SoftBank is reported in talks around a multi-billion dollar investment in ride-hailing app firm Uber7/27/2017
SoftBank is reportedly eyeing investment opportunities in controversial ride-hailing service Uber, as it continues to splash the cash on new investments.
The Japanese telco giant, which owns a mobile operation in Japan as well as Sprint in the US, has made numerous significant investments in recent years, including satellite company OneWeb. According to the New York Times, Uber could be its next investment.
SoftBank already commands a pretty significant share of the ride-hailing market in Asia. In addition to its most recent investment in Grab, it also owns stakes in ride-sharing companies Ola and Didi Chuxing.
SoftBank's conversations with Uber were described as preliminary and any deal would have to wait until Uber hired a new CEO to replace Travis Kalanick, according to the Journal. Neither Uber nor SoftBank responded to the Journal's request for comment.
An offer to Uber could signal that SoftBank is trying to acquire a wider share of the Southeast Asian ride-hailing market, which has become highly stratified in recent years. In addition to a minority stake in Didi Chuxing of China, Uber operates in other Southeast Asian countries like India, Singapore and Malaysia. SoftBank already has an existing investment in Didi Chuxing; it is also a large investor in India's ride-hailing company Ola. Plus there's its recent investment in the Singapore-based startup Grab. If SoftBank is indeed trying to take a larger slice of the market, it will need Uber to combine with competitors Ola and Grab, suggests the Journal. The San Francisco-based ride-hailing startup has done this in the past--most recently with its rival in Russia. Earlier this month, Uber said it would fuse its operations with Russia's Yandex.Taxi and exit the country. Tapping the Southeast Asian market would be extremely lucrative for SoftBank. The region's ride-hailing market could grow to $13.1 billion by 2025, a $10.6 billion increase from 2015, according to a report from Google and Temasek Holdings, a Singapore-state investment firm.
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1/11/2018 04:38:59 am
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