Softbank is the leading financier in Uber's Asian competitors, involving Grab, Didi Chuxing and Ola
BEAM23 Nov, 2017
SoftBank's multi-billion dollar investment in Uber introduces the potential of integrating other ride-hailing equity the Japanese conglomerate has acquired in a consolidation of an increasingly growing industry across the Asian region.
Uber claimed that a scheduled offer with a consortium driven by SoftBank and Dragoneer Investment Group is already in progress. The consortium intends to invest $1 billion to $1.25 billion into Uber, and acquire 17% of existing shares in a supplementary transaction.
SoftBank has likewise has been a major financier in Uber's rivals across Asia, including Southeast Asia's Grab, China's DiDi Chuxing, and India's Ola, as it tries to accomplish founder Masayoshi Son's dream of a future steered by Artificial Intelligence, machine learning and interconnected devices.
However, ride-hailing service providers have been battling fiercely throughout Asia to lure in more drivers and riders, with price cuts and promos that have steered-down earnings.