Softbank’s Focus Might Get Shifted to Uber from Ola

Softbank’s Focus Might Get Shifted to Uber from Ola

Uber sees India as a vital market after it sold its Chinese operations to Didi Chuxing last year following a fierce battle. The cab-aggregator had infused Rs 51.64 crore (about $7.9 million) into its Indian arms in May.

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Global technology firm Uber Technologies Inc is planning to sell its stake to SoftBank Group and other potential investors.

 

The talks were led by venture capital firm Benchmark, an early investor in San Francisco-based Uber, according to a published media report. It added that a deal could involve fresh capital infusion into the company.

 

The report also cited a person close to SoftBank as saying that the Japanese telecom and Internet conglomerate had no plans to buy a stake in Uber.

 

If any such deal goes through, it could have implications for India. For, SoftBank has a significant stake in Ola, which competes against Uber in India. Ola had secured Rs 1,675 crore ($260 million) in fresh funding from SoftBank in April this year.

 

SoftBank, which had launched a $93 billion technology fund recently, has also backed Uber’s Chinese rival Didi Chuxing. It is also reported to be planning to invest in Grab, a cab-hailing firm in Southeast Asia.

 

Uber, the world’s most-valued technology startup, sees India as a vital market after it sold its Chinese operations to Didi Chuxing last year following a fierce battle. The cab-aggregator had infused Rs 51.64 crore (about $7.9 million) into its Indian arms in May.

Ref: VCCircle Story

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