India Roundup: SoftBank to invest up to $10b into firms, and more

SoftBank to pour up to US$10 billion into firms next year

• SoftBank may invest in the range of US$5 billion to US$10 billion into India-based firms next year if the company sees the “right opportunities at the right valuation,” said Rajeev Misra, CEO of SoftBank Investment Advisers.
• In 2021, SoftBank invested US$3 billion into the country’s startups. India has been a bright spot for the company’s second-quarter results.
• The company logged a loss of US$3.5 billion in the second quarter as its Vision Fund unit was hit by a decline in the market value of some of its key investments, including Coupang and Didi Global.

Ex-Google exec’s fintech startup to raise US$100 million

• INDmoney is reportedly looking to raise US$100 million in a new financing round led by existing investor Tiger Global Management. Steadview and Dragoneer, which have also previously invested in the startup, are also likely to join the new round.
• The potential investment may push the valuation of INDMoney to US$500 million. The company could also enter the insurance segment soon, where it will be up against Zerodha and Paytm Money, among others. (Read: Trial by fire awaits Zerodha, India’s hottest stockbroking app)
• Founded in 2019 by Ashish Kashyap, former head of Google India, INDmoney helps users manage their capital across investments, taxes, loans, and expenses through its platform. It also lets Indian users invest in US stocks.