The investment conglomerate is shifting from investing in startups valued at $5 billion to startups valued at roughly $2 billion. Additionally, it reduced cheque amounts from $1 billion to $100-150 million.
The market value of the total sale was not declared in the company's regulatory filing, but reports said that it could be worth around $120 million
The SoftBank CEO also said that the rate of new investments in startups will be half or could be as small as a quarter in compared to the last year
Biofourmis will utilize the fresh fund to expand its operation globally and advance its digital therapeutics pipeline
Sequoia Capital India is the top investor on the Hurun India top unicorn investors list 2020 with eight unicorns investments, followed by Softbank, Steadview Capital and Saif Partners
In Friday's statement, the company said that WeWork India was already profitable and played an important role in the global scheme of business.
With Vision Fund II in sight, Softbank's portfolio companies in India and across the world are cutting jobs in order to reduce losses and shore up investor sentiment.
Softbank reportedly suffered $6.5 billion in operating losses from investments in cash-burning businesses including New York-based real estate firm WeWork, and cab-hailing service Uber.
The Japanese conglomerate is likely to announce the first close of the fund at around $30 billion in the first quarter of next year, according to a media report
Entrepreneur India traces the ebb and flow of SoftBank's journey over the years
"Regret decision to invest in WeWork," said Son on Softbank's post-earnings conference call with the press
"My judgment around WeWork was not right in many ways," he said on Wednesday after announcing company result
While the world may be busy writing an obituary for WeWork, does this capital infusion imply that Masayoshi Son will have the last laugh?
SoftBank, WeWork's Largest Investor, Takes Control of the Embattled Office Company, With Co-founder Adam Neumann Stepping Down
The $8 billion deal is dramatically less than the office company's original valuation of $47 billion.