SoftBank’s Rajeev Misra steps down from senior position to ‘focus on his new business’
The 60-year-old’s new venture is expected to be backed by capital from the Middle East, with the corpus amounting to around $6 billion, sources said. Misra’s new asset management platform can also co-invest with SoftBank’s Vision Fund in new ventures.
“Rajeev will continue as CEO of SoftBank Investment Advisers leading our business for SVF1, and as a trusted senior advisor and integral part of the SoftBank family…To give Rajeev time to focus on his new company, he will transition from his current role as CEO of SoftBank Global Advisers, the manager of SVF2, to become Vice Chairman,” Son wrote in his memo on Thursday, reviewed by Economic Times.
Son added that he will take on a more direct leadership role, supported by our existing management team who already run SVF2 on a day-to-day basis.
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Misra, who played a key role in raising the $100 billion Vision Fund, told the Financial Times on Thursday that his new fund would get capital from Abu Dhabi state investment units Mubadala and ADQ as well as of the Royal Group, which is chaired by Sheikh Tahnoon bin Zayed al Nahyan, national security adviser of the United Arab Emirates.
He had led the Vision Fund since its inception in 2017. The fund’s portfolio of companies includes Uber, WeWork and China’s Didi Chuxing, among hundreds of others. In India, its portfolio includes Delhivery, Flipkart and Meesho.
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The Indian-born finance veteran also worked at Deutsche Bank and UBS AG. This latest shakeup comes at a time when several other executives have left the Japanese tech investor in the recent past. Marcelo Claure, who became Son’s top lieutenant, left the firm in January and has since created Claure Capital, a multi-billion dollar global investment firm focused on public and private companies.
In June, Michel Combes, CEO of SoftBank Group International, also tendered his resignation. Ronald Fisher, another senior SoftBank executive, has also decided to step down from his role.
Meanwhile, SoftBank-backed companies in India include e-commerce major Flipkart, edtech company Eruditus, social commerce startup Meesho, online food delivery player Swiggy and business-to-business commerce startup Elastic Run, the taxi company Ola and hotel startup Oyo.