Opening SoftBank’s 2023 vault in India

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Hello reader,

I began my reporting career in 2018, a year that witnessed one of the biggest acquisitions in India: Walmart (WMT, NYSE) buying out Flipkart for a US$16 billion mega deal.

It was a crazy few days when my team churned out scoops and stories on one of the biggest M&A deals of all time.

One of the biggest winners of the deal was SoftBank (9984, TYO). The Japanese investment firm, which backed Flipkart, made almost US$4 billion from selling its stake in the Indian ecommerce firm to Walmart.

Interestingly, the Flipkart-Walmart deal was actually announced by Masayoshi Son, the CEO of SoftBank, during the tech giant’s investor call in May of that year, becoming one of the biggest “whoops” moments in the tech world.

Known for his colorful remarks about flying unicorns and geese laying golden eggs, Son bid adieu to SoftBank investor calls in November 2022 as the company’s flagship Vision Fund continued to bleed.

The group has been on the defensive and cutting down on investments globally – India is one of the fund’s markets that have been feeling the heat.

In this week’s Big Story, I decode the mega fund’s plans in India for 2023 and changes in its strategy in the country. As the world reels from an economic slowdown, the fund is likely to lay low at least until the first half of the year before looking to get back into the groove.

— Samreen

THE BIG STORY

Image credit: Timmy Loen

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