![\"<p>SoftBank](\"\/Themes\/Release\/images\/responsive\/ettelecom-default.jpg\")
The capital committed also includes deals that are yet to be officially announced.
The Vision Fund is estimated to have invested around $15-18 billion globally, and about 15-20% of that has come to India. “The key is to find interesting companies where we like the founder and the valuation,” Misra said, adding that the cash deployment in India this year was ‘quite a big number’.
“Now, the pendulum is swinging a little bit in our favour. Earlier term sheets were flying around, public markets were hot, valuations were crazy. I believe, over the last four years, we are the largest tech investor in India and will continue to be that way.”
Among the most well-known and high-profile global technology investors, SoftBank<\/a> has recently placed bets on social commerce venture Meesho<\/a> and banking technology platform Zeta<\/a> even as a bunch of deals are yet to be made official here in India.
As reported by ET, SoftBank<\/a> is close to investing around $450 million in Swiggy along with infusing $100-150 million in companies like Whatfix, a software-as-a-service (SaaS)-based digital adoption startup, and OfBusiness<\/a>, a business-to-business ecommerce platform.
The heightened dealmaking by the firm comes amid a larger technology-led rally in the US public markets, as well as Vision Fund’s $36.99 billion profit for the fourth quarter ended March 31, 2021. Successful IPOs by portfolio companies such as US-based food delivery app DoorDash Inc., South Korea’s Coupang, and used-car trading platform Auto1 Group in the past six months have aided its enormous paper gains.
Public Versus Private
<\/strong>
Misra, however, said in the next 6-7 months, the global stock markets will fluctuate, but the private market for technology investing will remain very strong with plenty of liquidity.
As for the Indian public markets, he said it has been surprisingly resilient.
“The Indian public markets despite Covid-19 is in great shape. So, Indian tech companies, including our portfolio firms, could go public in India where they will get better multiples,” he told ET.
SoftBank-backed Delhivery, Policybazaar and Paytm have lined up for their public market debut in the next 6-8 months. The fund, however, won’t invest in a company that's going public over the next 6-9 months as part of a pre-IPO round.
Our mandate is to invest in “tech disruptive companies” over a longer period of time, Misra said. Specifically on Paytm, he said they won't sell their stake in the near term if the IPO happens, as proposed. “We are long-term investors and do not plan to exit in the near term. I have not had a discussion with Vijay Shekhar Sharma (Paytm’s founder) on the valuation… The market will decide the valuation. We are clearly not selling now...”
If the Paytm IPO goes through, its Chinese investor Alibaba will likely dilute its shareholding, ET reported last week. This may help the Noida-based company lower regulatory scrutiny over its Chinese ownership amid geopolitical tensions between the two neighbours.
The Alibaba Group owns around 30% in Paytm’s parent One 97 Communications. ET reported that Paytm’s board has approved its plan to go public by November this year. While the digital payments firm was last valued at $16 billion in its previous financing, a Bloomberg report said it was aiming for a $25-30 billion IPO valuation. SoftBank holds over 20% in Paytm’s parent One97 Communications.
A lot of the public market exuberance was generated by SPACs—or special purpose acquisition companies—in the US. SoftBank has been riding the SPAC boom with many of its companies opting to list by merging with these vehicles. SoftBank's Indian portfolio firms like grocery retailer Grofers and logistics tech platform Delhivery had explored the SPAC route, but those didn’t materialise.
According to Misra, a finance veteran with stints at Deutsche Bank and UBS AG, there were 300-400 SPACs in the US, but many of them were unable to consummate an M&A and buy companies. “The SPAC market was 75% of all US IPOs. Tech IPOs this year have underperformed the S&P because they are overvalued—maybe 70% of them are below the IPO price. And while the global markets will be fine this year, they will be highly volatile.”
Vision Fund II
<\/strong>
After the WeWork debacle, SoftBank Vision Fund<\/a> struggled to raise outside capital amid questions being raised on its strategy of backing loss-making startups at frothy valuations.
For the second edition of the fund, it received a corpus commitment of only $10 billion from SoftBank itself with no external sponsors, when it launched. This was in stark contrast to the $100 billion capital pool it had amassed in 2017 with Saudi Arabia’s Public Investment Fund (PIF) alone investing $45 billion.
The fund may not bring external investors immediately even though there is renewed interest among sponsors compared to a year ago. Vision Fund 2 has already invested $15-20 billion with a portfolio of 70 companies. Its corpus has increased to $30 billion, fully financed by SoftBank, Masayoshi Son, CEO of SoftBank, recently said during an earnings presentation. Vision Fund II could see its size go up to $40 billion depending on the deployment of the current capital in the fund.
Covid-19 Impact
<\/strong>
Talking about the impact of Covid-19 second wave on SoftBank's India portfolio firms, Misra said it has been painful across the board. “Indian portfolio companies are in pain—I am talking about the personal side. Then there is the business side, where too they are feeling the pain. But businesses like Delhivery, Meesho<\/a> and Unacademy have had good tailwinds. Most businesses will fix themselves soon,” he said.
While these companies have benefited from the digitalisation wave because of the pandemic, Vision Fund’s portfolio firms like Oyo Hotel & Homes and Ola continue to be under pressure for over a year now. If anything, the second wave has had a more intense impact on these businesses. “They (Oyo) have cut costs dramatically, and have to weather the Indian Covid situation now,” he added.
Oyo is reportedly seeking to raise debt of $600 million. The company is seeing positive traction on refinancing and getting ‘sizable debt’ which is cheaper than equity, he said.
Oyo is one of the companies that used UK-based, now bankrupt, Greensill Capital’s financing besides other Vision Fund companies like construction startup Katerra. SoftBank Vision Fund is among Greensil’s largest investors. According to a report in The Information, Katerra is shutting operations after raising more than $2 billion from investors—primarily SoftBank which is a majority shareholder.
When asked about the fund’s investments in traditional businesses which were mostly offline in nature, Misra admitted that it had made a few mistakes while placing bets. “We have made mistakes but tech-enabled is not our investment hypothesis. Our investment hypothesis is that with scale and with data, companies create moats and better products at cheaper prices. Oyo and Airbnb are in that category. Now, if you cannot execute it, that is a different issue,” he said.
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软银视野基金投资20亿美元为印度今年创业:Rajeev Misra
“关键是要找到有趣的公司我们喜欢的创始人和估值,“软银视野基金首席执行官Rajeev Misra说,并补充说今年现金部署在印度是“相当大的数字”。
资本承诺还包括交易尚未正式宣布。
视觉基金估计投资约15—十亿美元在全球范围内,大约15 - 20%的印度。“关键是要找到有趣的公司我们喜欢的创始人和估值,“Misra说,并补充说今年现金部署在印度是相当大的数字。
“现在,钟摆摆动一点对我们有利。术语表已经在早些时候,公开市场热,估值是疯了。我相信,过去四年,我们在印度最大的科技投资者并将继续是这样。”
其中最著名的和引人注目的全球科技投资者,软银最近把赌注放在社交商务风险Meesho和银行的技术平台ζ尽管很多交易尚未正式在印度。
据等,软银接近投资大约4.5亿美元在Swiggy注入100美元- 150在Whatfix等公司,软件即服务(SaaS)的数字采用启动,然后呢扰扰b2b电子商务平台。
公司的交易加剧之际,在美国公开市场,更大的技术主导的集会以及视觉基金截至3月31日的第四季度盈利369.9亿美元,2021年。成功的ipo投资组合公司如美国食品交付应用DoorDash Inc .,韩国Coupang和二手车交易平台Auto1集团在过去的六个月中帮助其巨大的账面收益。
公共和私人
Misra表示,在接下来的6 - 7个月,全球股市波动,但技术投资的私人市场将保持很强的有充足的流动性。
至于印度公开市场,他说,已经表现出惊人的韧性。
“印度公开市场尽管Covid-19是在伟大的形状。印度科技公司,包括我们的投资组合公司,可以在印度上市,他们会得到更好的倍数,”他告诉等。
控股Delhivery, Policybazaar Paytm排队的公共市场首次亮相在接下来的6 - 8个月。然而,基金不会投资的公司上市,未来6 - 9个月一轮上市前的一部分。
我们的使命是投资于“科技破坏公司”在更长一段时间,Misra说。Paytm特别,他说他们不会出售自己的股份在短期内如果发生了IPO,提议。“我们是长期投资者,不计划在短期内退出。我没有讨论维贾伊·夏尔马(Paytm创始人)估值…市场将决定估值。我们现在显然不卖……”
如果Paytm IPO穿过,阿里巴巴中国投资者可能会稀释股权,上周报道。这可能有助于Noida-based公司降低监管审查其中国所有权在地缘政治这两个邻国之间的紧张关系。
阿里巴巴集团在Paytm拥有大约30%的父母97通讯。等报道,Paytm董事会已批准上市的计划今年11月。而电子支付公司在之前的最后一次价值160亿美元的融资,彭博资讯的一份报告中表示,它的目标是25 - 30美元的IPO估值。软银持有20%以上的Paytm的母公司One97通信。
很多公共市场的繁荣是由SPACs-or生成特殊目的收购——美国。软银已经骑SPAC繁荣与它的许多公司选择与这些车辆通过合并列表。软银印度投资组合公司像杂货零售商Grofers和物流技术平台Delhivery探索了SPAC路线,但这些并没有成为现实。
Misra表示金融经验丰富的他曾在德意志银行(Deutsche Bank)和瑞士银行(UBS AG), 300 - 400年在美国特定目标,但他们中的许多人无法完善并购和收购公司。“SPAC市场75%的美国ipo。科技今年IPO表现不佳标普因为它们overvalued-maybe 70%低于IPO价格。虽然全球市场今年会没事的,他们会非常不稳定。”
视觉基金二世
WeWork溃败之后,软银视野基金努力筹集外部资本在问题被提出的策略支持亏损的公司估值过高。
对于基金的第二版,它收到了语料库的承诺只有100亿美元从软银本身没有外部赞助商,当它启动。这是与此形成鲜明对比的是,2017年1000亿美元的资本池已经积累了与沙特阿拉伯的公共投资基金(论坛)投资450亿美元。
该基金可能不会立即带来外部投资者即使有新的赞助商的兴趣与一年前相比。视觉基金2已经投资15 - 20美元与70家公司的投资组合。语料库已经增加到300亿美元,完全由软银孙正义,软银首席执行官最近表示在收益报告。视觉基金II可以看到其大小取决于部署上升到400亿美元流动资金的基金。
Covid-19影响
谈论Covid-19第二波的影响印度软银投资组合公司,Misra说它是痛苦的。“印度投资组合内的公司都在疼我我谈论个人的一面。然后是业务方面,他们也感到了疼痛。但企业Delhivery一样,Meesho和Unacademy有很好的推动力。大多数企业很快就会修复自己,”他说。
虽然这些公司得益于数字化浪潮,因为大流行,基金的投资组合公司愿景就像欧酒店&家庭和Ola继续受到压力超过一年了。如果有什么区别的话,第二波有更强烈的对这些企业的影响。“他们(欧)大幅削减成本,现在印度Covid天气情况,”他补充道。
据报道,欧希望筹集6亿美元的债务。公司看到积极的牵引再融资和获得巨大的债务比股票便宜,他说。
欧是使用英国的公司之一,现在破产,Greensill资本的融资除了等基金公司愿景建设启动Katerra。软银视野基金是Greensil最大的投资者之一。据信息,Katerra后关闭操作从investors-primarily软银筹集超过20亿美元这是大股东。
当被问及该基金的投资在传统的企业大多是离线,Misra承认下注时犯了几个错误。“我们犯了错误但tech-enabled不是投资的假设。我们的投资规模和数据的假设是,公司创建护城河和更好的产品以更便宜的价格。欧,Airbnb就属于这一类。现在,如果你不能执行它,这是一个不同的问题,”他说。
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