SoftBank Founder and CEO Masayoshi Son has expressed confidence in India’s potential to emerge as the global hub for AI chip manufacturing. Speaking during a meeting with leading Indian startup founders in New Delhi, Son underlined his commitment to investing heavily in artificial intelligence (AI) in the country.

This visit marks Son’s first trip to India in two years. While reports suggest he met Prime Minister Narendra Modi during his visit, there has been no official confirmation of the meeting.

Over the years, SoftBank has made substantial investments in Indian startups, backing prominent names such as Snapdeal, Ola, Oyo, Housing.com, and Blinkit (formerly Grofers). Earlier, Son had announced plans to invest $10 billion in India, reiterating his confidence in the nation’s tech ecosystem.

With the global AI race intensifying, Son’s focus on India aligns with reports earlier this year that SoftBank aimed to raise $100 billion for its AI ventures.

SoftBank’s financial trajectory has also seen a dramatic turnaround. The Japanese conglomerate reported a net income of 1.18 trillion yen ($7.7 billion) for the September quarter, its highest quarterly profit in two years. This recovery was driven by IPO activity and rising share prices of Indian companies within SoftBank’s Vision Fund portfolio.

The Vision Funds, which had previously incurred significant losses, made full or partial exits amounting to $1.85 billion from 10 portfolio companies, including Paytm. “After facing large losses, we adopted a conservative approach, which has now yielded profitable results,” said SoftBank CFO Yoshimitsu Goto.

(With inputs from IANS)