As we take our first steps into 2019, the most common question in the venture capital business in India—one which induces awe, delight, and relief in equal measure—goes something like this: “What’s the status of the SoftBank Vision Fund II?”

It is a question that is equally illuminating and frustrating.

Illuminating because it shows how like in most parts of the world, SoftBank has emerged as the epicentre of funding conversations in India too. Depending on the position of your seat at the table, SoftBank is either the giant red star around which all other funding vehicles and players dutifully revolve while paying guarded obeisance or the giant black hole inexorably swallowing and subsuming all funding activity within itself.