A year ago, SoftBank Group Corp. 9984 -0.62% faced criticism when its strategy of pouring billions of dollars into highly unprofitable startups became bogged down by some high-profile flops.

Soon, the Japanese conglomerate may have a notable winner to flaunt: DoorDash Inc. The San Francisco-based food-delivery company is gearing up to go public in coming weeks at a valuation as high as $32 billion, it said in securities filings Monday.

If the initial public offering is as successful as DoorDash hopes, it would be a huge win for SoftBank and its tech-focused Vision Fund. The fund blanketed the delivery company with cash two years ago—a strategy that proved unwise with many other of its investments but helped fuel a successful growth strategy for DoorDash. At the midpoint of DoorDash’s expected share price range, SoftBank’s $680 million investment would be worth $5 billion. SoftBank, which first invested in DoorDash in early 2018, is its largest shareholder, with a 24.9% stake.

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