SoftBank Group Corp. on Thursday reported a net profit of 248.6 billion yen ($1.62 billion) for the July-September quarter, buoyed by gains from its investments in OpenAI.The result marks a steep 90% decline from the 2.5 trillion yen ($16.22 billion) reported in the previous quarter and represents a reversal from the 369 billion yen loss ($2.4 billion) recorded in the same quarter a year ago.SoftBank’s Vision Fund 2 (SVF2) gained 2.79 trillion yen ($18.28 billion) from its investments in OpenAI during the quarter.SoftBank Vision Fund II’s India portfolio includes foodtech major Swiggy, ecommerce company Meesho, EV-maker Ola Electric, and the newly-listed Lenskart.Meesho’s shares listed at a 45% premium to their issue price of Rs 111, taking the ecommerce platform’s total market capitalisation to Rs 72,751 crore.The stock opened at Rs 161.20 per share on the BSE, signaling sustained investor appetite for Meesho’s Bharat-focused e-commerce model. SoftBank did not sell its stake in the offering. Through its SVF II Meerkat entity, SoftBank owns approximately 9.3% to 9.9% of the Indian ecommerce platform.In recent months, SoftBank has shifted its focus to AI companies, heavily investing in ChatGPT-maker OpenAI. The conglomerate also has a joint venture with OpenAI, Oracle, and others to build… Read MoreYourStory RSS Feed
