SoftBank resets India investment plan as valuations plunge

More: Zilingo’s end is nigh. [Read from your browser]( Daily Newsletter --------------------------------------------------------------- Welcome to Tech in Asia's free Daily Newsletter! Get full access to our subscribers-only Daily Newsletter and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. --------------------------------------------------------------- Hello {NAME} I’ve always been enamored by SoftBank’s rise to the top of the startup world. Masayoshi Son, SoftBank founder and one of Japan’s wealthiest people, built a reputation as a maverick in a business culture that generally eschews risk-taking after he refashioned the former telecoms firm into the world’s biggest tech investor. Son spoke of delivering “golden eggs” in February 2021 amid the global investment boom, which was driven by rock-bottom interest rates and high liquidity during the Covid-19 pandemic. Unrealized gains from SoftBank’s Vision Funds peaked at US$66 billion during that quarter. However, fast forward to November 2022 and the Japanese conglomerate was back to the drawing board. SoftBank lost the cumulative investment gains from its Vision Funds due to the weakening economic outlook that had hammered the valuations of its portfolio firms. These mega tech funds also continued to bleed billions of dollars even after losing over US$27 billion in the previous fiscal year. Naturally, SoftBank has gone on the defensive and its effects are felt in India, which accounts for nearly 10% of its global assets under management. Its investment in the world’s fifth largest economy fell roughly 84% in 2022 on a year-on-year basis, a source told Tech in Asia. My colleague Samreen charts SoftBank’s investment roadmap in India for 2023 in today’s featured piece. It uncovers the reasons behind SoftBank’s pivot to enter Indian companies with US$1 billion to US$2 billion valuation and shows why SoftBank will likely continue to make fewer deals in the South Asian nation. -- Shravanth P.S.: If you’re an entrepreneur looking for funding, [fill out this form]( to get your company featured on our list of fundraising startups.  ---------------------------------------------------------------  THE BIG STORY [Plotting out SoftBank’s 2023 India roadmap]( The world’s biggest tech investor is likely to sit tight and wait for valuation corrections in the second half of the year. --------------------------------------------------------------- TRENDING NEWS [Zilingo board designates EY as provisional liquidator]( The liquidation is set to begin after Zilingo’s creditors managed to find a buyer for some of the startup’s assets, Bloomberg reported. [The world’s next SaaS operating system? India]( A robust business model, a wide pool of talent and capital, and a plethora of market spaces present Indian SaaS companies with a unique opportunity. [Microsoft to invest $10b in ChatGPT maker OpenAI]( Microsoft had previously injected US$1 billion into OpenAI in 2019, which it followed with another investment in 2021. [Series SEA: Who’s investing in the region’s SaaS startups?]( We’ve compiled a list of investors that are pouring money into Southeast Asia’s software-as-a-service startups. [Y Combinator co-leads $8.3m seed round of Indian proptech firm]( Draper Associates and Bayhouse Capital also led Landeed’s latest raise. [Nykaa names ex-Godrej exec as CFO]( P Ganesh joins Nykaa after serving in the same role at Tractors and Farm Equipment. ---------------------------------------------------------------  WHO'S HIRING You can post a job [here]( or search for jobs [here](. - [Tech Lead (Ruby on Rails)]( at Luce Maintenance Group Bandung, Java, Indonesia - [FRONTEND DEVELOPER]( at Jaya Agung Teknologi Jakarta, Indonesia - [Engineering Manager]( at Jala Tech Yogyakarta, Indonesia - [Content Editor]( at Female Daily Network Jakarta, Indonesia - [Sales Supervisor - National Expansion]( at Mekari Indonesia Bulk Terminal, Indonesia - [Quality Assurance (QA) Tester]( at KarirLab Indonesia Bulk Terminal, Indonesia [ADVERTISE]( | [SUBSCRIBE]( P.S. Don't miss out on the biggest tech news and analysis. Add newsletter@techinasia.com to your address book, contacts, or safe sender list. Or simply move us into your inbox. Too many emails? Switch to a different frequency or get new content through our [preference center]( or [unsubscribe](. You can also break our hearts and remove yourself from all Tech in Asia emails over [here](  ---------------------------------------------------------------  Copyright © 2023 Tech in Asia, All rights reserved. 63 Robinson Road, Singapore 068894