerce, have been listed on the stock exchanges since August this year.

Ace investor and SoftBank founder Masayoshi Son would meet Prime Minister Narendra Modi in Delhi on Wednesday (November 27).

Son, who is currently on a brief visit to India, also met top business executives in Mumbai, Reuters reported.

The report said that the head of the tech investment giant met Reliance Industries Chairman Mukesh Ambani on Tuesday. During the meeting, they discussed potential opportunities in artificial intelligence (AI) in India.

This is Son's second visit to the country in the past two years. In March 2023, he met the founders and CEOs of some of the biggest startups in the country and also attended the wedding celebrations of hotel major OYO's founder and CEO Ritesh Agarwal.

For the uninitiated, SoftBank is one of the largest investors in the local startup landscape. The tech investment firm has backed nearly a fifth of India's 100-plus unicorns and has pumped more than $10 billion into the country to date.

SoftBank is also reported to have seen outflows from the country worth $6 billion to $6.8 billion in August 2024. Since then, four of its portfolio startups, Swiggy, Ola Electric, FirstCry and Unicommerce, have been listed on the stock exchanges and have raked in hundreds of millions of dollars in releases. for the VC major.

Over the next 12-18 months, other SoftBank portfolio companies, such as OfBusiness and Lenskart, are also planning to go public.

Notably, the Japanese tech investor has been wary of new investments in Indian startups lately. Over the past 20 months, SoftBank has adopted a wait-and-see strategy and backed fewer local new age tech companies amid the ongoing funding winter.

However, the investment firm appears to be back in action and is reportedly gearing up to invest in Indian startups again. The company has internally highlighted its intention to invest over $100 million per round, particularly in growth-stage Indian companies.

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