You are here: Home » Reuters » News
Business Standard

Uber shareholders discuss stock sale to SoftBank, others - Bbg


(Reuters) - Technologies Inc's [UL] shareholders and its board, led by venture capital firm Benchmark, have discussed selling some of their to Masayoshi Son's SoftBank Group Corp <9984.T> and other potential investors, reported, citing people familiar with the matter.

The deal could include investment of new money into the startup, reported, adding that details about the valuation of or how much SoftBank or other investors would buy were unclear.

The follows a Wall Street Journal report earlier in the day that the company's biggest rival in Southeast Asia, Grab, was raising as much as $2 billion in funding from SoftBank and China's top ride-hailing firm Didi Chuxing.

has been facing a number of setbacks, including accusations of a sexist work culture and driver protests, that culminated in the departure of co-founder and Chief Executive Travis Kalanick last month.

Benchmark's partner Bill Gurley, who is one of Uber's largest shareholders, along with other investors including First Round Capital and Lowercase Capital, all pressed Kalanick to quit.

Uber, Softbank and Benchmark did not immediately respond to requests for comment.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Anil D'Silva)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, July 15 2017. 03:03 IST