Japanese investor Softbank has significantly written down the valuation of its investments in cab aggregator Ola and e-commerce site Snapdeal for fiscal ending March 31, recording $1.4 billion in losses, compared to a gain of $1.1 billion from the same period last year.
Softbank has invested in a number of Indian startups including Snapdeal, Ola and Oyo Rooms. The company counts Snapdeal and Ola as one of its largest investments.
The company also recorded $77.6 million in expenses on account of former Nikesh Arora stepping down as director last year. Arora had led many of the company's India investments.
Overall, SoftBank has invested roughly $2 billion in Indian startups, and is currently seeking a more active role by uppings its stakes even more in its investments. For instance, it's pushing for a merger between Snapdeal and rival e-commerce player Flipkart, and has reportedly expressed an interest to pump in $1 billion more in Flipkart to take on competition from Amazon and Alibaba.