SoftBank linked with Uber investment

By:
James Pearce
Published on:

Japanese giant SoftBank is reportedly in talks around a multi-billion dollar investment in ride-hailing app firm Uber

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.

The newspaper cited three unnamed sources who claimed the firms have only held preliminary meetings, but any deal could see SoftBank taking a multibillion dollar stake in the company.

SoftBank has form for investing in ride-hailing firms, having recently announced a $2.5 billion investment in Singapore-based Grab alongside Didi Chuxing, the transportation firm it also has a share in. SoftBank also holds a stake in Ola, the dominant ride-hailing company in India.

Uber has faced significant competition in this space since it first launched in California in 2011. It has also faced a number of controversies, including a number of lawsuits from taxi firms in several markets who accused it of being anti-competitive. 

Concerns have also arisen over its treatment of its user’s privacy, while CEO Travis Kalanick stepped down earlier this year after a spate of sexual harassment allegations hit the firm.

Neither SoftBank nor Uber commented on the story.