SoftBank writes off another $350 million in value from Ola and Snapdeal

SoftBank Group Corp. Chairman and CEO Masayoshi Son

SoftBank has written off another $350 million in value from its India portfolio (after a $550mn writeoff last year).

“Gain or loss arising from financial instruments at FVTPL comprises mainly of changes in fair value of preferred stock investment including embedded derivatives, such as ANI Technologies Pvt. Ltd and Jasper Infotech Private Limited in India, designated as financial assets at fair value through profit or loss,” [From Softbank¬†earnings].

Note that writeoff doesn’t mean that the company has ‘given up’ – this is often used for tax saving purpose.

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