Indian technology companies Lenskart and Meesho have added nearly $400 million to the value of SoftBank’s investment portfolio during the September 2026 quarter, emerging as two of the Japanese investor’s strongest-performing listed investments. According to SoftBank’s latest earnings presentation, Lenskart contributed $273 million in gains, while Meesho added another $121 million, taking their combined contribution to approximately $394 million.
The gains come as both companies strengthen their positions in India’s public markets following their stock market listings. SoftBank has also been monetising part of its Indian investments, selling shares worth more than ₹9,300 crore in Lenskart and Meesho since June. The development highlights the growing importance of Indian technology companies in the global investment portfolios of major venture capital and technology investors.
Lenskart and Meesho Generate $394 Million in Quarterly Gains
Lenskart and Meesho were among the biggest contributors to SoftBank Vision Fund 2’s listed investment performance during the quarter ended September 30, 2026.
The two companies delivered a combined increase of $394 million in the fair value of SoftBank’s investments.
| Company | Quarterly gain | Investment value at September 30 |
|---|---|---|
| Lenskart | $273 million | $900 million |
| Meesho | $121 million | $800 million |
| Combined | $394 million | $1.7 billion |
Lenskart generated the largest contribution among the Vision funds’ listed investments, while Meesho also delivered a substantial increase in portfolio value.
Both investments are held through SoftBank Vision Fund 2 (SVF2).
The increase reflects the performance of the companies’ publicly traded shares and the resulting change in the value of SoftBank’s holdings.
Lenskart Leads With $273 Million in Gains
Lenskart was the strongest performer of the two companies, contributing $273 million to SoftBank’s portfolio value during the September quarter.
According to SoftBank’s presentation, the fair value of its Lenskart investment reached $900 million by September 30.
Lenskart’s share price increased 31% during the quarter, supporting the higher valuation of SoftBank’s holding.
The company’s operating performance also showed improvement. Its first-quarter revenue increased 34% year-on-year, while EBITDA rose 95%. Profit after tax increased by more than 180%, according to figures cited in the investor presentation.
Lenskart operates an omnichannel eyewear business, combining physical retail stores with digital platforms. Its business model includes prescription eyewear, sunglasses, contact lenses and related products.
The company’s growth and public-market performance have made it an important contributor to SoftBank’s Indian investment portfolio.
Meesho Adds $121 Million to SoftBank’s Portfolio
E-commerce company Meesho contributed another $121 million to the value of SoftBank’s investment during the same quarter.
The fair value of SoftBank’s Meesho holding stood at approximately $800 million as of September 30.
Meesho’s shares increased 17% during the quarter, according to the investor presentation.
The company’s operating performance also improved. Revenue grew 34% year-on-year, while losses narrowed by 68%, reflecting better margins and operational efficiencies.
Meesho operates an e-commerce marketplace focused on value-conscious consumers and sellers. Its platform has built a significant presence in smaller cities and towns by offering affordable products across categories.
The company’s performance is particularly relevant to SoftBank because it represents one of its major investments in India’s internet and e-commerce sector.
SoftBank Sells More Than ₹9,300 Crore in Shares
The increase in the value of Lenskart and Meesho investments comes alongside SoftBank’s efforts to monetise some of its Indian holdings.
The Japanese investor has sold shares worth more than ₹9,300 crore in the two companies since June, according to the Economic Times report.
Such transactions allow investors to generate liquidity from their holdings after companies enter the public markets.
However, the reported portfolio gains and proceeds from share sales represent different financial measures. The $394 million increase reflects the change in investment value during the quarter, while share sales represent transactions through which SoftBank converts part of its holdings into cash.
The distinction is important because an increase in fair value does not automatically mean the entire gain has been realised.
SoftBank’s investment returns can include both realised and unrealised gains, depending on whether shares have actually been sold or continue to be held.
Indian Investments Stand Out Despite SoftBank’s Portfolio Decline
The performance of Lenskart and Meesho is notable because SoftBank’s broader listed investment portfolio recorded a decline during the September quarter.
According to its investor presentation, the fair value of SoftBank’s public investments fell by approximately $900 million during the period.
The portfolio had an aggregate unrealised fair value of $20.1 billion as of September 30, representing 11% of the combined Vision funds’ total unrealised fair value.
Gains from Lenskart and Meesho were offset by declines in other listed investments.
The two Indian companies therefore provided a positive contribution at a time when the broader public investment portfolio was under pressure.
Their performance also demonstrates how individual companies can influence the results of a large global investment portfolio, particularly when an investor holds significant stakes in businesses that have recently entered public markets.
Why Lenskart and Meesho Matter to SoftBank
SoftBank has invested in several Indian startups over the years, including companies operating in e-commerce, logistics, financial technology, food delivery and consumer services.
Its investments in Lenskart and Meesho represent two different parts of India’s digital economy.
Lenskart combines online commerce with a large physical retail network, while Meesho focuses on an online marketplace built around affordable products and a broad seller ecosystem.
Both companies have demonstrated revenue growth, although their business models and profitability profiles differ.
For SoftBank, their public-market performance provides an opportunity to reassess investment valuations and potentially generate returns through share sales.
Their performance also matters for the wider Indian startup ecosystem because successful public listings can provide an exit route for early investors and improve confidence in the market for technology companies.
The Bigger Picture
The nearly $400 million increase in the value of SoftBank’s Lenskart and Meesho holdings highlights the growing role of Indian listed technology companies in global investment portfolios. Their performance is also evidence of how public markets can influence the reported value of venture capital investments after portfolio companies go public.
However, portfolio valuation gains should not be confused with realised profits. SoftBank’s ability to turn these gains into cash will depend on further share sales, market conditions and the prices at which it can exit its investments. The distinction is especially important for investors assessing the financial performance of large venture funds.
Looking Ahead
The next phase for Lenskart and Meesho will involve sustaining revenue growth, improving operating performance and maintaining investor confidence. Their ability to deliver consistent financial results will influence their market valuations and the value of SoftBank’s remaining holdings. Further share sales could also provide additional liquidity to the Japanese investor.
For India’s startup ecosystem, the performance of the two companies offers an important example of how privately funded businesses can transition into public-market investments. If they continue to strengthen their financial performance, they could remain significant contributors to SoftBank’s portfolio while reinforcing the role of Indian technology companies in global investment strategies.
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