Venture capital firm Sequoia Capital
is looking to increase its stake in app-based cab aggregator Uber
by aiming to buy shares from employees and other shareholders when the tender offer launches, likely on Wednesday.
According to TechCrunch.com, apart from SoftBank
and Dragoneer, Sequoia Capital, Tencent
are looking to invest in Uber.
had earlier made an offer to purchase Uber
shares at $32.96. This was a steep discount to $48.77 from the latest Series G round.
Group-led team of investors valued the company at about a 30 per cent discount, aiming for 14 per cent ownership in the company.
The group of investors are looking to buy approximately $8 billion in shares.
However, it is possible for the offer price to go up if there are not enough sellers to meet the requirement of $8 billion.
had previously invested in Uber
through its 'scout' programme, which involved covertly finding deal opportunities through its network.
Alfred Lin, a partner in Sequoia, also made an angel investment at the seed stage.
On Wednesday, Uber
employees with at least 10,000 of vested shares will be eligible to sell.
Moreover, other Uber
shareholders, which include venture capitalists, angel investors and former employees could also be eligible.
Earlier, in August, Uber
chose former Expedia CEO Dara Khosrowshahi to take charge as its new chief, putting an end to months of retrospection over finding a successor to Kalanick.
While the board was reportedly in favour of Hewlett Packard Enterprise Chief Meg Whitman taking over, they finally decided on Khosrowshahi for the position of CEO.
However, in a move to retain the powers that come with his position, Kalanick, in September, named two new members to the company's Board of Directors, thus paving the way for them to gain voting rights in the million-dollar firm.
Kalanick announced the appointment of Ursula Burns, former CEO and Chairwoman of Xerox, and John Thain, who has served as CEO of CIT Group, Merrill Lynch and the New York Stock Exchange.
If the above deal with SoftBank
Group-led team of investors is completed, investor and board member Benchmark Capital has agreed to drop its lawsuit against Kalanick.
The lawsuit related to Kalanick's power to appoint three board seats, including his own.