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Japanese investor and Internet giant SoftBank Group Corp has reported a valuation loss of $1.4 billion on its two flagship investments in India, cab-hailing app Ola and e-commerce marketplace Snapdeal, its annual report for the financial year ended March 2017 shows. The report says the company “recorded loss from financial instruments at Financial Assets and Liabilities at Fair Value through Profit or Loss (FVTPL) of ¥160,419 million ($1.4 billion).” This mainly resulted from a fall in the fair value of financial instruments at FVTPL from March 2016 to March 2017. “Financial instruments at FVTPL included preferred shares of Jasper Infotech Pvt. Ltd, which runs snapdeal.com , an e-commerce site in India, and ANI Technologies Pvt. Ltd, which runs Ola, a taxi-booking platform also in India,” the report said. “[The] Highly competitive e-commerce market in India has made a trend of the company’s business performance lower than initially anticipate...
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