SoftBank Group has reportedly recorded a loss of about $475 Mn from its two biggest shareholding companies in India, Snapdeal and Ola.

According to the latest nine month ending earnings report of the group, this is the second consecutive write down by the telecoms and internet giant after it cut $555 Mn from its India portfolio value, at the end of September 2016.

As per the company, “Loss recorded as the amount of change in the fair value of the company’s investments, primarily in India, from the previous fiscal year-end to the end of the third-quarter. Of this, a gain of ¥16,133 million was due to foreign exchange rate fluctuation.” It had recorded a gain of ¥108.42 Bn for both companies in the year-ago period.

Ola was valued at about $5 Bn after its previous funding round in November 2015, Snapdeal’s valuation was pegged at $6.5 Bn in February this year.

Despite the loss, Sofbank Chairman Masayoshi Son continues to be bullish on investing in the country. In December, Son said that Softbank would invest about $10 Bn in India, having already invested $2 billion here.

“The 21st century belongs to India, since the demographics are on its side when it comes to being a superpower in the 21st century,” Son said last year. “There are over 800 million young people in the country, who are smart.”

Besides Ola and Snapdeal, SoftBank is an investor in Grofers, Housing, Hike and InMobi.

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