SoftBank’s Masayoshi Son to join PM Modi at Oyo founder’s wedding

ET reported on March 3 that Son will be travelling to India after more than four years and is likely to meet government officials, as well as founders and CEOs of the Japanese conglomerate’s portfolio firms during his day-long stay in New Delhi.

It’s a sign of the Japanese billionaire’s enduring relationship with India, where SoftBank has invested billions into startups and solar power. Son, who is the biggest backer of affordable stays firm Oyo parent Oravel Stays Ltd., has been a mentor to the 29-year-old Agarwal since 2015.

An early investor in Oyo, Son provided a personal guarantee in 2019 to Agarwal’s $2-billion loan from Japanese banks allowing the young entrepreneur increase his stake in Oyo to over a third.

However, Son’s presence is creating complexities for organisers of the New Delhi wedding reception

The 65-year-old, who increasingly prefers Zoom calls to in-person meetings even in his home base of Tokyo, has asked for Covid-negative tests from those he’s meeting, people familiar with the matter said.

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Wedding ceremonies of the rich and upwardly-mobile in India are extravagant affairs with guest lists often running into the thousands. Entertainers like Beyoncė have been flown in, contributing to costs sometimes ballooning to tens of millions of dollars. At these celebrations, lines to greet the couple can run a mile long, with wait times growing to an hour or more.It was at the wedding of Nikesh Arora, the former SoftBank president, that Son met figures such as Rajeev Misra and Alok Sama, who later spearheaded the company’s overseas expansions through the Vision Fund and the acquisition of chip architect Arm Ltd., people familiar with the matter said.

It’s not clear how Son will greet the couple at the reception, but one person said he’s unlikely to do so in a public setting.

Son is also meeting Prime Minister Narendra Modi along with a Japanese business delegation and will host a round table for a group of entrepreneurs, including the founders of Paytm, Firstcry and OfBusiness, which are all backed by SoftBank’s billions-wielding Vision Fund, according to one person.

Those meetings will also require Covid-negative test results.

Ambani is expected to attend the festivities, as well as executives from SoftBank and other Oyo backers including Airbnb Inc. and Lightspeed Commerce Inc.

An Oyo spokesman declined to comment on the guest list while a SoftBank representative did not respond to an email seeking comments.

The SoftBank chief executive was diagnosed with chronic hepatitis in his youth and has since been vigilant about his health. In financial filings, SoftBank lists “unforeseen situations” affecting Son as a significant risk factor that could impede the company’s overall activities.