Swiggy, FirstCry add $160M to SoftBank's notional gains in Q1; Ola Electric drags

Swiggy led the charge with a $139 million increase in fair value, as its stock climbed 21% during the quarter. FirstCry added another $20 million to SoftBank’s books, following a 5% rise in its share price, according to the investment banker’s latest earnings presentation.

As of June, the Japanese investor’s stake in Swiggy is valued at about $800 million, while its holding in FirstCry stands at around $500 million. The uptick marks a reversal from the previous quarter, when both companies weighed down Vision Fund returns.

In the March quarter, Swiggy’s stock had plunged nearly 40%, resulting in a notional loss of $424 million for SoftBank. FirstCry’s stock, too, fell sharply—down 43%—although SoftBank didn’t explicitly disclose the extent of that markdown in its March quarter earnings.

To be sure, these gains and losses remain on paper—SoftBank has not exited or trimmed its holdings in either company.

Ola Electric, another marquee India bet, saw its stock fall over 22% in the June quarter. The drop translated into a notional loss of around $300 million, though the company had also declined in the March quarter, when the precise impact wasn’t broken out separately in SoftBank’s report.

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