SoftBank CEO Masayoshi Son. Photo by Bloomberg
Exclusive
Startups

SoftBank’s Global Vision Tested by China’s Uber for Trucks

Photo: SoftBank CEO Masayoshi Son. Photo by Bloomberg

In 2018, when SoftBank led a $1.9 billion investment in Chinese truck-hailing app Manbang, CEO Masayoshi Son urged the startup to go global, pointing to the worldwide success of his other bets, like Uber and Indian hotel chain Oyo, according to a person familiar with the matter. 

Two years later, Uber is struggling to cut losses and Oyo has laid off thousands. But Manbang—also known as Full Truck Alliance—is nevertheless following Son’s advice and expanding into Brazil, Latin America’s largest market, through a recent investment in local truck-hailing app TruckPad. SoftBank’s Latin American venture fund also is in talks to invest in TruckPad, according to people familiar with the matter.

Get access to exclusive coverage
Read deeply reported stories from the largest newsroom in tech.
Latest Articles
 
Exclusive Venture Capital Startups
The Investors Who Face Big Losses From the Quibi Collapse
The Investors Who Face Big Losses From the Quibi Collapse

On Wednesday, video startup Quibi told its investors that it will shut down, a dramatic collapse of a digital media startup that launched just six months ago. Now those investors—from Quibi CEO Meg Whitman to Google, Facebook and J.P. Morgan—are facing losses and figuring out what they may recoup from the flop.

Quibi revealed to investors Wednesday afternoon that, after paying ...

Latest Briefs
 
Amazon Labs Now Conducting ‘Thousands’ of Covid Tests a Day
Quibi Plans Investor, Employee Call Amid Talk of Shutdown
Outsourcing IT Firm Datto Begins Trading on NYSE
Stay in the know
Receive a summary of the day's top tech news—distilled into one email.
Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.