Social capital is an important concept in Information and Communications Technology for Development (ICT4D) research. It is tightly linked with reflexivity and more research is needed on how reflective practices contribute to the sustenance of social capital in ICT4D interventions. Also, there is a call for greater probe of how ICT4D interventions translate into quality of life. This exploratory study looks at the relationship between reflexivity and social capital and how this relationship translates into wellbeing of individuals using information and communications technology in the developing countries. The study is based on critical incident reflection methodology and analyzes twenty incidents from two ICT4D projects in India. Our study indicates that in ICT4D initiatives social capital helps achieve the desired individual outcomes, but its activation does not translate into overall wellbeing of the users of social capital. Also, users of social capital are reflective about its use and produce reaffirmation schemas about their social context.