New Delhi, Nov 28 (IANS) As India makes strides in the fields of artificial intelligence (AI) and semiconductors, SoftBank’s Founder and CEO Masayoshi Son has said that the country can become the AI chip capital of the world.
New Delhi, Nov 28 (IANS) As India makes strides in artificial intelligence (AI), SoftBank’s Founder and CEO Masayoshi Son has said that the country can become the AI chip capital of the world.
In a meeting with some leading Indian startup founders in the national capital, Son who has invested in several companies in the country, said he will invest more and more in AI in India in the coming years.
This was Son’s first trip to India in about two years. He was also reported to have met Prime Minister Narendra Modi, although there was no official communication about the meeting yet.
SoftBank has invested in several Indian startups, including Snapdeal, Ola, Oyo, Housing.com and Grofers (now Blinkit and a Zomato company).
Son had earlier declared that SoftBank would invest $10 billion in India over the coming years.
As the generative AI race heats up, SoftBank CEO was reportedly aiming to raise about $100 billion for his AI venture, reports surfaced earlier this year.
The Japan’s investment major swung to its biggest quarterly profit in two years in the September quarter, owing to growing number of IPOs in the Indian markets.
SoftBank reported a net income of 1.18 trillion yen ($7.7 billion) for the September quarter, a stark turnaround from last year’s net loss of 931 billion yen. The tech conglomerate’s gains were driven by rising share prices of publicly listed Indian companies within its Vision Fund investments.
“After we were making large losses in the Vision Funds, we were very conservative. So now we were able to generate good profits as a result of learning from that,” SoftBank Chief Financial Officer Yoshimitsu Goto said after the earnings.
The two Vision funds fully or partially exited investments to the tune of $1.85 billion. It made full exits from 10 portfolio companies, including digital payment firm Paytm.
—IANS
na/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
