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Meanwhile, total losses on financial instruments at fair value through profit and loss (FVTPL), including shares of Jasper Infotech and ANI Technologies (OLA), stood at JPY 160,419 million ($1.4 billion).

The writedowns come amid reports that the firm is looking to sell an underperforming Snapdeal to its Indian-rival Flipkart for $1 billion - a fraction of its peak valuation of $6.5 billion. The loss is for the year that ended 31 March 2017. Since August 2013, SoftBank has invested close to $900 million in Snapdeal, which was seen as a prime contender to take on Flipkart and Amazon in India. Now, with NVP on board, Snapdeal has agreed to a non-binding letter of intent (LoI) for a merger with Flipkart.

It is also not clear if Flipkart and digital payments provider MobiKwik, which were also in the running to acquire FreeCharge, are still in the hunt.

The group noted in the report that the highly competitive nature of India's e-commerce market has made the trend of its business performance lower than initially anticipated.

SoftBank has invested about $1 billion into Snapdeal since 2014, but is facing a fierce competition from U.S. major Amazon which snatched the No.2 spot from Snapdeal.

SoftBank is pushing Snapdeal, India's No. 3 online retailer, to merge with market leader Flipkart as U.S. For Softbank, whose Indian investments haven't really paid off, this deal is a silver lining.

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Paytm's deal to acquire Freecharge puts other contenders such as Mobiqwik out of the fray.

Besides Snapdeal and Ola, SoftBank is also an investor in hotel booking platform Oyo Rooms, e-grocer Grofers, and Housing (which it sold to PropTiger last year).

While the board is yet to reach a consensus on the exit payouts to Kalaari and Nexus, the due diligence process may start next week, after the deal is tabled before all the shareholders. "There is an understanding that they will work with SoftBank down the line", a source told the Economic Times. Snapdeal founders Bahl and Bansal have been offered $15 million each, with an additional $30 million for the entire management team and employees at Snapdeal.

The deal would be the biggest acquisition in the Indian e-commerce space, redrawing the landscape of the sector that is witnessing fierce competition among players.


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