When Florida gave restaurants the green light to reopen indoor dining earlier this year, restaurateurs like Carlos Gazitua were euphoric. They hoped it would resuscitate their businesses, many of which were on life-support after the shutdown. But they quickly learned it was tough to coax workers back.

“It was a crisis,"&nbsp;said Gazitua, owner and CEO of the Sergio’s Restaurant chain in Florida. “We couldn’t find anyone.” Even a major job fair, drawing dozens of restaurant and hotel owners offering more than 1,000 jobs in May, was disastrous.

“We had 40 employers and only four people showed up!” he said. “It was bizarre — all the employers thought we were on ‘Candid Camera’.”

So, Gazitua turned to robotics, bringing in the Servi robot in July at one of his restaurants. Servi uses cameras and laser sensors to carry plates of food from the kitchen to tables in the dining room, where the waiter then transfers the plates to the customer’s table. The robot costs $999 a month, including installation and support.

Servi saved wait staff and bussers from having to run back and forth to the kitchen and gave overworked servers more time to schmooze with customers and serve more tables, which led to higher tips.

“In the first two hours, the servers were amazed!” he said, adding that Servis have now been added to the company’s five other full-service restaurants.

Gazitua is among a growing number of restaurant and hotel owners who are turning to robotics during this labour shortage. Robots don’t call in sick, don’t request raises and do jobs, like frying and cleaning, that workers don’t like.

Indeed, many robotics companies, like Miso Robotics, Bear Robotics, Peanut Robotics, Knightscope, SoftBank Robotics and Makr Shakr, say they have seen huge spikes in inquiries for their robots since the pandemic hit.

Miso is getting 150 inquiries a week for its Flippy robot, said Mike Bell, CEO of Miso. Flippy uses artificial intelligence, sensors, computer vision and robotic arms to fry fast food, like French fries and chicken wings. The robot, which costs about $3,000 per month, including maintenance, identifies the food, senses the oil temperature, and monitors the cook time.

The CDC estimates 48 million people get sick, 128,000 are hospitalized, and 3,000 die each year from foodborne illnesses. Using robots like Flippy improves a kitchen’s cooking accuracy and consistency, reducing human error that could lead to food contamination issues, Bell said.

White Castle started testing Flippy at its Merrillville, Indiana, restaurant in late 2020.

“This is the toughest labour market we’ve encountered since World War II,” said Jamie Richardson, vice president of marketing at White Castle, founded in 1921. The test went so well that it plans to add Flippy to 10 more locations. Michael J. Hicks, professor of economics and director of the Center for Business and Economic Research at Ball State University in Muncie, Indiana, echoed Richardson’s view of the job situation.

“The leisure and hospitality industry saw a 50% drop in employment in 2020, a dip of 8.3 million workers,” he said. “That is far and away the worst shock to the industry on record, dating back to the Great Depression.”

Bear Robotics, which makes the Servi robot, has seen demand skyrocket, said Juan Higueros, co-founder and chief operating officer. Aside from Sergio’s restaurants, he has fielded inquiries from casinos, restaurant chains, arenas and even senior living residences, desperate to assist overworked staff.

“Burnout is becoming a very big problem for restaurant staff,” he said.

Peanut Robotics, a startup, makes a robot that cleans and sanitizes restrooms, and SoftBank Robotics makes Whiz, which vacuums floors.

Although Peanut is still in the prototype phase, this hasn’t stopped hotel chains, offices and restaurants from requesting the robot. “We’re not actively marketing, but people keep finding us,” said Joe Augenbraun, the company’s CEO. “I have demand for hundreds of them right now.”

Knightscope makes robots that use artificial intelligence, video and two-way audio to patrol outdoor or indoor areas. It uses thermal imaging, license plate recognition and other software. There is also an alert button on the robot that allows the caller to speak directly to someone. Demand has been particularly high lately from casinos and office buildings, said Stacy Stephens, co-founder and chief client officer at Knightscope.

Makr Shakr, based in Italy, makes robotic bartenders, whose arms can measure, mix, shake, pour and even garnish cocktails. Over the past three months, inquiries have jumped 50% from pre-pandemic levels, said Carlo Ratti, a founding partner and a professor the Massachusetts Institute of Technology.

The Tipsy Robot, a bar that opened in Las Vegas in 2017, uses Makr Shakr’s robotic arms. Its general manager, Victor Reza Valanejad, said the robot was a godsend when COVID hit. “I was getting about 120 applications a day in 2019 for bartenders,” he said. But in April 2021, the same ad took three weeks to get only 14 applications. “And of those 14, no one showed up for the interviews,” he said.

While robots don’t call in sick or ask for raises, they can break down. As a result, a restaurant is at the mercy of the robotics company to respond quickly. Sometimes, a software glitch can be fixed remotely, but a hardware issue usually requires an on-site repair. Most of the companies said they could make repairs within 24 hours, but not always.

Robots have had some highly publicized missteps.

In 2019, a Knightscope 5 robot made headlines when a fight broke out in Huntington Park, California, where the robot was patrolling. When a woman ran to the robot for assistance and pushed its emergency alert button, the robot repeatedly barked “Get out of the way” and proceeded to roll past her — and the ongoing fight — while playing a little tune. A bystander ended up calling 911.

Stephens blamed the mishap on a robot that had been deployed before its software had been fully installed and its line to 911 had been hooked up. Since then, he said, the city has credited the robot for lowering crime and has extended its contract for two more years.

SoftBank Robotics’s Pepper, which is touted as a robot that can read people’s emotions, remember faces and interact with people, has probably received the most negative publicity.

A Scottish grocery store, Margiotta, hired the robot to give directions to customers looking for items in the store, but fired Pepper when it kept giving vague answers, like “It’s in the alcohol section” when asked where to find beer.

Then there was Pepper’s stint at a Japanese nursing home, where it was hired to lead singalongs and hold exercise classes for seniors. But it kept malfunctioning.

Its biggest blemish came when a 2018 Swedish university research report said Pepper’s technology had serious security flaws. It said a breach would allow a hacker to spy on people through Pepper’s cameras and microphones and even take control of Pepper’s arms. SoftBank said the security flaw has since been patched.

“Most Peppers have now been fired,” said Dina Marie Zemke, associate professor at Ball State University and author of a 2020 report on robotics. “Either you loved them or you were completely creeped out by them.”

Pepper wasn’t cheap, retailing for $20,000 to $25,000.

SoftBank recently stopped production of Pepper, sold off its majority stake in Boston Dynamics, and laid off about half of its 330-member team in France. But Kass Dawson, SoftBank Robotics’ vice president of brand strategy, insists Pepper’s production is only temporarily halted and that its robotics division remains a company priority.

Industry experts believe the labour shortages stemming from the pandemic accelerated the acceptance of robots in the workplace.

“We’ve all gotten more comfortable with dealing with robots — that’s one of the legacies of the pandemic,” said Craig Le Clair, vice president and principal analyst at Forrester. “We’re able to trade off the creepiness of robots with the improved help characteristics.”

When Florida gave restaurants the green light to reopen indoor dining earlier this year, restaurateurs like Carlos Gazitua were euphoric. They hoped it would resuscitate their businesses, many of which were on life-support after the shutdown.

When Florida gave restaurants the green light to reopen indoor dining earlier this year, restaurateurs like Carlos Gazitua were euphoric. They hoped it would resuscitate their businesses, many of which were on life-support after the shutdown. But they quickly learned it was tough to coax workers back. “It was a crisis," said Gazitua, owner and CEO of the Sergio’s Restaurant chain in Florida. “We couldn’t find anyone.” Even a major job fair, drawing dozens of restaurant and hotel owners offering more than 1,000 jobs in May, was disastrous. “We had 40 employers and only four people showed up!” he said. “It was bizarre — all the employers thought we were on ‘Candid Camera’.” So, Gazitua turned to robotics, bringing in the Servi robot in July at one of his restaurants. Servi uses cameras and laser sensors to carry plates of food from the kitchen to tables in the dining room, where the waiter then transfers the plates to the customer’s table. The robot costs $999 a month, including installation and support. Servi saved wait staff and bussers from having to run back and forth to the kitchen and gave overworked servers more time to schmooze with customers and serve more tables, which led to higher tips. “In the first two hours, the servers were amazed!” he said, adding that Servis have now been added to the company’s five other full-service restaurants. Gazitua is among a growing number of restaurant and hotel owners who are turning to robotics during this labour shortage. Robots don’t call in sick, don’t request raises and do jobs, like frying and cleaning, that workers don’t like. Indeed, many robotics companies, like Miso Robotics, Bear Robotics, Peanut Robotics, Knightscope, SoftBank Robotics and Makr Shakr, say they have seen huge spikes in inquiries for their robots since the pandemic hit. Miso is getting 150 inquiries a week for its Flippy robot, said Mike Bell, CEO of Miso. Flippy uses artificial intelligence, sensors, computer vision and robotic arms to fry fast food, like French fries and chicken wings. The robot, which costs about $3,000 per month, including maintenance, identifies the food, senses the oil temperature, and monitors the cook time. The CDC estimates 48 million people get sick, 128,000 are hospitalized, and 3,000 die each year from foodborne illnesses. Using robots like Flippy improves a kitchen’s cooking accuracy and consistency, reducing human error that could lead to food contamination issues, Bell said. White Castle started testing Flippy at its Merrillville, Indiana, restaurant in late 2020. “This is the toughest labour market we’ve encountered since World War II,” said Jamie Richardson, vice president of marketing at White Castle, founded in 1921. The test went so well that it plans to add Flippy to 10 more locations. Michael J. Hicks, professor of economics and director of the Center for Business and Economic Research at Ball State University in Muncie, Indiana, echoed Richardson’s view of the job situation. “The leisure and hospitality industry saw a 50% drop in employment in 2020, a dip of 8.3 million workers,” he said. “That is far and away the worst shock to the industry on record, dating back to the Great Depression.” Bear Robotics, which makes the Servi robot, has seen demand skyrocket, said Juan Higueros, co-founder and chief operating officer. Aside from Sergio’s restaurants, he has fielded inquiries from casinos, restaurant chains, arenas and even senior living residences, desperate to assist overworked staff. “Burnout is becoming a very big problem for restaurant staff,” he said. Peanut Robotics, a startup, makes a robot that cleans and sanitizes restrooms, and SoftBank Robotics makes Whiz, which vacuums floors. Although Peanut is still in the prototype phase, this hasn’t stopped hotel chains, offices and restaurants from requesting the robot. “We’re not actively marketing, but people keep finding us,” said Joe Augenbraun, the company’s CEO. “I have demand for hundreds of them right now.” Knightscope makes robots that use artificial intelligence, video and two-way audio to patrol outdoor or indoor areas. It uses thermal imaging, license plate recognition and other software. There is also an alert button on the robot that allows the caller to speak directly to someone. Demand has been particularly high lately from casinos and office buildings, said Stacy Stephens, co-founder and chief client officer at Knightscope. Makr Shakr, based in Italy, makes robotic bartenders, whose arms can measure, mix, shake, pour and even garnish cocktails. Over the past three months, inquiries have jumped 50% from pre-pandemic levels, said Carlo Ratti, a founding partner and a professor the Massachusetts Institute of Technology. The Tipsy Robot, a bar that opened in Las Vegas in 2017, uses Makr Shakr’s robotic arms. Its general manager, Victor Reza Valanejad, said the robot was a godsend when COVID hit. “I was getting about 120 applications a day in 2019 for bartenders,” he said. But in April 2021, the same ad took three weeks to get only 14 applications. “And of those 14, no one showed up for the interviews,” he said. While robots don’t call in sick or ask for raises, they can break down. As a result, a restaurant is at the mercy of the robotics company to respond quickly. Sometimes, a software glitch can be fixed remotely, but a hardware issue usually requires an on-site repair. Most of the companies said they could make repairs within 24 hours, but not always. Robots have had some highly publicized missteps. In 2019, a Knightscope 5 robot made headlines when a fight broke out in Huntington Park, California, where the robot was patrolling. When a woman ran to the robot for assistance and pushed its emergency alert button, the robot repeatedly barked “Get out of the way” and proceeded to roll past her — and the ongoing fight — while playing a little tune. A bystander ended up calling 911. Stephens blamed the mishap on a robot that had been deployed before its software had been fully installed and its line to 911 had been hooked up. Since then, he said, the city has credited the robot for lowering crime and has extended its contract for two more years. SoftBank Robotics’s Pepper, which is touted as a robot that can read people’s emotions, remember faces and interact with people, has probably received the most negative publicity. A Scottish grocery store, Margiotta, hired the robot to give directions to customers looking for items in the store, but fired Pepper when it kept giving vague answers, like “It’s in the alcohol section” when asked where to find beer. Then there was Pepper’s stint at a Japanese nursing home, where it was hired to lead singalongs and hold exercise classes for seniors. But it kept malfunctioning. Its biggest blemish came when a 2018 Swedish university research report said Pepper’s technology had serious security flaws. It said a breach would allow a hacker to spy on people through Pepper’s cameras and microphones and even take control of Pepper’s arms. SoftBank said the security flaw has since been patched. “Most Peppers have now been fired,” said Dina Marie Zemke, associate professor at Ball State University and author of a 2020 report on robotics. “Either you loved them or you were completely creeped out by them.” Pepper wasn’t cheap, retailing for $20,000 to $25,000. SoftBank recently stopped production of Pepper, sold off its majority stake in Boston Dynamics, and laid off about half of its 330-member team in France. But Kass Dawson, SoftBank Robotics’ vice president of brand strategy, insists Pepper’s production is only temporarily halted and that its robotics division remains a company priority. Industry experts believe the labour shortages stemming from the pandemic accelerated the acceptance of robots in the workplace. “We’ve all gotten more comfortable with dealing with robots — that’s one of the legacies of the pandemic,” said Craig Le Clair, vice president and principal analyst at Forrester. “We’re able to trade off the creepiness of robots with the improved help characteristics.”

Desperate for workers, restaurants turn to robots

Softbank has pulled the plug on its semi-humanoid Pepper, Honda has discontinued its robot Asimo. Are semi-humanoids failing to replace humans?

Gravitas: Softbank pulls the plug on Pepper

SoftBank Group Corp CEO Masayoshi Son said on Wednesday share buybacks remain an option, amid a slide in the conglomerate's shares. 
 
"Buybacks are always on my mind as an important option but when and how big requires balanced thinking," Son said at SoftBank's annual shareholders' meeting, adding that the group also needs to consider alternative uses of its capital. 
 
Shares in SoftBank, which completed a record 2.5 trillion yen ($22.6 billion) buyback programme in May, have slid amid weakness in tech stocks. That has helped widen its conglomerate discount, the gap between the value of its assets and share price, to about 50%. 
 
"I believe our potential is much bigger than the discounted share price," said Son, calling on shareholders to take a long-term view on the company.

SoftBank Group Corp CEO Masayoshi Son said on Wednesday share buybacks remain an option, amid a slide in the conglomerate's shares. "Buybacks are always on my mind as an important option but when and how big requires balanced thinking," Son said at SoftBank's annual shareholders' meeting, adding that the group also needs to consider alternative uses of its capital.

SoftBank Group Corp CEO Masayoshi Son said on Wednesday share buybacks remain an option, amid a slide in the conglomerate's shares. "Buybacks are always on my mind as an important option but when and how big requires balanced thinking," Son said at SoftBank's annual shareholders' meeting, adding that the group also needs to consider alternative uses of its capital. Shares in SoftBank, which completed a record 2.5 trillion yen ($22.6 billion) buyback programme in May, have slid amid weakness in tech stocks. That has helped widen its conglomerate discount, the gap between the value of its assets and share price, to about 50%. "I believe our potential is much bigger than the discounted share price," said Son, calling on shareholders to take a long-term view on the company.

Share buybacks remain an option for SoftBank, says CEO Son

Japanese tycoon Masayoshi Son warned of significant dangers around holding the&nbsp;Olympics&nbsp;in Tokyo, where the government on Monday kicked off a mass vaccination drive to catch up with other countries and ensure a "safe and secure" Games.

In a series of tweets, the influential SoftBank Group CEO expressed bewilderment and concern about the Tokyo&nbsp;Olympics, calling Japan a "vaccine laggard" and saying the slow inoculation drive less than two months before the start of the Games could put people's lives at risk.

"Currently more than 80% of people want the&nbsp;Olympics&nbsp;to be postponed or canceled. Who and on what authority is it being forced through?" the billionaire executive wrote in a Twitter post in Japanese over the weekend.

In a follow-up tweet late on Sunday, Son wrote: "Does the IOC (International Olympic Committee) have the power to decide that the Games would go ahead?

"There's talk about a huge penalty (if the Games are canceled). But if 100,000 people from 200 countries descend on vaccine-laggard Japan and the mutant variant spreads, lives could be lost, subsidies could result if a state of emergency is called, and the gross domestic product could fall. If we consider what the public has to endure, I think we could have a lot more to lose."

Son's tweets followed comments on Friday https://www.reuters.com/article/olympics-2020-idCNL2N2N80BL from IOC Vice President John Coates that the games would "absolutely" go ahead even if Tokyo was under COVID-19 restrictions.

Earlier this month, Son said in a TV interview he was "afraid" of having the&nbsp;Olympics, partly due to the severity of the pandemic in some countries.

Japan remains under state-of-emergency curbs https://www.reuters.com/world/asia-pacific/japan-approve-more-covid-19-vaccines-state-emergency-set-widen-2021-05-21 that have progressively been expanded as the fourth wave of infections rips through the population.

That contrasts with some other major economies that are beginning to ease lockdown measures as vaccinations race ahead. The Games begin on July 23.

Japan has delivered vaccinations to just 4.4% of its population, the slowest among the world's larger, rich countries, and has recorded 711,360 infections and 12,232 COVID-19 deaths from the virus.

The military began mass vaccinations in Tokyo and Osaka on Monday with the newly approved Moderna Inc dose. The medical system in the western city of Osaka is particularly feeling the pressure of surging infections.

The government has vowed to finish vaccinating all eligible elderly who wish to be inoculated by the end of July.

Japan's slow vaccination progress has kept the majority of the public opposed to holding the Games this year. A Reuters corporate survey found nearly 70% of Japanese firms also want the&nbsp;Olympics&nbsp;either canceled or postponed.

While opinion polls show strong opposition to the Games, public protests have been limited.

On Sunday, a group of fewer than 20 gathered in Tokyo's Shinjuku district, calling on the government to cancel the Games, holding placards like "No&nbsp;Olympics".

Meanwhile, aspiring Olympians continue to succumb to the virus that has killed more than three million worldwide.

A team of Australian skateboarders was disqualified from a qualifying event in the United States after three positive COVID-19 tests in their group.

IOC President Thomas Bach on the weekend added his voice to those insisting the Games proceed.

"The athletes definitely can make their Olympic dreams come true," Bach said in comments to the International Hockey Federation on Saturday, Indian media reported.

"We have to make some sacrifices to make this possible," he added.

Japanese tycoon Masayoshi Son warned of significant dangers around holding the Olympics in Tokyo, where the government on Monday kicked off a mass vaccination drive to catch up with other countries and ensure a "safe and secure" Games.

Japanese tycoon Masayoshi Son warned of significant dangers around holding the Olympics in Tokyo, where the government on Monday kicked off a mass vaccination drive to catch up with other countries and ensure a "safe and secure" Games. In a series of tweets, the influential SoftBank Group CEO expressed bewilderment and concern about the Tokyo Olympics, calling Japan a "vaccine laggard" and saying the slow inoculation drive less than two months before the start of the Games could put people's lives at risk. "Currently more than 80% of people want the Olympics to be postponed or canceled. Who and on what authority is it being forced through?" the billionaire executive wrote in a Twitter post in Japanese over the weekend. In a follow-up tweet late on Sunday, Son wrote: "Does the IOC (International Olympic Committee) have the power to decide that the Games would go ahead? "There's talk about a huge penalty (if the Games are canceled). But if 100,000 people from 200 countries descend on vaccine-laggard Japan and the mutant variant spreads, lives could be lost, subsidies could result if a state of emergency is called, and the gross domestic product could fall. If we consider what the public has to endure, I think we could have a lot more to lose." Son's tweets followed comments on Friday https://www.reuters.com/article/olympics-2020-idCNL2N2N80BL from IOC Vice President John Coates that the games would "absolutely" go ahead even if Tokyo was under COVID-19 restrictions. Earlier this month, Son said in a TV interview he was "afraid" of having the Olympics, partly due to the severity of the pandemic in some countries. Japan remains under state-of-emergency curbs https://www.reuters.com/world/asia-pacific/japan-approve-more-covid-19-vaccines-state-emergency-set-widen-2021-05-21 that have progressively been expanded as the fourth wave of infections rips through the population. That contrasts with some other major economies that are beginning to ease lockdown measures as vaccinations race ahead. The Games begin on July 23. Japan has delivered vaccinations to just 4.4% of its population, the slowest among the world's larger, rich countries, and has recorded 711,360 infections and 12,232 COVID-19 deaths from the virus. The military began mass vaccinations in Tokyo and Osaka on Monday with the newly approved Moderna Inc dose. The medical system in the western city of Osaka is particularly feeling the pressure of surging infections. The government has vowed to finish vaccinating all eligible elderly who wish to be inoculated by the end of July. Japan's slow vaccination progress has kept the majority of the public opposed to holding the Games this year. A Reuters corporate survey found nearly 70% of Japanese firms also want the Olympics either canceled or postponed. While opinion polls show strong opposition to the Games, public protests have been limited. On Sunday, a group of fewer than 20 gathered in Tokyo's Shinjuku district, calling on the government to cancel the Games, holding placards like "No Olympics". Meanwhile, aspiring Olympians continue to succumb to the virus that has killed more than three million worldwide. A team of Australian skateboarders was disqualified from a qualifying event in the United States after three positive COVID-19 tests in their group. IOC President Thomas Bach on the weekend added his voice to those insisting the Games proceed. "The athletes definitely can make their Olympic dreams come true," Bach said in comments to the International Hockey Federation on Saturday, Indian media reported. "We have to make some sacrifices to make this possible," he added.

Olympics: SoftBank CEO slams Games as Japan races to catch up on vaccinations

South Korean e-commerce giant Coupang has raised $4.2 billion in its initial public offering that makes it the biggest listing in the United States so far this year.

The Seoul-based firm is backed by SoftBank Group was valued at around $109 billion in its market debut on Thursday.

Coupang's stock soared 81 per cent to open at $63.50. The company had priced 130 million shares sold in the IPO at $35 per share, higher than the marketing range $32-$34 per share, giving the Seoul-headquartered e-commerce giant a market value of $60 billion.

The blockbuster listing,&nbsp;the biggest in New York since Alibaba's US record $25 billion offering in 2014,&nbsp;will make an overnight billionaire of founder Kim Bom-suk, with the 42-year-old CEO's 10 per cent holding worth around $6 billion.&nbsp;

Founded in 2010, Coupang rose to prominence after launching its guaranteed same-day or next-day delivery service in the East Asian country. SoftBank's $100 billion Vision Fund owns 35.1 per cent of Coupang.

Coupang's spectacular debut further bolsters the recent fortunes of the Vision Fund, which is bouncing back from an annual loss last March. Last month, it announced record quarterly profit.

Coupang operates an online marketplace that sells everything from fresh groceries to toys, as well as food delivery app Coupang Eats.

"We're laser focused on our home market," Kim said in an interview. "We're going to invest in 50,000 more jobs and billions of dollars more in not only the infrastructure, but the unique end to end technology that powers all of those services."

In 2020, Coupang's net sales jumped 91 per cent year-on-year to $11 billion. Net losses narrowed to $567.6 million from $770.2 million posted in the prior year.

Coupang's successful share offering comes as the US IPO market is at its strongest in more than two decades and investors are flocking to buy shares in technology companies that have benefited during the COVID-19 pandemic.

The IPO is the biggest in the United States this year, surpassing the $2.15 billion raised by dating app Bumble Inc. It also marks a jump in Coupang's valuation, which was pegged at $9 billion in a fundraising round in 2018, according to Pitchbook.

Analysts in South Korea said the strong response to Coupang's offering was a result of its market-leader position in the country at a time when, like many other e-commerce firms, its sales have grown due to the COVID-19 pandemic.

"Considering the high level of valuation inherent in the pricing, the market is giving a generous assessment of the company's achieving the top spot in market share," said Park Sang-joon, analyst at Kiwoom Securities.

Coupang was the top-ranked South Korean e-commerce firm in 2020 with 19.2 per cent market share, according to Euromonitor, compared to Naver Corp's 13.6 per cent and eBay Korea's 12.8 per cent. It was the 10th largest e-commerce firm in the world, based on retail value excluding sales tax.

Goldman Sachs, Allen &amp; Co, JPMorgan and Citigroup are the lead underwriters for the offering.

South Korean e-commerce giant Coupang has raised $4.2 billion in its initial public offering that makes it the biggest listing in the United States so far this year.

South Korean e-commerce giant Coupang has raised $4.2 billion in its initial public offering that makes it the biggest listing in the United States so far this year. The Seoul-based firm is backed by SoftBank Group was valued at around $109 billion in its market debut on Thursday. Coupang's stock soared 81 per cent to open at $63.50. The company had priced 130 million shares sold in the IPO at $35 per share, higher than the marketing range $32-$34 per share, giving the Seoul-headquartered e-commerce giant a market value of $60 billion. The blockbuster listing, the biggest in New York since Alibaba's US record $25 billion offering in 2014, will make an overnight billionaire of founder Kim Bom-suk, with the 42-year-old CEO's 10 per cent holding worth around $6 billion. Founded in 2010, Coupang rose to prominence after launching its guaranteed same-day or next-day delivery service in the East Asian country. SoftBank's $100 billion Vision Fund owns 35.1 per cent of Coupang. Coupang's spectacular debut further bolsters the recent fortunes of the Vision Fund, which is bouncing back from an annual loss last March. Last month, it announced record quarterly profit. Coupang operates an online marketplace that sells everything from fresh groceries to toys, as well as food delivery app Coupang Eats. "We're laser focused on our home market," Kim said in an interview. "We're going to invest in 50,000 more jobs and billions of dollars more in not only the infrastructure, but the unique end to end technology that powers all of those services." In 2020, Coupang's net sales jumped 91 per cent year-on-year to $11 billion. Net losses narrowed to $567.6 million from $770.2 million posted in the prior year. Coupang's successful share offering comes as the US IPO market is at its strongest in more than two decades and investors are flocking to buy shares in technology companies that have benefited during the COVID-19 pandemic. The IPO is the biggest in the United States this year, surpassing the $2.15 billion raised by dating app Bumble Inc. It also marks a jump in Coupang's valuation, which was pegged at $9 billion in a fundraising round in 2018, according to Pitchbook. Analysts in South Korea said the strong response to Coupang's offering was a result of its market-leader position in the country at a time when, like many other e-commerce firms, its sales have grown due to the COVID-19 pandemic. "Considering the high level of valuation inherent in the pricing, the market is giving a generous assessment of the company's achieving the top spot in market share," said Park Sang-joon, analyst at Kiwoom Securities. Coupang was the top-ranked South Korean e-commerce firm in 2020 with 19.2 per cent market share, according to Euromonitor, compared to Naver Corp's 13.6 per cent and eBay Korea's 12.8 per cent. It was the 10th largest e-commerce firm in the world, based on retail value excluding sales tax. Goldman Sachs, Allen & Co, JPMorgan and Citigroup are the lead underwriters for the offering.

Coupang's IPO takes Harvard dropout into mega-billionaire club

Internet investor SoftBank Group said Saturday it reached a settlement with WeWork co-founder Adam Neumann and other investors in the office sharing giant, amid reports that the deal would give the ex-CEO an extra $50 million.

SoftBank Group did not release details of the agreement that puts to rest a bitter dispute emerging from the Japan-based firm's 2019 decision to bail out WeWork, once regarded as a soaring unicorn but which quickly spiralled into deep troubles as it lost cash and cancelled its eagerly waited share offering.

Under the deal, the Wall Street Journal reported, SoftBank Group would buy about $1.5 billion of stock from other investors, including nearly $500 million from Neumann, roughly a half of what it originally planned to buy.

But the deal would give the controversial founder a $50 million windfall, another $50 million to cover his legal fees and extend by five years a $430 million SoftBank Group loan, according to reports.

Neumann and WeWork investors had sued SoftBank claiming the investment firm breached its obligations by backing out of a $3 billion rescue plan.

"This agreement is the result of all parties coming to the table for the sake of doing what is best for the future of WeWork," Marcelo Claure, executive chairman of WeWork and chief operating officer of SoftBank Group.

"With this litigation behind us, we are fully focused on our mission to reimagine the workplace and continue to meet the growing demand for flexible space around the world." 
WeWork was a dazzling unicorn valued at $47 billion, and SoftBank's founder Masayoshi Son had openly hailed Neumann's vision.&nbsp;

But things began to unravel as the firm lost cash and cancelled its share offering, with the ex-CEO pushed out -- albeit with a generous package

Internet investor SoftBank Group said Saturday it reached a settlement with WeWork co-founder Adam Neumann and other investors in the office sharing giant, amid reports that the deal would give the ex-CEO an extra $50 million.

Internet investor SoftBank Group said Saturday it reached a settlement with WeWork co-founder Adam Neumann and other investors in the office sharing giant, amid reports that the deal would give the ex-CEO an extra $50 million. SoftBank Group did not release details of the agreement that puts to rest a bitter dispute emerging from the Japan-based firm's 2019 decision to bail out WeWork, once regarded as a soaring unicorn but which quickly spiralled into deep troubles as it lost cash and cancelled its eagerly waited share offering. Under the deal, the Wall Street Journal reported, SoftBank Group would buy about $1.5 billion of stock from other investors, including nearly $500 million from Neumann, roughly a half of what it originally planned to buy. But the deal would give the controversial founder a $50 million windfall, another $50 million to cover his legal fees and extend by five years a $430 million SoftBank Group loan, according to reports. Neumann and WeWork investors had sued SoftBank claiming the investment firm breached its obligations by backing out of a $3 billion rescue plan. "This agreement is the result of all parties coming to the table for the sake of doing what is best for the future of WeWork," Marcelo Claure, executive chairman of WeWork and chief operating officer of SoftBank Group. "With this litigation behind us, we are fully focused on our mission to reimagine the workplace and continue to meet the growing demand for flexible space around the world." WeWork was a dazzling unicorn valued at $47 billion, and SoftBank's founder Masayoshi Son had openly hailed Neumann's vision. But things began to unravel as the firm lost cash and cancelled its share offering, with the ex-CEO pushed out -- albeit with a generous package

SoftBank reaches deal with WeWork

<a href="https://www.wionews.com/business-economy/softbank-agrees-to-sell-50-stake-in-wag-labs-back-to-the-dog-walking-startup-267531">SoftBank </a>Group Corp's&nbsp;talks&nbsp;to secure $3&nbsp;billion&nbsp;from&nbsp;Japan's three biggest&nbsp;banks&nbsp;have&nbsp;stalled as the lenders have hit internal lending limits to the firm, two people said, complicating a $9.5&nbsp;billion&nbsp;rescue package for&nbsp;WeWork.

The&nbsp;Japanese technology conglomerate is now likely to enter the new year without the&nbsp;<a href="https://www.wionews.com/business-economy/wework-plans-to-lay-off-4000-staff-report-258004">WeWork</a>&nbsp;financing&nbsp;in place, the people said, adding the&nbsp;banks&nbsp;are also concerned about the risks involved in rescuing the US&nbsp;office-sharing startup.

Mizuho Financial Group Inc, Mitsubishi UFJ Financial Group Inc (MUFG) and Sumitomo Mitsui Financial Group Inc (SMFG) are seeking ways to provide the&nbsp;financing&nbsp;while offsetting exposure, the people said, declining to be identified because the information is not public.

SoftBank did not respond to a request for comment. Mizuho, MUFG and SMFG declined to comment.

One option is to use some of&nbsp;SoftBank's&nbsp;26 per cent stake in Chinese e-commerce major <a href="https://www.wionews.com/business-economy/alibaba-eyes-129-billion-hong-kong-ipo-after-setting-price-reports-263274">Alibaba Group</a> Holding Ltd as collateral, the people said.

"SoftBank is an important client so we want to do everything we can to help, but we have to consider our credit risk," said a senior banker.

The&nbsp;talks&nbsp;illustrate the difficulty SoftBank poses for&nbsp;Japan's&nbsp;banks. Founder Masayoshi Son's tech juggernaut has long been a lucrative source of corporate lending in the world's third-largest economy, where&nbsp;banks&nbsp;typically have to lend at ultra-low interest rates given years of deflation.

But&nbsp;SoftBank's&nbsp;growing debt and turmoil at major bet&nbsp;WeWork&nbsp;earlier this year also highlight the firm's higher risk profile.

"Banks&nbsp;cannot loosen their credit criteria only for SoftBank," said S&amp;P Global Ratings senior director Ryoji Yoshizawa.

Another option to spread the risk is a syndicated loan, Yoshizawa said, adding this would be time-consuming potentially delaying&nbsp;financing.

SoftBank in October said it would launch a $9.5&nbsp;billion&nbsp;bailout of&nbsp;WeWork&nbsp;after the cancellation of the startup's initial public offering due to investor concerns over its corporate governance and co-founder Adam Neumann's hard-partying ways.

Son has said he turned a blind eye to Neumann's management, but that the company is still a solid business.

The domestic bank deadlock led SoftBank to secure a $1.75&nbsp;billion&nbsp;line of credit from Goldman Sachs Group Inc, the people said.

Goldman Sachs declined to comment.

SoftBank has 5.5 trillion yen ($50.28&nbsp;billion) in outstanding bonds and another 4 trillion yen in bank loans, Refinitiv data showed. Its weighted average cost of debt is 3.7 per cent , the seventh-highest among all companies on the Nikkei 225 Stock Average.

Moody's calculations showed the conglomerate's interest coverage ratio is 1.3, meaning group income is enough to service its debt, with some leftover.

SoftBank Group Corp's talks to secure $3 billion from Japan's three biggest banks have stalled as the lenders have hit internal lending limits to the firm, two people said, complicating a $9.

SoftBank Group Corp's talks to secure $3 billion from Japan's three biggest banks have stalled as the lenders have hit internal lending limits to the firm, two people said, complicating a $9.5 billion rescue package for WeWork. The Japanese technology conglomerate is now likely to enter the new year without the WeWork financing in place, the people said, adding the banks are also concerned about the risks involved in rescuing the US office-sharing startup. Mizuho Financial Group Inc, Mitsubishi UFJ Financial Group Inc (MUFG) and Sumitomo Mitsui Financial Group Inc (SMFG) are seeking ways to provide the financing while offsetting exposure, the people said, declining to be identified because the information is not public. SoftBank did not respond to a request for comment. Mizuho, MUFG and SMFG declined to comment. One option is to use some of SoftBank's 26 per cent stake in Chinese e-commerce major Alibaba Group Holding Ltd as collateral, the people said. "SoftBank is an important client so we want to do everything we can to help, but we have to consider our credit risk," said a senior banker. The talks illustrate the difficulty SoftBank poses for Japan's banks. Founder Masayoshi Son's tech juggernaut has long been a lucrative source of corporate lending in the world's third-largest economy, where banks typically have to lend at ultra-low interest rates given years of deflation. But SoftBank's growing debt and turmoil at major bet WeWork earlier this year also highlight the firm's higher risk profile. "Banks cannot loosen their credit criteria only for SoftBank," said S&P Global Ratings senior director Ryoji Yoshizawa. Another option to spread the risk is a syndicated loan, Yoshizawa said, adding this would be time-consuming potentially delaying financing. SoftBank in October said it would launch a $9.5 billion bailout of WeWork after the cancellation of the startup's initial public offering due to investor concerns over its corporate governance and co-founder Adam Neumann's hard-partying ways. Son has said he turned a blind eye to Neumann's management, but that the company is still a solid business. The domestic bank deadlock led SoftBank to secure a $1.75 billion line of credit from Goldman Sachs Group Inc, the people said. Goldman Sachs declined to comment. SoftBank has 5.5 trillion yen ($50.28 billion) in outstanding bonds and another 4 trillion yen in bank loans, Refinitiv data showed. Its weighted average cost of debt is 3.7 per cent , the seventh-highest among all companies on the Nikkei 225 Stock Average. Moody's calculations showed the conglomerate's interest coverage ratio is 1.3, meaning group income is enough to service its debt, with some leftover.

SoftBank's $3 billion WeWork financing talks stall with Japan banks: Sources

<a href="https://www.wionews.com/business-economy/softbanks-son-sticks-with-gut-led-investing-in-chat-with-alibabas-ma-266629">Softbank group's vision</a> fund has agreed to sell its nearly 50 per cent stake in Wag labs inc back to the dog-walking startup.&nbsp;

“We are amicably parting ways with Softbank and Softbank will no longer have board representation,” chief executive Garrett Smallwood said in a memo to employees.

Wag, which earlier this year laid off several dozen employees, is letting go a significant amount of the remainder of its workforce, the report said.&nbsp;

Wag, which pairs dog owners with available walkers in their neighbourhood, landed its first investment from Softbank’s vision fund in January 2018. Since then, Softbank’s $100 billion vision fund has come under scrutiny for ploughing money into unprofitable start-ups, such as WeWork and Uber. &nbsp;&nbsp;

The price of the deal is unclear, but reports say it is going to be below the $650 million valuations that was earned by wag when Softbank first invested nearly two years ago.

Softbank group's vision fund has agreed to sell its nearly 50 per cent stake in Wag labs inc back to the dog-walking startup. “We are amicably parting ways with Softbank and Softbank will no longer have board representation,” chief executive Garrett Smallwood said in a memo to employees.

Softbank group's vision fund has agreed to sell its nearly 50 per cent stake in Wag labs inc back to the dog-walking startup. “We are amicably parting ways with Softbank and Softbank will no longer have board representation,” chief executive Garrett Smallwood said in a memo to employees. Wag, which earlier this year laid off several dozen employees, is letting go a significant amount of the remainder of its workforce, the report said. Wag, which pairs dog owners with available walkers in their neighbourhood, landed its first investment from Softbank’s vision fund in January 2018. Since then, Softbank’s $100 billion vision fund has come under scrutiny for ploughing money into unprofitable start-ups, such as WeWork and Uber. The price of the deal is unclear, but reports say it is going to be below the $650 million valuations that was earned by wag when Softbank first invested nearly two years ago.

Softbank agrees to sell 50% stake in Wag labs back to the dog-walking startup

Indian digital payments company <a href="https://www.wionews.com/business-%26-economy/paytm-to-roll-new-retail-model-for-instant-deliveries-155414">Paytm</a> said on Monday it has raised fresh funds from a group of investors including existing backers SoftBank's Vision Fund and China's Ant Financial Services in a deal valuing the firm at $16 billion.

Paytm did not officially disclose details of the funding, but a source said the Indian company raised $1 billion in the latest round.

SoftBank's fresh investment in Paytm comes as the Japanese investment firm's founder Masayoshi Son battles to restore his reputation after an ill-fated investment in office-sharing firm WeWork.

New investment deals by <a href="https://www.wionews.com/business-economy/softbank-to-create-30-billion-tech-giant-with-yahoo-japan-line-corp-merger-262950">SoftBank</a> are also under growing scrutiny after the group reported its first quarterly loss in 14 years, dragged down by an $8.9 billion hit at Vision Fund.

Paytm said on Monday it will expand into insurance, lending, stockbroking and investments and invest 100 billion rupees ($1.4 billion) over the next three years to bring in more users to its services.

"This new investment by our current and new investors is a reaffirmation of our commitment to serve Indians with new-age financial services," Paytm founder and chief executive Vijay Shekhar Sharma said in the statement.

Other investors include Discovery Capital and funds advised by T. Rowe Price Associates.

($1 = 71.7700 Indian rupees)

Indian digital payments company Paytm said on Monday it has raised fresh funds from a group of investors including existing backers SoftBank's Vision Fund and China's Ant Financial Services in a deal valuing the firm at $16 billion.

Indian digital payments company Paytm said on Monday it has raised fresh funds from a group of investors including existing backers SoftBank's Vision Fund and China's Ant Financial Services in a deal valuing the firm at $16 billion. Paytm did not officially disclose details of the funding, but a source said the Indian company raised $1 billion in the latest round. SoftBank's fresh investment in Paytm comes as the Japanese investment firm's founder Masayoshi Son battles to restore his reputation after an ill-fated investment in office-sharing firm WeWork. New investment deals by SoftBank are also under growing scrutiny after the group reported its first quarterly loss in 14 years, dragged down by an $8.9 billion hit at Vision Fund. Paytm said on Monday it will expand into insurance, lending, stockbroking and investments and invest 100 billion rupees ($1.4 billion) over the next three years to bring in more users to its services. "This new investment by our current and new investors is a reaffirmation of our commitment to serve Indians with new-age financial services," Paytm founder and chief executive Vijay Shekhar Sharma said in the statement. Other investors include Discovery Capital and funds advised by T. Rowe Price Associates. ($1 = 71.7700 Indian rupees)

Paytm raises $1 billion in fresh funding

Japan's&nbsp;SoftBank&nbsp;Corp&nbsp;plans to merge internet unit&nbsp;<a href="https://www.wionews.com/entertainment/yahoo-japan-bids-for-control-of-fashion-e-tailer-zozo-for-37-billion-249306">Yahoo&nbsp;Japan</a>&nbsp;with messaging app operator&nbsp;Line&nbsp;Corp&nbsp;to&nbsp;create&nbsp;a $30&nbsp;billion&nbsp;tech&nbsp;giant, as it strives better compete to with local rival Rakuten and US&nbsp;tech&nbsp;powerhouses.

The deal, which would combine the providers of two of&nbsp;Japan's top QR code payment services, offers&nbsp;SoftBank&nbsp;access to 164 million&nbsp;Line&nbsp;users and their data in&nbsp;Japan&nbsp;and Southeast Asia as it expands into services outside its core wireless business.

It also offers&nbsp;Line&nbsp;a deep-pocket patron who can offer its&nbsp;tech&nbsp;expertise, including potentially via the&nbsp;giant&nbsp;Vision Fund.

The deal comes as&nbsp;<a href="https://www.wionews.com/business-economy/softbank-backed-oyo-to-raise-15-billion-led-by-founder-other-existing-investors-254242">SoftBank&nbsp;Group</a> founder Masayoshi Son battles to restore his reputation after a disastrous investment in office-sharing firm WeWork.

Telecoms firm&nbsp;SoftBank&nbsp;Corp&nbsp;said in a statement that&nbsp;Yahoo&nbsp;Japan, which last month changed its name to Z Holdings&nbsp;Corp, would aim to complete its&nbsp;merger&nbsp;with&nbsp;Line, owned by South Korea's Naver&nbsp;Corp, in October 2020.

The companies plan to reach a definitive agreement by next month in a transaction that would see&nbsp;SoftBank&nbsp;Corp&nbsp;and Naver form a 50:50 venture that would control Z Holdings, which in turn would operate&nbsp;Yahoo&nbsp;Japan&nbsp;and&nbsp;Line.

SoftBank&nbsp;Corp&nbsp;and Naver, which owns 73 per cent&nbsp;of money-losing&nbsp;Line, plan to launch a tender offer for&nbsp;Line's remaining shares at 5,200 yen each - a 13.4 per cent&nbsp;premium to the shares' price before news of the&nbsp;merger&nbsp;broke. That values&nbsp;Line&nbsp;at about $12&nbsp;billion.

Line's shares closed up 2.2 per cent&nbsp;at 5,150 yen after the announcement. Shares in Z Holdings rose 1.2 per cent, with Naver's shares up 2.9 per cent&nbsp;and&nbsp;SoftBank&nbsp;Corp's down 0.3 per cent.

Line&nbsp;has been looking for growth through expansion into areas such as QR code payments with&nbsp;Line&nbsp;Pay, but has been squeezed because of its limited funds and heavy-spending peers including&nbsp;SoftBank, which has a rival service called PayPay.

The&nbsp;merger&nbsp;of&nbsp;Japan's most popular messaging app and one of the country's top online&nbsp;retailers is the latest consolidation in its&nbsp;tech&nbsp;industry, and comes as Rakuten is expanding into&nbsp;SoftBank's core business with the launch of mobile services.

SoftBank&nbsp;this month completed its acquisition of online&nbsp;fashion retailer Zozo Inc, whose founder and ex-Chief Executive Yusaku Maezawa sold down his stake following a series of missteps.

The&nbsp;merger&nbsp;is driven by the two companies' "sense of crisis" over the rise of&nbsp;tech&nbsp;giants from the US&nbsp;and China,&nbsp;Line&nbsp;CEO Takeshi Idezawa told a news conference, wearing a tie in&nbsp;Yahoo&nbsp;Japan's red&nbsp;corporate colour.

SoftBank&nbsp;Group's Son frequently laments&nbsp;Japan's tardiness in emerging fields like artificial intelligence, with Monday's presentation showing even after combining the company's research and development budget would be dwarfed by overseas rivals.

Yahoo&nbsp;Japan&nbsp;CEO Kentaro Kawabe, who was wearing a tie in&nbsp;Line's&nbsp;corporate green, declined to comment on which services would be combined or abolished post-merger.

Line&nbsp;launched to overcome downed networks in the aftermath of a 2011 earthquake and tsunami before building a strong following with its use of colourful emojis, eventually listing in 2016.

However, the messaging service struggled to make inroads in countries dominated by apps like <a href="https://www.wionews.com/world/nso-snoop-row-how-pegasus-broke-into-whatsapp-260055">Facebook's Whatapp</a> and eventually retrenched in its core markets of&nbsp;Japan, Taiwan, Thailand and Indonesia.

Coming at a time of heightened political tension between&nbsp;Japan&nbsp;and South Korea, the&nbsp;merger&nbsp;might be the two countries' most significant economic cooperation of the last decade, Jaewoong Lee, a South Korean serial entrepreneur and founder of Naver rival Daum wrote on his Facebook page late on Sunday.

Z Holdings will continue to be a consolidated subsidiary of&nbsp;SoftBank&nbsp;Corp, which is a unit of investment conglomerate&nbsp;SoftBank&nbsp;Group&nbsp;Corp.

SoftBank&nbsp;retained Mizuho Securities, a unit of Mizuho Financial Group, as its financial advisor. Naver retained Deutsche Bank.

Japan's SoftBank Corp plans to merge internet unit Yahoo Japan with messaging app operator Line Corp to create a $30 billion tech giant, as it strives better compete to with local rival Rakuten and US tech powerhouses.

Japan's SoftBank Corp plans to merge internet unit Yahoo Japan with messaging app operator Line Corp to create a $30 billion tech giant, as it strives better compete to with local rival Rakuten and US tech powerhouses. The deal, which would combine the providers of two of Japan's top QR code payment services, offers SoftBank access to 164 million Line users and their data in Japan and Southeast Asia as it expands into services outside its core wireless business. It also offers Line a deep-pocket patron who can offer its tech expertise, including potentially via the giant Vision Fund. The deal comes as SoftBank Group founder Masayoshi Son battles to restore his reputation after a disastrous investment in office-sharing firm WeWork. Telecoms firm SoftBank Corp said in a statement that Yahoo Japan, which last month changed its name to Z Holdings Corp, would aim to complete its merger with Line, owned by South Korea's Naver Corp, in October 2020. The companies plan to reach a definitive agreement by next month in a transaction that would see SoftBank Corp and Naver form a 50:50 venture that would control Z Holdings, which in turn would operate Yahoo Japan and Line. SoftBank Corp and Naver, which owns 73 per cent of money-losing Line, plan to launch a tender offer for Line's remaining shares at 5,200 yen each - a 13.4 per cent premium to the shares' price before news of the merger broke. That values Line at about $12 billion. Line's shares closed up 2.2 per cent at 5,150 yen after the announcement. Shares in Z Holdings rose 1.2 per cent, with Naver's shares up 2.9 per cent and SoftBank Corp's down 0.3 per cent. Line has been looking for growth through expansion into areas such as QR code payments with Line Pay, but has been squeezed because of its limited funds and heavy-spending peers including SoftBank, which has a rival service called PayPay. The merger of Japan's most popular messaging app and one of the country's top online retailers is the latest consolidation in its tech industry, and comes as Rakuten is expanding into SoftBank's core business with the launch of mobile services. SoftBank this month completed its acquisition of online fashion retailer Zozo Inc, whose founder and ex-Chief Executive Yusaku Maezawa sold down his stake following a series of missteps. The merger is driven by the two companies' "sense of crisis" over the rise of tech giants from the US and China, Line CEO Takeshi Idezawa told a news conference, wearing a tie in Yahoo Japan's red corporate colour. SoftBank Group's Son frequently laments Japan's tardiness in emerging fields like artificial intelligence, with Monday's presentation showing even after combining the company's research and development budget would be dwarfed by overseas rivals. Yahoo Japan CEO Kentaro Kawabe, who was wearing a tie in Line's corporate green, declined to comment on which services would be combined or abolished post-merger. Line launched to overcome downed networks in the aftermath of a 2011 earthquake and tsunami before building a strong following with its use of colourful emojis, eventually listing in 2016. However, the messaging service struggled to make inroads in countries dominated by apps like Facebook's Whatapp and eventually retrenched in its core markets of Japan, Taiwan, Thailand and Indonesia. Coming at a time of heightened political tension between Japan and South Korea, the merger might be the two countries' most significant economic cooperation of the last decade, Jaewoong Lee, a South Korean serial entrepreneur and founder of Naver rival Daum wrote on his Facebook page late on Sunday. Z Holdings will continue to be a consolidated subsidiary of SoftBank Corp, which is a unit of investment conglomerate SoftBank Group Corp. SoftBank retained Mizuho Securities, a unit of Mizuho Financial Group, as its financial advisor. Naver retained Deutsche Bank.

SoftBank to create $30 billion tech giant with Yahoo Japan, Line Corp merger

SoftBank Group Corp-backed&nbsp;Indian hospitality startup Oyo said on Monday it would raise $1.5 billion in a new funding round led by founder Ritesh Agarwal and other existing investors.

Agarwal will pump $700 million into the Gurugram-based company through his company RA Hospitality Holdings, while the remaining $800 million will come from other existing investors, Oyo said in a statement.

The fresh funding comes after 25-year-old Agarwal took out a $2 billion loan in July to buy back shares in Oyo, a deal that took its valuation to $10 billion.

Agarwal's share in this round will come from the money he raised then, the company said.

Meanwhile, as the company pushes for profits, many hotel owners who partnered with it complained of their income being hurt by higher fees Oyo charges them.

SoftBank Group Corp-backed Indian hospitality startup Oyo said on Monday it would raise $1.5 billion in a new funding round led by founder Ritesh Agarwal and other existing investors.

SoftBank Group Corp-backed Indian hospitality startup Oyo said on Monday it would raise $1.5 billion in a new funding round led by founder Ritesh Agarwal and other existing investors. Agarwal will pump $700 million into the Gurugram-based company through his company RA Hospitality Holdings, while the remaining $800 million will come from other existing investors, Oyo said in a statement. The fresh funding comes after 25-year-old Agarwal took out a $2 billion loan in July to buy back shares in Oyo, a deal that took its valuation to $10 billion. Agarwal's share in this round will come from the money he raised then, the company said. Meanwhile, as the company pushes for profits, many hotel owners who partnered with it complained of their income being hurt by higher fees Oyo charges them.

SoftBank-backed Oyo to raise $1.5 billion led by founder, other existing investors

WeWork owner The We Company is weighing slashing the valuation of its forthcoming IPO to below $20 billion, two sources said, in the latest headwind for leading <a href="https://www.wionews.com/business-%26-economy/yahoo-japan-buys-back-2-billion-of-shares-in-three-way-deal-with-softbank-altaba-150347">shareholder SoftBank Group</a> whose key group portfolio firms have tumbled in value.

The valuation for the money-losing US office-sharing startup could be as low as $15 billion-$18 billion, one of the sources with direct knowledge of the matter said. The other source said the valuation was unlikely to be as low as that.

SoftBank, whose $100 billion Vision Fund is widely seen as having contributed to frothy tech valuations, has urged WeWork to shelve the IPO due to tepid investor demand, the Financial Times reported. SoftBank declined to comment.

But the tech conglomerate's reluctance to pump further funds into WeWork means the startup "may have no choice but to push ahead with the IPO at a much lower than anticipated valuation," one of the sources said.

WeWork's planned listing follows weak initial trading at other startups including Uber Technologies Inc and Slack Technologies Inc, both backed by SoftBank.

While SoftBank and its Vision Fund emphasise their long-term investing credentials, founder and CEO Masayoshi Son has set out an ambitious IPO pipeline for tech investments spanning ride-hailing, fin-tech, and health startups.

Putting WeWork's offering on hold would disrupt that schedule at a time when SoftBank is seeking funds from investors for a second Vision Fund, for which it says $108 billion in pledges have been secured.

SoftBank made a follow-on investment in WeWork, one of its biggest tech bets, at a $47 billion valuation earlier this year,&nbsp;a number widely treated with scepticism by analysts.

While long-time Son lieutenant and group Vice Chairman Ron Fisher is pushing for the IPO to go ahead, others at SoftBank are pushing for a delay, one source said.

Sanford C. Bernstein analyst Chris Lane said that if WeWork halts its IPO, SoftBank could come up with an alternative funding plan for the startup, which he estimates needs $9 billion in funding to become cash-flow positive.

SoftBank "has got an important voice, but more importantly, they have money&nbsp;(WeWork) will have to listen to them," said Lane, who values the office space-sharing firm at $23 billion.

The tech conglomerate has burned through much of the $100 billion raised by its first Vision Fund in just two years, recording big paper gains on internal revaluations of its tech investments.

SoftBank defends its valuation techniques, which include cash-flow analysis, recent transactions, and comparison with peers to underpin its numbers.

At the end of June, the fund recorded the value of $71 billion in investments in 83 startups as having grown by $20 billion. Since then the share price of portfolio companies Uber and Slack have both fallen by around a third.

SoftBank says many investments receive a vote of confidence as third parties come in as co-investors or by making follow-on investments at the same or higher valuations.

If a tech company shelves an IPO due to a lower valuation than expected, investors are generally expected to take that fall into account when appraising their stakes.

WeWork owner The We Company is weighing slashing the valuation of its forthcoming IPO to below $20 billion, two sources said, in the latest headwind for leading shareholder SoftBank Group whose key group portfolio firms have tumbled in value.

WeWork owner The We Company is weighing slashing the valuation of its forthcoming IPO to below $20 billion, two sources said, in the latest headwind for leading shareholder SoftBank Group whose key group portfolio firms have tumbled in value. The valuation for the money-losing US office-sharing startup could be as low as $15 billion-$18 billion, one of the sources with direct knowledge of the matter said. The other source said the valuation was unlikely to be as low as that. SoftBank, whose $100 billion Vision Fund is widely seen as having contributed to frothy tech valuations, has urged WeWork to shelve the IPO due to tepid investor demand, the Financial Times reported. SoftBank declined to comment. But the tech conglomerate's reluctance to pump further funds into WeWork means the startup "may have no choice but to push ahead with the IPO at a much lower than anticipated valuation," one of the sources said. WeWork's planned listing follows weak initial trading at other startups including Uber Technologies Inc and Slack Technologies Inc, both backed by SoftBank. While SoftBank and its Vision Fund emphasise their long-term investing credentials, founder and CEO Masayoshi Son has set out an ambitious IPO pipeline for tech investments spanning ride-hailing, fin-tech, and health startups. Putting WeWork's offering on hold would disrupt that schedule at a time when SoftBank is seeking funds from investors for a second Vision Fund, for which it says $108 billion in pledges have been secured. SoftBank made a follow-on investment in WeWork, one of its biggest tech bets, at a $47 billion valuation earlier this year, a number widely treated with scepticism by analysts. While long-time Son lieutenant and group Vice Chairman Ron Fisher is pushing for the IPO to go ahead, others at SoftBank are pushing for a delay, one source said. Sanford C. Bernstein analyst Chris Lane said that if WeWork halts its IPO, SoftBank could come up with an alternative funding plan for the startup, which he estimates needs $9 billion in funding to become cash-flow positive. SoftBank "has got an important voice, but more importantly, they have money (WeWork) will have to listen to them," said Lane, who values the office space-sharing firm at $23 billion. The tech conglomerate has burned through much of the $100 billion raised by its first Vision Fund in just two years, recording big paper gains on internal revaluations of its tech investments. SoftBank defends its valuation techniques, which include cash-flow analysis, recent transactions, and comparison with peers to underpin its numbers. At the end of June, the fund recorded the value of $71 billion in investments in 83 startups as having grown by $20 billion. Since then the share price of portfolio companies Uber and Slack have both fallen by around a third. SoftBank says many investments receive a vote of confidence as third parties come in as co-investors or by making follow-on investments at the same or higher valuations. If a tech company shelves an IPO due to a lower valuation than expected, investors are generally expected to take that fall into account when appraising their stakes.

WeWork IPO valuation likely below $20 billion: Sources

The self-driving car joint venture of <a href="https://www.wionews.com/business-economy/uber-lands-1-billion-from-softbank-toyota-for-self-driving-unit-211646">SoftBank</a> Corp and Toyota Motor plans to begin operating in Southeast Asia next year, in its first overseas foray, its chief executive said on Tuesday.

Monet, which is developing an on-demand self-driving service platform, is planning to export a basic version of the system, Chief Executive Junichi Miyakawa said.

"Our first step will likely be to Southeast Asia, as applications like transportation services in smart cities, or airport shuttle systems," Miyakawa said, adding that Monet could begin introducing such services in 2020.

Monet is the first-ever alliance between Japan's No. 3 telco and its largest automaker. SoftBank Corp, a unit of investment behemoth SoftBank Group Corp, is the largest shareholder in the venture, which was announced last October, with a 40.2% share, while Toyota owns 39.8%.

It plans to roll out the on-demand bus and car services in Japan in the next year, and a platform to operate self-driving vehicles as early as 2023 based on Toyota's boxy "e-palette" multi-purpose vehicle.

Honda Motor Co and Toyota's truck-making subsidiary Hino Motors took a roughly 10% stake each in the venture in March, and Miyakawa said that it would soon take more investment from the domestic auto industry.

"We're planning to announce an expansion in our stakeholders sometime this month," he said.

The self-driving car joint venture of SoftBank Corp and Toyota Motor plans to begin operating in Southeast Asia next year, in its first overseas foray, its chief executive said on Tuesday.

The self-driving car joint venture of SoftBank Corp and Toyota Motor plans to begin operating in Southeast Asia next year, in its first overseas foray, its chief executive said on Tuesday. Monet, which is developing an on-demand self-driving service platform, is planning to export a basic version of the system, Chief Executive Junichi Miyakawa said. "Our first step will likely be to Southeast Asia, as applications like transportation services in smart cities, or airport shuttle systems," Miyakawa said, adding that Monet could begin introducing such services in 2020. Monet is the first-ever alliance between Japan's No. 3 telco and its largest automaker. SoftBank Corp, a unit of investment behemoth SoftBank Group Corp, is the largest shareholder in the venture, which was announced last October, with a 40.2% share, while Toyota owns 39.8%. It plans to roll out the on-demand bus and car services in Japan in the next year, and a platform to operate self-driving vehicles as early as 2023 based on Toyota's boxy "e-palette" multi-purpose vehicle. Honda Motor Co and Toyota's truck-making subsidiary Hino Motors took a roughly 10% stake each in the venture in March, and Miyakawa said that it would soon take more investment from the domestic auto industry. "We're planning to announce an expansion in our stakeholders sometime this month," he said.

SoftBank, Toyota autonomous car venture to launch in South East Asia next year

Uber's autonomous vehicle unit has raised $1 billion from a consortium of investors including SoftBank Group Corp, giving the company a much-needed funding boost for its pricey self-driving ambitions on the eve of its public stock offering.

Uber Technologies Inc said on Thursday that the investment valued its Advanced Technologies Group, which works to develop autonomous driving technology, at $7.25 billion. SoftBank will invest $333 million from its $100 billion Vision Fund, while Toyota Motor Corp and automotive company Denso Corp will combined invest $667 million.

Reuters had reported in March talks of the investment in ATG, which has locations in Pittsburgh, San Francisco and Toronto.

The funding allows Uber to transfer some of the substantial cost of developing self-driving cars onto outside investors. That is likely to appease some investor concerns over Uber`s spending on the autonomous unit, which has topped $1 billion since the programme started in 2016.&nbsp;

The business unit brings in no meaningful revenue for Uber, which last year lost $3.03 billion. The company is not even offering free rides in the robot cars to passengers, like some of its rivals are, following a fatal crash last year in Arizona involving an Uber self-driving SUV.

Uber released its IPO filing this month and is preparing to launch is "roadshow," when it will pitch its company prospective investors, the week of April 29, setting up for an early May debut on the New York Stock Exchange.&nbsp;

Uber is expected to raise $10 billion at a $90 billion to $100 billion valuation, at least an 18 per cent jump from its current $76 billion valuation.

As part of the deal, ATG becomes its own legal entity but remains under the control of Uber with its financial performance folded into Uber`s. A new ATG board will be formed, with six seats from Uber, one from SoftBank and one from Toyota. Eric Meyhofer, currently the head of ATG, will take the title of CEO and report to the new board.&nbsp;

Such sizeable deals are unusual for companies so close to an IPO, because bringing in large new investors changes the company`s capital structure. The deal, however, will almost certainly require approval from the inter-agency regulatory group called the Committee on Foreign Investment in the United States (CFIUS).&nbsp;

A law enacted last year expands that group`s powers to review minority stakes by foreign investors in startups with certain sensitive technologies, and self-driving technology is widely considered to have defence applications.

SoftBank`s investment in General Motors Co`s self-driving car unit Cruise is still under CFIUS review and is likely weeks away from a decision, even though that investment was announced more than a year ago.

Uber's autonomous vehicle unit has raised $1 billion from a consortium of investors including SoftBank Group Corp, giving the company a much-needed funding boost for its pricey self-driving ambitions on the eve of its public stock offering.

Uber's autonomous vehicle unit has raised $1 billion from a consortium of investors including SoftBank Group Corp, giving the company a much-needed funding boost for its pricey self-driving ambitions on the eve of its public stock offering. Uber Technologies Inc said on Thursday that the investment valued its Advanced Technologies Group, which works to develop autonomous driving technology, at $7.25 billion. SoftBank will invest $333 million from its $100 billion Vision Fund, while Toyota Motor Corp and automotive company Denso Corp will combined invest $667 million. Reuters had reported in March talks of the investment in ATG, which has locations in Pittsburgh, San Francisco and Toronto. The funding allows Uber to transfer some of the substantial cost of developing self-driving cars onto outside investors. That is likely to appease some investor concerns over Uber`s spending on the autonomous unit, which has topped $1 billion since the programme started in 2016. The business unit brings in no meaningful revenue for Uber, which last year lost $3.03 billion. The company is not even offering free rides in the robot cars to passengers, like some of its rivals are, following a fatal crash last year in Arizona involving an Uber self-driving SUV. Uber released its IPO filing this month and is preparing to launch is "roadshow," when it will pitch its company prospective investors, the week of April 29, setting up for an early May debut on the New York Stock Exchange. Uber is expected to raise $10 billion at a $90 billion to $100 billion valuation, at least an 18 per cent jump from its current $76 billion valuation. As part of the deal, ATG becomes its own legal entity but remains under the control of Uber with its financial performance folded into Uber`s. A new ATG board will be formed, with six seats from Uber, one from SoftBank and one from Toyota. Eric Meyhofer, currently the head of ATG, will take the title of CEO and report to the new board. Such sizeable deals are unusual for companies so close to an IPO, because bringing in large new investors changes the company`s capital structure. The deal, however, will almost certainly require approval from the inter-agency regulatory group called the Committee on Foreign Investment in the United States (CFIUS). A law enacted last year expands that group`s powers to review minority stakes by foreign investors in startups with certain sensitive technologies, and self-driving technology is widely considered to have defence applications. SoftBank`s investment in General Motors Co`s self-driving car unit Cruise is still under CFIUS review and is likely weeks away from a decision, even though that investment was announced more than a year ago.

Uber lands $1 billion from SoftBank, Toyota for self-driving unit

Home-renting company Airbnb will invest between $100 and $200 million in SoftBank Group-backed Indian hotel start-up OYO, a source with direct knowledge of the matter told Reuters, as it dives deeper into the hotel-booking business.

Airbnb said earlier on Monday it has invested in OYO's latest funding round and it will look at ways to make the Indian start-up's accommodation available on its platform. It did not disclose details of the deal.

The investment will give US-based Airbnb access to a variety of franchised or leased hotels, helping it lure travellers who have shied away from the risks and quirks of renting a stranger's home.

Airbnb, last month bought HotelTonight, an app for finding hotel rooms at a discount, with an eye on a variety of travellers ahead of the US company's hotly anticipated initial public offering.

"Emerging markets like India and China are some of Airbnb's fastest-growing, with our growth increasingly powered by tourism to and from these markets," said Greg Greeley, president of homes, Airbnb.

OYO, which raised $1 billion last year from investors including SoftBank and ride-hailing firm Grab, operates in India, China, Britain, Dubai, Indonesia and Malaysia.

It expects revenue to more than treble every year over the next five years, as it expands locally and in international markets, a senior company executive told Reuters earlier this year.

"Airbnb's strong global footprints and access to local communities will open up new opportunities for OYO Hotels &amp; Homes..." said Maninder Gulati, global chief strategy officer at OYO Hotels &amp; Home.

Home-renting company Airbnb will invest between $100 and $200 million in SoftBank Group-backed Indian hotel start-up OYO, a source with direct knowledge of the matter told Reuters, as it dives deeper into the hotel-booking business.

Home-renting company Airbnb will invest between $100 and $200 million in SoftBank Group-backed Indian hotel start-up OYO, a source with direct knowledge of the matter told Reuters, as it dives deeper into the hotel-booking business. Airbnb said earlier on Monday it has invested in OYO's latest funding round and it will look at ways to make the Indian start-up's accommodation available on its platform. It did not disclose details of the deal. The investment will give US-based Airbnb access to a variety of franchised or leased hotels, helping it lure travellers who have shied away from the risks and quirks of renting a stranger's home. Airbnb, last month bought HotelTonight, an app for finding hotel rooms at a discount, with an eye on a variety of travellers ahead of the US company's hotly anticipated initial public offering. "Emerging markets like India and China are some of Airbnb's fastest-growing, with our growth increasingly powered by tourism to and from these markets," said Greg Greeley, president of homes, Airbnb. OYO, which raised $1 billion last year from investors including SoftBank and ride-hailing firm Grab, operates in India, China, Britain, Dubai, Indonesia and Malaysia. It expects revenue to more than treble every year over the next five years, as it expands locally and in international markets, a senior company executive told Reuters earlier this year. "Airbnb's strong global footprints and access to local communities will open up new opportunities for OYO Hotels & Homes..." said Maninder Gulati, global chief strategy officer at OYO Hotels & Home.

Airbnb to invest $100-200 million in OYO: Report

SoftBank Corp shares slumped more than 10 per cent in their debut on Wednesday, as investor appetite for Japan's biggest ever IPO was hurt by a recent major service outage and worries over its exposure to <a href="http://www.wionews.com/world/huawei-cfo-meng-wanzhou-freed-on-bail-leaves-courthouse-183504">Chinese telecom gear maker Huawei</a>.

Following its $23.5 billion initial public offering, shares of the telecoms unit of SoftBank Group Corp fell as far as 1,344 yen five minutes into trade, or 10.4 per cent lower than its IPO price of 1,500 yen. The broader Tokyo market was down 1.0 per cent.

At 9:27 am (0027 GMT), the shares were at 1,367 yen, after opening at 1,463 yen. SoftBank Group was down 2.7 per cent.

SoftBank Corp CEO Ken Miyauchi will hold a news conference at 0630 GMT.

The IPO was just shy of the world record $25 billion 2014 listing of Chinese e-commerce giant Alibaba Group Holding Ltd, a SoftBank Group portfolio company.

During the IPO period, Japan's third-largest mobile phone network provider by subscriber numbers suffered a rare nationwide service outage, which it said would not affect earnings or dividends.

Adding to investor worries, SoftBank Corp's relationship with Huawei Technologies Co Ltd&nbsp;came under scrutiny as governments around the world moved to shut out the Chinese firm amid worries its gear could facilitate Chinese spying.

SoftBank Corp, which has the most exposure to Huawei among Japanese telecoms firms, plans to replace Huawei-provided 4G network equipment with other suppliers' hardware, two sources said, in a process likely to be time-consuming and expensive.

SoftBank Corp shares slumped more than 10 per cent in their debut on Wednesday, as investor appetite for Japan's biggest ever IPO was hurt by a recent major service outage and worries over its exposure to Chinese telecom gear maker Huawei.

SoftBank Corp shares slumped more than 10 per cent in their debut on Wednesday, as investor appetite for Japan's biggest ever IPO was hurt by a recent major service outage and worries over its exposure to Chinese telecom gear maker Huawei. Following its $23.5 billion initial public offering, shares of the telecoms unit of SoftBank Group Corp fell as far as 1,344 yen five minutes into trade, or 10.4 per cent lower than its IPO price of 1,500 yen. The broader Tokyo market was down 1.0 per cent. At 9:27 am (0027 GMT), the shares were at 1,367 yen, after opening at 1,463 yen. SoftBank Group was down 2.7 per cent. SoftBank Corp CEO Ken Miyauchi will hold a news conference at 0630 GMT. The IPO was just shy of the world record $25 billion 2014 listing of Chinese e-commerce giant Alibaba Group Holding Ltd, a SoftBank Group portfolio company. During the IPO period, Japan's third-largest mobile phone network provider by subscriber numbers suffered a rare nationwide service outage, which it said would not affect earnings or dividends. Adding to investor worries, SoftBank Corp's relationship with Huawei Technologies Co Ltd came under scrutiny as governments around the world moved to shut out the Chinese firm amid worries its gear could facilitate Chinese spying. SoftBank Corp, which has the most exposure to Huawei among Japanese telecoms firms, plans to replace Huawei-provided 4G network equipment with other suppliers' hardware, two sources said, in a process likely to be time-consuming and expensive.

SoftBank Corp shares slide 10% on debut after record Japan IPO

Japan's SoftBank Group Corp CEO Masayoshi Son will face questions shortly on Monday about his company's dependence on Saudi Arabia, in his first public appearance since the murder of a journalist by Saudi security forces sparked global outrage.

Presenting SoftBank's June-September earnings results, Son will also want to assuage concerns over the firm's domestic telecoms business ahead of its mammoth IPO - potentially the world's biggest - as the industry faces government pressure to cut prices.

While the results showed second-quarter profit grew from a year earlier and the Tokyo Stock Exchange is reportedly set to approve the telecoms listing next week, Son will be in the rare position of seeking to reassure investors about his strategy.

Saudi Arabia is the largest investor in SoftBank's $93 billion Vision Fund, giving Son firepower to make big bets in late-stage startups such as shared office space provider WeWork Cos and hotel chain OYO hotels. But against the backdrop of the murder case, that dependence is now seen as a risk to SoftBank's plans to raise further funds.

Jamal Khashoggi, a journalist critical of the Saudi state, was murdered early last month in the Saudi consulate in Istanbul. On Friday, Turkish President Tayyip Erdogan said the order to kill Khashoggi came from the "highest levels" of the Saudi government.

Son and other global executives cancelled speaking engagements at the kingdom's investment conference in the weeks after the killing. Son is due to speak in Tokyo at 0700 GMT.

For now there are few signs SoftBank's Saudi links are deterring startups from accepting Vision Fund capital, with internet-connected window company View on Friday announcing a $1.1 billion investment from the fund, saying the deal will allow it to accelerate growth plans.

Still, worries about the Saudi fallout and a broader downturn in global technology stocks have weighed on SoftBank shares in recent weeks. They closed on Monday at 8,747 yen, down 24 per cent from September's high of 11,500 yen.

Another recent concern has been the initial public offering (IPO) of SoftBank's mobile phone network provider. Market participants said the offering could surpass the $25 billion worth of shares sold by China's Alibaba Group Holding Ltd in New York in 2014, which in turn beat the $22 billion raised by Agricultural Bank of China Ltd in Hong Kong in 2010.

The IPO is widely expected to draw Japan's cash-rich retail investors attracted to SoftBank's image as a successful tech company and the prospect of steady returns.

Yet it comes as the steady profit the industry has enjoyed has been brought into question.

Facing government calls to lower prices, NTT Docomo Inc said last week it will cut service charges by as much as 40 percent, affecting its earnings from the next fiscal year.

Separately, competition is set to increase as e-commerce giant Rakuten Inc enters the mobile market in a year's time with the help of a tie-up with telco KDDI Corp.

Japan's SoftBank Group Corp CEO Masayoshi Son will face questions shortly on Monday about his company's dependence on Saudi Arabia, in his first public appearance since the murder of a journalist by Saudi security forces sparked global outrage.

Japan's SoftBank Group Corp CEO Masayoshi Son will face questions shortly on Monday about his company's dependence on Saudi Arabia, in his first public appearance since the murder of a journalist by Saudi security forces sparked global outrage. Presenting SoftBank's June-September earnings results, Son will also want to assuage concerns over the firm's domestic telecoms business ahead of its mammoth IPO - potentially the world's biggest - as the industry faces government pressure to cut prices. While the results showed second-quarter profit grew from a year earlier and the Tokyo Stock Exchange is reportedly set to approve the telecoms listing next week, Son will be in the rare position of seeking to reassure investors about his strategy. Saudi Arabia is the largest investor in SoftBank's $93 billion Vision Fund, giving Son firepower to make big bets in late-stage startups such as shared office space provider WeWork Cos and hotel chain OYO hotels. But against the backdrop of the murder case, that dependence is now seen as a risk to SoftBank's plans to raise further funds. Jamal Khashoggi, a journalist critical of the Saudi state, was murdered early last month in the Saudi consulate in Istanbul. On Friday, Turkish President Tayyip Erdogan said the order to kill Khashoggi came from the "highest levels" of the Saudi government. Son and other global executives cancelled speaking engagements at the kingdom's investment conference in the weeks after the killing. Son is due to speak in Tokyo at 0700 GMT. For now there are few signs SoftBank's Saudi links are deterring startups from accepting Vision Fund capital, with internet-connected window company View on Friday announcing a $1.1 billion investment from the fund, saying the deal will allow it to accelerate growth plans. Still, worries about the Saudi fallout and a broader downturn in global technology stocks have weighed on SoftBank shares in recent weeks. They closed on Monday at 8,747 yen, down 24 per cent from September's high of 11,500 yen. Another recent concern has been the initial public offering (IPO) of SoftBank's mobile phone network provider. Market participants said the offering could surpass the $25 billion worth of shares sold by China's Alibaba Group Holding Ltd in New York in 2014, which in turn beat the $22 billion raised by Agricultural Bank of China Ltd in Hong Kong in 2010. The IPO is widely expected to draw Japan's cash-rich retail investors attracted to SoftBank's image as a successful tech company and the prospect of steady returns. Yet it comes as the steady profit the industry has enjoyed has been brought into question. Facing government calls to lower prices, NTT Docomo Inc said last week it will cut service charges by as much as 40 percent, affecting its earnings from the next fiscal year. Separately, competition is set to increase as e-commerce giant Rakuten Inc enters the mobile market in a year's time with the help of a tie-up with telco KDDI Corp.

SoftBank's Saudi ties in focus as CEO Son makes first appearance since journalist murder

Japan's SoftBank Group said Monday it logged an eight-fold jump in net profit in the six months to September&nbsp;thanks to strong returns from its investment funds.

Net profit rose to 840 billion yen (US $7.4 billion) from 103 billion yen during the same period last year, the Japanese mobile giant and IT investor said.

The rise was largely driven by gains of 649 billion yen from the SoftBank Vision Fund, which compared to 194 billion yen in the previous period.

Under tycoon CEO Masayoshi Son, SoftBank, which started as a software firm, has increasingly been seen as an investment firm, ploughing funds into a broad range of companies and projects outside its core business.

In recent years, it has completed deals with the likes of French robotics firm Aldebaran and Chinese e-commerce giant Alibaba.

Nearly half of the money in the SoftBank Vision Fund comes from Saudi Arabia and there has been a pledge of another US $45 billion this year.

But Son was missing from a high-profile Saudi investment forum last month along with dozens of global business titans amid concerns that journalist Jamal Khashoggi may have been killed in the Saudi consulate in Turkey.

Japan's SoftBank Group said Monday it logged an eight-fold jump in net profit in the six months to September thanks to strong returns from its investment funds. Net profit rose to 840 billion yen (US $7.

Japan's SoftBank Group said Monday it logged an eight-fold jump in net profit in the six months to September thanks to strong returns from its investment funds. Net profit rose to 840 billion yen (US $7.4 billion) from 103 billion yen during the same period last year, the Japanese mobile giant and IT investor said. The rise was largely driven by gains of 649 billion yen from the SoftBank Vision Fund, which compared to 194 billion yen in the previous period. Under tycoon CEO Masayoshi Son, SoftBank, which started as a software firm, has increasingly been seen as an investment firm, ploughing funds into a broad range of companies and projects outside its core business. In recent years, it has completed deals with the likes of French robotics firm Aldebaran and Chinese e-commerce giant Alibaba. Nearly half of the money in the SoftBank Vision Fund comes from Saudi Arabia and there has been a pledge of another US $45 billion this year. But Son was missing from a high-profile Saudi investment forum last month along with dozens of global business titans amid concerns that journalist Jamal Khashoggi may have been killed in the Saudi consulate in Turkey.

SoftBank posts eight-fold jump in first-half net profit

The head of Japanese firm <a href="http://www.wionews.com/videos/sons-of-slain-saudi-journalist-jamal-khashoggi-appeal-for-the-return-of-his-body-175619">SoftBank on Monday condemned</a> the killing of Saudi journalist Jamal Khashoggi, but indicated he would continue to do business with Saudi Arabia.

The hotly awaited comments by Masayoshi Son, whose conglomerate has close ties to the kingdom, threatened to overshadow the firm's results, which saw an eight-fold jump in net profits.

Under the tycoon Son, SoftBank - originally a software giant - has increasingly become an investment firm, ploughing funds into a broad range of companies and projects outside its core business.

Using the SoftBank Vision Fund, worth an estimated $100 billion, Son has taken stakes in some of the hottest firms in the tech sector, including Uber, Slack, WeWork and Nvidia.

Nearly half of the money in the fund comes from Saudi Arabia and there has been a pledge of another $45 billion this year.

Son said SoftBank was "deeply saddened" by the news of Khashoggi's murder, which he condemned as "a horrific and deeply regrettable act".

However, he added: "As horrible as this event was, we cannot turn our backs on the Saudi people as we work to help them in their continued efforts to reform and modernise their society."

Son confirmed he boycotted a high-profile Saudi investment forum last month along with dozens of global business titans after reports emerged that Khashoggi was killed in the Saudi consulate in Turkey.

And he said he had sought explanations from senior Saudi officials over the killing, stressing: "We want to see those responsible held accountable."

He said he had raised his concerns about the killing with Saudi's Crown Prince Mohammed bin Salman, among others.

"I felt they received them sincerely," he said.

Asked if the prince provided any hint of his involvement, Son said: "No, of course not."

Despite the condemnation, Son said the firm took seriously its "obligation" to help the Saudi people "manage their financial resources and diversify their economy".

The company's ties with the Middle Eastern kingdom have come into sharp relief with the Khashoggi scandal, and SoftBank shares dropped sharply when the news broke.

There has been speculation about whether the incident could damage the relationship, and Son said it was too early to say whether he would pursue a second round of Saudi funding.

"I want to think carefully again after they ascertain the truth and explain," he said.

After a long period of silence, Son wasted no time tackling the subject, addressing the issue at the start of a news conference to present the company's results.

SoftBank logged an eight-fold jump in net profit in the six months to September -- thanks mainly to strong returns from its investment funds.

SoftBank has also made high-profile investments in the autonomous vehicles sector, announcing last month a tie-up with car giant Toyota for "new mobility services" such as meal deliveries.

Earlier this year, General Motors said the Japanese firm was investing $2.25 billion in GM's autonomous car programme in exchange for a stake in the venture.

The head of Japanese firm SoftBank on Monday condemned the killing of Saudi journalist Jamal Khashoggi, but indicated he would continue to do business with Saudi Arabia.

The head of Japanese firm SoftBank on Monday condemned the killing of Saudi journalist Jamal Khashoggi, but indicated he would continue to do business with Saudi Arabia. The hotly awaited comments by Masayoshi Son, whose conglomerate has close ties to the kingdom, threatened to overshadow the firm's results, which saw an eight-fold jump in net profits. Under the tycoon Son, SoftBank - originally a software giant - has increasingly become an investment firm, ploughing funds into a broad range of companies and projects outside its core business. Using the SoftBank Vision Fund, worth an estimated $100 billion, Son has taken stakes in some of the hottest firms in the tech sector, including Uber, Slack, WeWork and Nvidia. Nearly half of the money in the fund comes from Saudi Arabia and there has been a pledge of another $45 billion this year. Son said SoftBank was "deeply saddened" by the news of Khashoggi's murder, which he condemned as "a horrific and deeply regrettable act". However, he added: "As horrible as this event was, we cannot turn our backs on the Saudi people as we work to help them in their continued efforts to reform and modernise their society." Son confirmed he boycotted a high-profile Saudi investment forum last month along with dozens of global business titans after reports emerged that Khashoggi was killed in the Saudi consulate in Turkey. And he said he had sought explanations from senior Saudi officials over the killing, stressing: "We want to see those responsible held accountable." He said he had raised his concerns about the killing with Saudi's Crown Prince Mohammed bin Salman, among others. "I felt they received them sincerely," he said. Asked if the prince provided any hint of his involvement, Son said: "No, of course not." Despite the condemnation, Son said the firm took seriously its "obligation" to help the Saudi people "manage their financial resources and diversify their economy". The company's ties with the Middle Eastern kingdom have come into sharp relief with the Khashoggi scandal, and SoftBank shares dropped sharply when the news broke. There has been speculation about whether the incident could damage the relationship, and Son said it was too early to say whether he would pursue a second round of Saudi funding. "I want to think carefully again after they ascertain the truth and explain," he said. After a long period of silence, Son wasted no time tackling the subject, addressing the issue at the start of a news conference to present the company's results. SoftBank logged an eight-fold jump in net profit in the six months to September -- thanks mainly to strong returns from its investment funds. SoftBank has also made high-profile investments in the autonomous vehicles sector, announcing last month a tie-up with car giant Toyota for "new mobility services" such as meal deliveries. Earlier this year, General Motors said the Japanese firm was investing $2.25 billion in GM's autonomous car programme in exchange for a stake in the venture.

We cannot turn our backs on the Saudi people: Softbank chief Masayoshi Son

SoftBank Group Corp Chief Executive Masayoshi Son, whose $93 billion Vision Fund drew nearly half its money from Saudi Arabia, cancelled a speaking engagement at the kingdom's investment conference this week, a person close to the matter told Reuters.

It was unclear whether Son would still attend the event which started on Tuesday, the person said on condition of anonymity.

Son's absence from the stage is in marked contrast to last year's inaugural event, where the 61-year-old Japanese entrepreneur was a notable presence lending credence to Saudi Crown Prince Mohammed bin Salman's efforts to attract foreign investment.

In a sign of its ongoing commitment to the Gulf kingdom, SoftBank's representative on the opening day of the event, Vision Fund Managing Partner Saleh Romeih, reiterated the fund's plan to open an office there.

Son's speaking cancellation comes as pressure mounts on Riyadh over the disappearance and death of journalist Jamal Khashoggi, with many high-profile company executives pulling out altogether.

SoftBank representatives did not respond to requests for comment. Son's speaking cancellation was first reported by the Wall Street Journal.

Nearly half of the more than $93 billion raised last year to create SoftBank's Vision Fund came from Saudi, giving Son the firepower to make big bets in late-stage startups such as Uber Technologies Inc and shared office space provider WeWork Cos.

SoftBank has repeatedly declined to comment on whether SoftBank management including Son would attend, even as executives from portfolio companies Uber and Improbable dropped out.

Arm Holdings CEO Simon Segars has pulled out of the event, a person familiar with the matter told Reuters on Monday. SoftBank acquired the chip designer in 2016.

Bloomberg reported on Monday that SoftBank Chief Operating Officer Marcelo Claure would also not attend.

VISIONARY BUSINESSMAN

Son's mix of visionary rhetoric and hard-headed business decisions has given him an oversized presence in the tech world.

However alarm over Saudi's involvement in the disappearance of Khashoggi has underlined his investment juggernaut's reliance on backers such as the kingdom at a time of rising political tensions.

That has left SoftBank weighing its loyalty to Saudi as it eyes the shifting tides of public opinion following the death, the stance of U.S. President Donald Trump's administration and the attitude of the tech community.

While Trump has at times spoken of punishing Saudi Arabia he has also appeared reluctant to follow through against a close economic and security ally in the Middle East.

With the Vision Fund born in an era of cheap money and rising stock prices, Son has said he wants to raise further funds - something some analysts fret its Saudi links could make more difficult.

"We haven't been through a tech downturn period - it would probably be good to do that before they raise another [Vision Fund]," said Hong Kong-based Morningstar analyst Dan Baker.

SoftBank Group Corp Chief Executive Masayoshi Son, whose $93 billion Vision Fund drew nearly half its money from Saudi Arabia, cancelled a speaking engagement at the kingdom's investment conference this week, a person close to the matter told Reuters.

SoftBank Group Corp Chief Executive Masayoshi Son, whose $93 billion Vision Fund drew nearly half its money from Saudi Arabia, cancelled a speaking engagement at the kingdom's investment conference this week, a person close to the matter told Reuters. It was unclear whether Son would still attend the event which started on Tuesday, the person said on condition of anonymity. Son's absence from the stage is in marked contrast to last year's inaugural event, where the 61-year-old Japanese entrepreneur was a notable presence lending credence to Saudi Crown Prince Mohammed bin Salman's efforts to attract foreign investment. In a sign of its ongoing commitment to the Gulf kingdom, SoftBank's representative on the opening day of the event, Vision Fund Managing Partner Saleh Romeih, reiterated the fund's plan to open an office there. Son's speaking cancellation comes as pressure mounts on Riyadh over the disappearance and death of journalist Jamal Khashoggi, with many high-profile company executives pulling out altogether. SoftBank representatives did not respond to requests for comment. Son's speaking cancellation was first reported by the Wall Street Journal. Nearly half of the more than $93 billion raised last year to create SoftBank's Vision Fund came from Saudi, giving Son the firepower to make big bets in late-stage startups such as Uber Technologies Inc and shared office space provider WeWork Cos. SoftBank has repeatedly declined to comment on whether SoftBank management including Son would attend, even as executives from portfolio companies Uber and Improbable dropped out. Arm Holdings CEO Simon Segars has pulled out of the event, a person familiar with the matter told Reuters on Monday. SoftBank acquired the chip designer in 2016. Bloomberg reported on Monday that SoftBank Chief Operating Officer Marcelo Claure would also not attend. VISIONARY BUSINESSMAN Son's mix of visionary rhetoric and hard-headed business decisions has given him an oversized presence in the tech world. However alarm over Saudi's involvement in the disappearance of Khashoggi has underlined his investment juggernaut's reliance on backers such as the kingdom at a time of rising political tensions. That has left SoftBank weighing its loyalty to Saudi as it eyes the shifting tides of public opinion following the death, the stance of U.S. President Donald Trump's administration and the attitude of the tech community. While Trump has at times spoken of punishing Saudi Arabia he has also appeared reluctant to follow through against a close economic and security ally in the Middle East. With the Vision Fund born in an era of cheap money and rising stock prices, Son has said he wants to raise further funds - something some analysts fret its Saudi links could make more difficult. "We haven't been through a tech downturn period - it would probably be good to do that before they raise another [Vision Fund]," said Hong Kong-based Morningstar analyst Dan Baker.

SoftBank's Mayshi Son cancels Saudi conference speech

SoftBank Group Corp said on Wednesday it is selling its roughly 20 percent stake in Indian e-commerce firm Flipkart to Walmart Inc.

Walmart said earlier this month it will pay <a href="http://www.wionews.com/business-%26-economy/walmart-buying-77-stake-in-flipkart-for-16-billion-135737">$16 billion</a> for a roughly 77 percent stake in Flipkart, the US&nbspretailer's largest-ever deal.

A SoftBank spokesman declined to give further details.

SoftBank CEO Masayoshi Son said earlier this month the $2.5 billion investment through its private equity fund in Flipkart made last year was worth $4 billion. 
&nbsp

Walmart said earlier this month it will pay $16 billion for a roughly 77 percent stake in Flipkart. SoftBank owns an about 20% stake in Flipkart

SoftBank Group Corp said on Wednesday it is selling its roughly 20 percent stake in Indian e-commerce firm Flipkart to Walmart Inc. Walmart said earlier this month it will pay $16 billion for a roughly 77 percent stake in Flipkart, the US&nbspretailer's largest-ever deal. A SoftBank spokesman declined to give further details. SoftBank CEO Masayoshi Son said earlier this month the $2.5 billion investment through its private equity fund in Flipkart made last year was worth $4 billion.

SoftBank says selling entire Flipkart stake to Walmart

Japan's SoftBank Group Corp has not yet decided to sell its 20-22 per cent stake in Flipkart to US retailer Walmart Inc, sources with direct knowledge of the development said.

SoftBank's Masayoshi Son will take a call in the next 7-10 days on whether to exit India's biggest online retailer or say invested for some more time, they said.

Walmart had on Wednesday announced that it will pay about US $16 billion to buy <a href="www.wionews.com/business-&-economy/walmart-buying-77-stake-in-flipkart-for-16-billion-135737">77 per cent stake in Flipkart</a>.

A statement issued by Walmart that day identified Flipkart co-founder Binny Bansal, Tencent Holdings Ltd, Tiger Global Management LLC and Microsoft Corp as the investors who would hold the remaining 23 per cent, implying SoftBank had agreed to sell its 20-22 per cent stake.

Sources, however, said SoftBank is yet to take a call on exiting Flipkart.

The factors that hold key to the decision include the tax SoftBank has to pay on profits it would earn from such share sale.

SoftBank had invested US $2.5 billion in Flipkart and exiting the company would fetch it up to US $4.5 billion. The US $2 billion profit would be taxed as per Indian law.

Since the profit is made from shares that were held for more than two years, it would attract a long-term capital gains tax of 20 per cent plus surcharge and education cess, effectively wiping away a fourth of the profit.

Other deciding factors would be Son's relationship with Walmart and that SoftBank likes to be a long-term investor, sources said, adding the Japanese conglomerate is very bullish on India and sees immense opportunities for growth of investment.

When contacted, a SoftBank spokesperson declined to comment.

Sources said Walmart had indeed courted SoftBank for buying its shares but the Japanese group has not yet taken a final call on the issue.

On May 9, hours before Walmart was scheduled to announce the <a href="http://www.wionews.com/business-&-economy/walmart-buys-flipkart-for-16-bn-other-mega-indian-deals-135745">Flipkart acquisition</a>, SoftBank chief executive Masayoshi Son told an investor call on his company's earnings that Walmart had agreed to buy a controlling stake in the Indian e-commerce company.

"Last night, (they) reached a final agreement and it was decided that Flipkart will be sold to America's Walmart," Son had stated in Tokyo, according to an AFP report.

He had gone on to state that the US $2.5 billion that the Japanese company through its Vision Fund had invested in Flipkart was worth about US $4 billion in the deal. 
He had not clearly stated if SoftBank had agreed to sell the stake at such valuations.

In case SoftBank decides not to sell, Walmart would be left with about 55 per cent of Flipkart.

On Wednesday, all significant shareholders in Flipkart like Naspers, venture fund Accel Partners and eBay had confirmed they were selling their shares to Walmart.

South African internet and entertainment firm Naspers, which had invested USD 616 million in Flipkart in August 2012, sold its entire 11.18 per cent stake in the company to Walmart for US $2.2 billion. EBay said it is selling its stake in Flipkart for about US $1.1 billion.

The factors that hold key to the decision include the tax SoftBank has to pay on profits it would earn from such share sale.

Japan's SoftBank Group Corp has not yet decided to sell its 20-22 per cent stake in Flipkart to US retailer Walmart Inc, sources with direct knowledge of the development said. SoftBank's Masayoshi Son will take a call in the next 7-10 days on whether to exit India's biggest online retailer or say invested for some more time, they said. Walmart had on Wednesday announced that it will pay about US $16 billion to buy 77 per cent stake in Flipkart. A statement issued by Walmart that day identified Flipkart co-founder Binny Bansal, Tencent Holdings Ltd, Tiger Global Management LLC and Microsoft Corp as the investors who would hold the remaining 23 per cent, implying SoftBank had agreed to sell its 20-22 per cent stake. Sources, however, said SoftBank is yet to take a call on exiting Flipkart. The factors that hold key to the decision include the tax SoftBank has to pay on profits it would earn from such share sale. SoftBank had invested US $2.5 billion in Flipkart and exiting the company would fetch it up to US $4.5 billion. The US $2 billion profit would be taxed as per Indian law. Since the profit is made from shares that were held for more than two years, it would attract a long-term capital gains tax of 20 per cent plus surcharge and education cess, effectively wiping away a fourth of the profit. Other deciding factors would be Son's relationship with Walmart and that SoftBank likes to be a long-term investor, sources said, adding the Japanese conglomerate is very bullish on India and sees immense opportunities for growth of investment. When contacted, a SoftBank spokesperson declined to comment. Sources said Walmart had indeed courted SoftBank for buying its shares but the Japanese group has not yet taken a final call on the issue. On May 9, hours before Walmart was scheduled to announce the Flipkart acquisition, SoftBank chief executive Masayoshi Son told an investor call on his company's earnings that Walmart had agreed to buy a controlling stake in the Indian e-commerce company. "Last night, (they) reached a final agreement and it was decided that Flipkart will be sold to America's Walmart," Son had stated in Tokyo, according to an AFP report. He had gone on to state that the US $2.5 billion that the Japanese company through its Vision Fund had invested in Flipkart was worth about US $4 billion in the deal. He had not clearly stated if SoftBank had agreed to sell the stake at such valuations. In case SoftBank decides not to sell, Walmart would be left with about 55 per cent of Flipkart. On Wednesday, all significant shareholders in Flipkart like Naspers, venture fund Accel Partners and eBay had confirmed they were selling their shares to Walmart. South African internet and entertainment firm Naspers, which had invested USD 616 million in Flipkart in August 2012, sold its entire 11.18 per cent stake in the company to Walmart for US $2.2 billion. EBay said it is selling its stake in Flipkart for about US $1.1 billion.

Flipkart deal: SoftBank undecided on selling stake to Walmart

Walmart chief executive <a href="http://www.wionews.com/videos/indias-biggest-fdi-deal-is-the-walmart-flipkart-deal-134797">Doug McMillon is expected to </a>announce the purchase of majoritiy stake in India's e-commerce giant Flipkart paving the way for the biggest online retail deal in the country.

Reports say Walmart and Google parent Alphabet Inc is set to bag 75 per cent stake in Flipkart for $15 billion, setting the stage for a clash with Jeff Bezos-owned Amazon in India which is generally regarded as the No-2 e-commerce company in the country.

Amazon has already begun building up its war chest infusing fresh capital worth Rs 2,600 crore into its India unit, Amazon Seller Services.

The Flipkart Group includes fashion portals Myntra-Jabong, payments unit PhonePe and logistics firm Ekart.

Flipkart which was being led by Sachin Bansal and Binny Bansal will see their company being led by the US retail giant Walmart. The deal is likely to value Flipkart at $20 billion. Reports say Flipkart's shareholders China’s Tencent Holdings, Tiger Global and Softbank will exit the company.

The company is also likely to inform the fate of the founders with reports indicating that &nbspSachin Bansal may sell his entire 5.5% stake in Flipkart to Walmart and exit the company.

Amazon has already begun building up its war chest infusing fresh capital worth Rs 2,600 crore into its India unit, Amazon Seller Services.

Walmart chief executive Doug McMillon is expected to announce the purchase of majoritiy stake in India's e-commerce giant Flipkart paving the way for the biggest online retail deal in the country. Reports say Walmart and Google parent Alphabet Inc is set to bag 75 per cent stake in Flipkart for $15 billion, setting the stage for a clash with Jeff Bezos-owned Amazon in India which is generally regarded as the No-2 e-commerce company in the country. Amazon has already begun building up its war chest infusing fresh capital worth Rs 2,600 crore into its India unit, Amazon Seller Services. The Flipkart Group includes fashion portals Myntra-Jabong, payments unit PhonePe and logistics firm Ekart. Flipkart which was being led by Sachin Bansal and Binny Bansal will see their company being led by the US retail giant Walmart. The deal is likely to value Flipkart at $20 billion. Reports say Flipkart's shareholders China’s Tencent Holdings, Tiger Global and Softbank will exit the company. The company is also likely to inform the fate of the founders with reports indicating that &nbspSachin Bansal may sell his entire 5.5% stake in Flipkart to Walmart and exit the company.

Walmart may announce Flipkart deal today

Walmart Inc has agreed to pay $16 billion for a roughly 77 percent stake in Indian online shopping site Flipkart, the U.S. retailer's biggest foreign investment as it battles rival Amazon.com Inc in one of the world's biggest emerging markets.

The deal, capping almost two years of talks, will help the Bentonville, Arkansas-based retailer fortify and boost market share against Amazon.com, which reportedly had tried to make a competing offer for a stake.

"India is one of the most attractive retail markets in the world, given its size and growth rate, and our investment is an opportunity to partner with the company that is leading transformation of e-commerce in the market," Doug McMillon, Walmart's Chief Executive Officer, said in a statement on Wednesday.

Buying a stake in Flipkart, which sells everything from soaps to smartphones and from books to clothes, gives Walmart access to the fledgling Indian e-commerce market that could potentially be worth $200 billion in a decade, according to Morgan Stanley.

Walmart said it plans to fund the deal through a combination of newly-issued debt and cash on hand.

Walmart warned that it expects the deal to hit its fiscal 2019 earnings per share by 25 cents to 30 cents, if the deal closes as expected before the end of the second quarter.

The remainder of the business will be held by some of Flipkart's existing shareholders, including Flipkart co-founder Binny Bansal, China's Tencent Holdings Ltd, Tiger Global Management LLC and Microsoft Corp, the company said.

Earlier on Wednesday, SoftBank Chief Executive Officer Masayoshi Son unexpectedly spilled the beans on the deal by confirming on a conference call that Walmart had decided to purchase Flipkart, ahead of the highly-anticipated official announcement.

Son said his firm's investment in the Indian online retailer had grown to $4 billion. SoftBank's Vision Fund, the world's biggest private equity fund, had invested $2.5 billion in Flipkart last August.

Sources have previously told Reuters that SoftBank would sell all its shares in Flipkart to Walmart.&nbsp 
&nbsp

The deal, capping almost two years of talks, will help the Bentonville, Arkansas-based retailer fortify and boost market share against Amazon.com, which reportedly had tried to make a competing offer for a stake

Walmart Inc has agreed to pay $16 billion for a roughly 77 percent stake in Indian online shopping site Flipkart, the U.S. retailer's biggest foreign investment as it battles rival Amazon.com Inc in one of the world's biggest emerging markets. The deal, capping almost two years of talks, will help the Bentonville, Arkansas-based retailer fortify and boost market share against Amazon.com, which reportedly had tried to make a competing offer for a stake. "India is one of the most attractive retail markets in the world, given its size and growth rate, and our investment is an opportunity to partner with the company that is leading transformation of e-commerce in the market," Doug McMillon, Walmart's Chief Executive Officer, said in a statement on Wednesday. Buying a stake in Flipkart, which sells everything from soaps to smartphones and from books to clothes, gives Walmart access to the fledgling Indian e-commerce market that could potentially be worth $200 billion in a decade, according to Morgan Stanley. Walmart said it plans to fund the deal through a combination of newly-issued debt and cash on hand. Walmart warned that it expects the deal to hit its fiscal 2019 earnings per share by 25 cents to 30 cents, if the deal closes as expected before the end of the second quarter. The remainder of the business will be held by some of Flipkart's existing shareholders, including Flipkart co-founder Binny Bansal, China's Tencent Holdings Ltd, Tiger Global Management LLC and Microsoft Corp, the company said. Earlier on Wednesday, SoftBank Chief Executive Officer Masayoshi Son unexpectedly spilled the beans on the deal by confirming on a conference call that Walmart had decided to purchase Flipkart, ahead of the highly-anticipated official announcement. Son said his firm's investment in the Indian online retailer had grown to $4 billion. SoftBank's Vision Fund, the world's biggest private equity fund, had invested $2.5 billion in Flipkart last August. Sources have previously told Reuters that SoftBank would sell all its shares in Flipkart to Walmart.

Walmart buying 77% stake in Flipkart for $16 billion

US retail giant Walmart will buy a majority stake in India's largest e-commerce company Flipkart, according to the head of SoftBank, a major stakeholder in the Indian firm.

"Last night, (they) reached a final agreement and it was decided that Flipkart will be sold to America's Walmart," said SoftBank CEO Masayoshi Son, whose firm owns a 20 percent stake in Flipkart.

He said SoftBank's $2.5 billion stake in the company would be worth $4 billion with the acquisition.

The deal, reportedly worth around $15 billion, is expected to be announced officially later Wednesday, with Walmart CEO Doug McMillon in Bangalore, where Flipkart is headquartered.

Walmart is expected to acquire around 70 percent of the Indian e-tailer in a deal analysts said would be the world's biggest e-commerce acquisition and pit Walmart against rival Amazon in one of the world's fastest growing markets.

Amazon has been expanding aggressively since it entered the Indian market in 2013.

There has been months of speculation that Walmart was preparing to buy Flipkart but both have repeatedly declined to comment on the talks.

Last week, Flipkart's board agreed to sell up to 75 percent of the company to a Walmart-led group, according to multiple media reports.

The deal is expected to value Flipkart at around $20 billion.

Google's parent company Alphabet is also expected to purchase a small stake, possibly around 10 percent, reports said, citing unnamed sources familiar with the matter.

Flipkart is India's largest e-commerce group on the basis of sales but has been fighting off a huge challenge from Amazon.

Amazon boss Jeff Bezos has committed more than $5 billion to grabbing a big slice of India's e-commerce pie after failing to make inroads in China.

E-commerce sales in India hit $21 billion last year according to market research company Forrester, and are expected to soar as its population of 1.25 billion people make greater use of internet access.

Flipkart was founded in 2007 by former Amazon employees Sachin Bansal and Binny Bansal, who are not related.

Like Amazon, it started as an online bookstore. Flipkart now sells everything from mobile phones, televisions and juicers to running shoes, sofas and beauty products.

SoftBank acquired its stake in the company last year through its Vision Fund investment arm.

The announcement was made by SoftBank CEO Mayashi Son who owns a 20 per cent stake in Flipkart. The deal is expected to be officially announced today with Walmart CEO Doug McMillon in Bangalore, where Flipkart is headquartered

US retail giant Walmart will buy a majority stake in India's largest e-commerce company Flipkart, according to the head of SoftBank, a major stakeholder in the Indian firm. "Last night, (they) reached a final agreement and it was decided that Flipkart will be sold to America's Walmart," said SoftBank CEO Masayoshi Son, whose firm owns a 20 percent stake in Flipkart. He said SoftBank's $2.5 billion stake in the company would be worth $4 billion with the acquisition. The deal, reportedly worth around $15 billion, is expected to be announced officially later Wednesday, with Walmart CEO Doug McMillon in Bangalore, where Flipkart is headquartered. Walmart is expected to acquire around 70 percent of the Indian e-tailer in a deal analysts said would be the world's biggest e-commerce acquisition and pit Walmart against rival Amazon in one of the world's fastest growing markets. Amazon has been expanding aggressively since it entered the Indian market in 2013. There has been months of speculation that Walmart was preparing to buy Flipkart but both have repeatedly declined to comment on the talks. Last week, Flipkart's board agreed to sell up to 75 percent of the company to a Walmart-led group, according to multiple media reports. The deal is expected to value Flipkart at around $20 billion. Google's parent company Alphabet is also expected to purchase a small stake, possibly around 10 percent, reports said, citing unnamed sources familiar with the matter. Flipkart is India's largest e-commerce group on the basis of sales but has been fighting off a huge challenge from Amazon. Amazon boss Jeff Bezos has committed more than $5 billion to grabbing a big slice of India's e-commerce pie after failing to make inroads in China. E-commerce sales in India hit $21 billion last year according to market research company Forrester, and are expected to soar as its population of 1.25 billion people make greater use of internet access. Flipkart was founded in 2007 by former Amazon employees Sachin Bansal and Binny Bansal, who are not related. Like Amazon, it started as an online bookstore. Flipkart now sells everything from mobile phones, televisions and juicers to running shoes, sofas and beauty products. SoftBank acquired its stake in the company last year through its Vision Fund investment arm.

Walmart is buying Flipkart for a reported $15 billion

Japan's Softbank group and Chinese e-commerce giant are now investing Rs 3,000 crore in Paytm Mall, as per documents filed with the Ministry of Corporate Affairs (MCA).&nbsp;

India’s Paytm E-Commerce Pvt. Ltd. in this funding round will value the online retailer at roughly Rs 12,300 crore or US$1.9 billion.&nbsp;

SoftBank Group is investing US$400 million and Alibaba, an existing investor in Paytm E-Commerce, is also putting in US$45 million in the round, the filing showed.

The funding is expected to come in four tranches, as per the MCA filings. Currently, Alibaba along with Alipay holds 57% stake in Paytm Mall. However, after the fourth tranche of financing concludes, SoftBank Vision Fund will hold 21% and Alibaba (with Alipay) will hold around 46% stake in the e-commerce company.&nbsp;

SoftBank, which is among major investors in India’s fast-growing e-commerce sector and already owns a stake in Paytm’s parent, confirmed investing in Paytm Mall, the brand name under which Paytm E-Commerce operates an online market place.

“We believe Paytm Mall’s offline-to-online operating model, combined with the strength of the Paytm ecosystem, is uniquely positioned to enable India’s 15 million offline retail shops to participate in India’s e-commerce boom,” SoftBank said in a statement on Monday.

In a separate statement, Amit Sinha, chief operating officer of Paytm Mall said the company would deploy the latest investment from SoftBank and Alibaba to beef up its technology and build superior logistics among other things.

SoftBank’s new interest in e-commerce space comes after the Japanese multinational conglomerate led a funding round in India’s largest e-commerce player Flipkart in 2017.&nbsp;

However, SoftBank is expected to dilute its shareholding in Flipkart with talks of Walmart making an investment in the online retailer, making the Paytm Mall investment a way to diversify its bets and compete against Amazon India.&nbsp; 
&nbsp;

India’s Paytm E-Commerce Pvt. Ltd. in this funding round will value the online retailer at roughly Rs 12,300 crore or $1.9 billion

Japan's Softbank group and Chinese e-commerce giant are now investing Rs 3,000 crore in Paytm Mall, as per documents filed with the Ministry of Corporate Affairs (MCA). India’s Paytm E-Commerce Pvt. Ltd. in this funding round will value the online retailer at roughly Rs 12,300 crore or US$1.9 billion. SoftBank Group is investing US$400 million and Alibaba, an existing investor in Paytm E-Commerce, is also putting in US$45 million in the round, the filing showed. The funding is expected to come in four tranches, as per the MCA filings. Currently, Alibaba along with Alipay holds 57% stake in Paytm Mall. However, after the fourth tranche of financing concludes, SoftBank Vision Fund will hold 21% and Alibaba (with Alipay) will hold around 46% stake in the e-commerce company. SoftBank, which is among major investors in India’s fast-growing e-commerce sector and already owns a stake in Paytm’s parent, confirmed investing in Paytm Mall, the brand name under which Paytm E-Commerce operates an online market place. “We believe Paytm Mall’s offline-to-online operating model, combined with the strength of the Paytm ecosystem, is uniquely positioned to enable India’s 15 million offline retail shops to participate in India’s e-commerce boom,” SoftBank said in a statement on Monday. In a separate statement, Amit Sinha, chief operating officer of Paytm Mall said the company would deploy the latest investment from SoftBank and Alibaba to beef up its technology and build superior logistics among other things. SoftBank’s new interest in e-commerce space comes after the Japanese multinational conglomerate led a funding round in India’s largest e-commerce player Flipkart in 2017. However, SoftBank is expected to dilute its shareholding in Flipkart with talks of Walmart making an investment in the online retailer, making the Paytm Mall investment a way to diversify its bets and compete against Amazon India.

SoftBank, Alibaba to invest $445 million in Paytm

Global transportation technology<a href="http://www.wionews.com/world/uber-loses-uk-appeal-bid-to-overturn-workers-rights-decision-23925"> company, Uber, confirmed a deal on Sunday</a> in which the Japanese company conglomerate Softbank will buy a stake in it.

&quot;We&#39;ve entered into an agreement with a consortium led by SoftBank and Dragoneer on a potential investment,&quot; Uber said in a statement.

The deal is said to be worth $10 billion, Bloomberg stated.&nbsp;The move will require changes to Uber&#39;s governance.&nbsp;

&quot;We believe this agreement is a strong vote of confidence in Uber&#39;s long-term potential,&quot; the company added.

The ride-hailing giant earlier voted to overhaul its corporate governance and create incentives for the company to have an initial public offering(IPO) in 2019.&nbsp;

&quot;Upon closing, it will help fuel our investments in technology and our continued expansion at home and abroad, while strengthening our corporate governance.&quot;

Softbank led by Masayoshi Son wanted to invest in the US-based ride-sharing app for around $1billion for a 14% stake for sometime.

SoftBank had said in May it had agreed to invest $5 billion in China&#39;s ride-hailing firm Didi Chuxing, valuing Didi at more than $50 billion.

The global transportation technology company, Uber, has confirmed a deal on Sunday in which the Japanese company conglomerate Softbank will buy a stake in it

Global transportation technology company, Uber, confirmed a deal on Sunday in which the Japanese company conglomerate Softbank will buy a stake in it. "We've entered into an agreement with a consortium led by SoftBank and Dragoneer on a potential investment," Uber said in a statement. The deal is said to be worth $10 billion, Bloomberg stated. The move will require changes to Uber's governance. "We believe this agreement is a strong vote of confidence in Uber's long-term potential," the company added. The ride-hailing giant earlier voted to overhaul its corporate governance and create incentives for the company to have an initial public offering(IPO) in 2019. "Upon closing, it will help fuel our investments in technology and our continued expansion at home and abroad, while strengthening our corporate governance." Softbank led by Masayoshi Son wanted to invest in the US-based ride-sharing app for around $1billion for a 14% stake for sometime. SoftBank had said in May it had agreed to invest $5 billion in China's ride-hailing firm Didi Chuxing, valuing Didi at more than $50 billion.

Softbank to acquire stake in Uber, invest $10 billion

<a href="http://www.wionews.com/india-news/ola-gets-2-billion-funding-from-softbank-tencent-and-others-20951" target="_blank">Uber&nbsp;Technologies Inc&#39;s fractured board declared peace on Tuesday</a>, attempting to put months of strife behind it by unanimously passing a series of measures to shore up corporate governance, bring in major investor SoftBank and diminish the power of former Chief Executive Travis Kalanick.

The agreement could shore up&nbsp;Uber&rsquo;s reputation after a series of scandals and a legal battle between Kalanick and an&nbsp;Uber&nbsp;investor group led by Silicon Valley&rsquo;s Benchmark Capital. The deal could be subject to a lawsuit and is contingent on the multi-billion dollar investment by Japan&#39;s SoftBank Group Corp closing in the coming weeks.

The terms preserve&nbsp;Uber&#39;s $69-billion valuation, highest among the world&#39;s venture-backed startups, as SoftBank and others invest about $10 billion.

&quot;<a href="http://www.wionews.com/business-economy/softbank-vision-fund-seeks-to-invest-up-to-2-billion-in-flipkart-18499" target="_blank">SoftBank&#39;s interest is an incredible vote of confidence in&nbsp;Uber&#39;s business and long-term potential,</a>&quot; the board said in a statement.

Benchmark General Partner Bill Gurley, who was replaced by a colleague on&nbsp;Uber&#39;s board in June, said by email, &quot;It was a good day for&nbsp;Uber, a good day for&nbsp;Uber&rsquo;s employees, and a good day for&nbsp;Uber&rsquo;s new CEO.&quot;

Kalanick described Tuesday&#39;s actions as &quot;a major step forward in&nbsp;Uber&#39;s journey to becoming a world-class public company.&quot; He added that the governance changes should serve&nbsp;Uber&nbsp;well under Dara Khosrowshahi, who is a month into the chief executive officer job since leaving the same post at Expedia Inc.

Governance policies adopted by the board would make it difficult for Kalanick to return as CEO. He resigned in June under pressure from the Benchmark-led investor group over employee sexual harassment investigations, a trade-secrets misappropriation lawsuit by Waymo and efforts to interfere with government probes.

A two-thirds majority vote of the board would be required to hire a replacement for Khosrowshahi before the San Francisco start-up holds an initial public offering, according to a person familiar with the matter. The board set a deadline for an IPO of autumn 2019, the sources said.

Uber&#39;s board will expand from 11 directors, including a pair of Kalanick appointees seated on Monday, to 17 directors, the person and another source said.

The increase would include four new independent directors for a total of seven. Five board seats would go to company insiders or co-founders, and five would be representatives of investors. The chairperson would be one of the independent directors.

Two of the six new seats would go to SoftBank, the sources said. The other four would be selected by a nominating committee of the board.

Kalanick and other early shareholders also are sacrificing voting power, as&nbsp;Uber&nbsp;adopts a one vote per share policy, the sources said.

Early&nbsp;Uber&nbsp;investors Shervin Pishevar and Steve Russell said in a statement after Tuesday&#39;s vote that they would sue to block the change, which cuts the super-voting rights that give them 10 votes per share. If successful, such a lawsuit could threaten the other terms of the boardroom compromise.

&quot;Today&#39;s action by the board was the culmination of a blatant bait and switch, essentially robbing loyal employees, including the more than 200 early founding&nbsp;Uber&nbsp;employees and advisors, of their hard earned shareholder rights,&quot; Pishevar and Russell said.

For Kalanick, agreeing to drop his voting power could enable him to resolve his dispute with Benchmark. The changes decided Tuesday would prompt Benchmark to end a lawsuit and arbitration proceedings against Kalanick, the two sources and another said.

Benchmark sees gains in the agreement, too. Should&nbsp;Uber&nbsp;not go public by autumn 2019, the venture capital firm and other large, early shareholders would be free to divest shares without company approval, two of the sources said.

A consortium of SoftBank, Dragoneer Investment Group and General Atlantic plan to invest $1 billion to $1.25 billion at the valuation of $69 billion, two of the people said. The investment firms also plan to buy 14 to 17 percent of existing&nbsp;Uber&nbsp;shares from employees and current investors at a discounted valuation, bringing the maximum value of the total package to around $10 billion.

Uber Technologies Inc's fractured board declared peace on Tuesday, attempting to put months of strife behind it by unanimously passing a series of measures to shore up corporate governance

Uber Technologies Inc's fractured board declared peace on Tuesday, attempting to put months of strife behind it by unanimously passing a series of measures to shore up corporate governance, bring in major investor SoftBank and diminish the power of former Chief Executive Travis Kalanick. The agreement could shore up Uber’s reputation after a series of scandals and a legal battle between Kalanick and an Uber investor group led by Silicon Valley’s Benchmark Capital. The deal could be subject to a lawsuit and is contingent on the multi-billion dollar investment by Japan's SoftBank Group Corp closing in the coming weeks. The terms preserve Uber's $69-billion valuation, highest among the world's venture-backed startups, as SoftBank and others invest about $10 billion. "SoftBank's interest is an incredible vote of confidence in Uber's business and long-term potential," the board said in a statement. Benchmark General Partner Bill Gurley, who was replaced by a colleague on Uber's board in June, said by email, "It was a good day for Uber, a good day for Uber’s employees, and a good day for Uber’s new CEO." Kalanick described Tuesday's actions as "a major step forward in Uber's journey to becoming a world-class public company." He added that the governance changes should serve Uber well under Dara Khosrowshahi, who is a month into the chief executive officer job since leaving the same post at Expedia Inc. Governance policies adopted by the board would make it difficult for Kalanick to return as CEO. He resigned in June under pressure from the Benchmark-led investor group over employee sexual harassment investigations, a trade-secrets misappropriation lawsuit by Waymo and efforts to interfere with government probes. A two-thirds majority vote of the board would be required to hire a replacement for Khosrowshahi before the San Francisco start-up holds an initial public offering, according to a person familiar with the matter. The board set a deadline for an IPO of autumn 2019, the sources said. Uber's board will expand from 11 directors, including a pair of Kalanick appointees seated on Monday, to 17 directors, the person and another source said. The increase would include four new independent directors for a total of seven. Five board seats would go to company insiders or co-founders, and five would be representatives of investors. The chairperson would be one of the independent directors. Two of the six new seats would go to SoftBank, the sources said. The other four would be selected by a nominating committee of the board. Kalanick and other early shareholders also are sacrificing voting power, as Uber adopts a one vote per share policy, the sources said. Early Uber investors Shervin Pishevar and Steve Russell said in a statement after Tuesday's vote that they would sue to block the change, which cuts the super-voting rights that give them 10 votes per share. If successful, such a lawsuit could threaten the other terms of the boardroom compromise. "Today's action by the board was the culmination of a blatant bait and switch, essentially robbing loyal employees, including the more than 200 early founding Uber employees and advisors, of their hard earned shareholder rights," Pishevar and Russell said. For Kalanick, agreeing to drop his voting power could enable him to resolve his dispute with Benchmark. The changes decided Tuesday would prompt Benchmark to end a lawsuit and arbitration proceedings against Kalanick, the two sources and another said. Benchmark sees gains in the agreement, too. Should Uber not go public by autumn 2019, the venture capital firm and other large, early shareholders would be free to divest shares without company approval, two of the sources said. A consortium of SoftBank, Dragoneer Investment Group and General Atlantic plan to invest $1 billion to $1.25 billion at the valuation of $69 billion, two of the people said. The investment firms also plan to buy 14 to 17 percent of existing Uber shares from employees and current investors at a discounted valuation, bringing the maximum value of the total package to around $10 billion.

Uber board makes peace with SoftBank

Ola is getting USD 2 billion funding from a group of investors that includes SoftBank Group and Tencent Holdings, said industry sources.

The funding, part of which has already come in, will help Ola bolster its position against US-based rival Uber. The two are engaged in an intense battle for leadership in the Indian market and have pumped in millions of dollars in driver incentives and discounted rides for customers.

Multiple sources, who did not wish to be identified as the discussions are private, said the round is yet to be closed and the numbers could add up to about USD 2 billion when it happens. An announcement could be made in the next few weeks, they added.

Ola and SoftBank declined to comment on the matter while Tencent was not immediately available.

ANI Technologies -- which runs Ola -- has already raised multiple rounds of funding this year. According to documents filed with regulatory authorities, it raised over Rs 231 crore from Tekne Private Ventures through the issue of preference shares in June.

In March, the SoftBank-backed Ola had raised Rs 670 crore (USD 104.4 million) in funding from investors including UC-RNT Fund, a venture between the University of California and leading industrialist Ratan Tata.

ANI Technologies, which is not a publicly-traded company, counts among its investor&#39;s names like SoftBank Group, Tiger Global, Sequoia India and Accel Partners US. 
Its revenues registered a stellar growth at Rs 758.23 crore during 2015-16 compared to Rs 103.77 crore in the previous fiscal.However, it posted a consolidated loss of over Rs 2,311 crore -- about Rs 6 crore a day -- during that fiscal on account of heavy advertising and promotional expenses and other costs.

Earlier this year, SoftBank and Tencent invested in India&#39;s largest e-commerce firm, Flipkart. The USD 2.5-billion funding in Flipkart by SoftBank was made through SoftBank Vision Fund, the world&#39;s largest technology-focused fund.

It could not be ascertained if the investment in Ola would be made by SoftBank group or via SoftBank Vision Fund.

The funding has come from a group of investors that includes SoftBank Group and Tencent Holdings

Ola is getting USD 2 billion funding from a group of investors that includes SoftBank Group and Tencent Holdings, said industry sources. The funding, part of which has already come in, will help Ola bolster its position against US-based rival Uber. The two are engaged in an intense battle for leadership in the Indian market and have pumped in millions of dollars in driver incentives and discounted rides for customers. Multiple sources, who did not wish to be identified as the discussions are private, said the round is yet to be closed and the numbers could add up to about USD 2 billion when it happens. An announcement could be made in the next few weeks, they added. Ola and SoftBank declined to comment on the matter while Tencent was not immediately available. ANI Technologies -- which runs Ola -- has already raised multiple rounds of funding this year. According to documents filed with regulatory authorities, it raised over Rs 231 crore from Tekne Private Ventures through the issue of preference shares in June. In March, the SoftBank-backed Ola had raised Rs 670 crore (USD 104.4 million) in funding from investors including UC-RNT Fund, a venture between the University of California and leading industrialist Ratan Tata. ANI Technologies, which is not a publicly-traded company, counts among its investor's names like SoftBank Group, Tiger Global, Sequoia India and Accel Partners US. Its revenues registered a stellar growth at Rs 758.23 crore during 2015-16 compared to Rs 103.77 crore in the previous fiscal.However, it posted a consolidated loss of over Rs 2,311 crore -- about Rs 6 crore a day -- during that fiscal on account of heavy advertising and promotional expenses and other costs. Earlier this year, SoftBank and Tencent invested in India's largest e-commerce firm, Flipkart. The USD 2.5-billion funding in Flipkart by SoftBank was made through SoftBank Vision Fund, the world's largest technology-focused fund. It could not be ascertained if the investment in Ola would be made by SoftBank group or via SoftBank Vision Fund.

Ola gets $2 billion funding, should help bolster it against Uber

Japan&#39;s&nbsp;SoftBank&nbsp;is still keen to take a stake in Indian e-commerce firm&nbsp;Flipkart&nbsp;and is in&nbsp;talks&nbsp;to&nbsp;invest&nbsp;up&nbsp;to $2&nbsp;billion&nbsp;in the company through&nbsp;its&nbsp;VisionFund, a source familiar with the matter said on Tuesday.

Softbank&nbsp;had hoped to secure a sizeable stake in&nbsp;Flipkart&nbsp;by engineering a share swap between Flipkart&nbsp;and smaller domestic rival Snapdeal, as the Japanese group&nbsp;is Snapdeal&#39;s biggest shareholder. But that plan collapsed on Monday when Snapdeal said it had decided to remain independent and was ending all&nbsp;talks&nbsp;regarding a sale.

Three sources said&nbsp;SoftBank&nbsp;founder Masayoshi Son still wants to&nbsp;invest&nbsp;in&nbsp;Flipkart&nbsp;through his vision&nbsp;Fund, in which Saudi Arabia is also a major stakeholder.

The first source said&nbsp;talks&nbsp;about an&nbsp;investment of&nbsp;up&nbsp;to $2&nbsp;billion&nbsp;were underway and a deal between&nbsp;SoftBank&nbsp;and&nbsp;Flipkart&nbsp;could be sealed within a month.

The&nbsp;Vision&nbsp;Fund&#39;s planned&nbsp;investment is not dependent on a deal between Snapdeal and&nbsp;Flipkart, one of the sources said.

All sources declined to be identified as the discussions are not public.

Flipkart, the most significant challenge to US retail giant Amazon in India, declined to comment on the matter.

SoftBank, which has also&nbsp;invested in Indian online grocer Grofers and cab hailing firm Ola, said its&nbsp;Vision&nbsp;Fund&nbsp;&quot;follows an independent process and judges every&nbsp;investment on&nbsp;its&nbsp;own merit.&quot;

Bloomberg reported earlier on Tuesday that the&nbsp;Fund&nbsp;could&nbsp;invest&nbsp;between $1.5&nbsp;billion&nbsp;and $2billion&nbsp;in&nbsp;Flipkart.

The&nbsp;Vision&nbsp;Fund&nbsp;has raised more than $93&nbsp;billion&nbsp;from&nbsp;investors including Saudi Arabia&#39;s main sovereign wealth&nbsp;fund&nbsp;and Apple.

SoftBank, which has also?invested in Indian online grocer Grofers and cab hailing firm Ola, said its?Vision?Fund?"follows an independent process and judges every?investment on?its?own merit."

Japan's SoftBank is still keen to take a stake in Indian e-commerce firm Flipkart and is in talks to invest up to $2 billion in the company through its VisionFund, a source familiar with the matter said on Tuesday. Softbank had hoped to secure a sizeable stake in Flipkart by engineering a share swap between Flipkart and smaller domestic rival Snapdeal, as the Japanese group is Snapdeal's biggest shareholder. But that plan collapsed on Monday when Snapdeal said it had decided to remain independent and was ending all talks regarding a sale. Three sources said SoftBank founder Masayoshi Son still wants to invest in Flipkart through his vision Fund, in which Saudi Arabia is also a major stakeholder. The first source said talks about an investment of up to $2 billion were underway and a deal between SoftBank and Flipkart could be sealed within a month. The Vision Fund's planned investment is not dependent on a deal between Snapdeal and Flipkart, one of the sources said. All sources declined to be identified as the discussions are not public. Flipkart, the most significant challenge to US retail giant Amazon in India, declined to comment on the matter. SoftBank, which has also invested in Indian online grocer Grofers and cab hailing firm Ola, said its Vision Fund "follows an independent process and judges every investment on its own merit." Bloomberg reported earlier on Tuesday that the Fund could invest between $1.5 billion and $2billion in Flipkart. The Vision Fund has raised more than $93 billion from investors including Saudi Arabia's main sovereign wealth fund and Apple.

SoftBank Vision fund seeks to invest up to $2 billion in Flipkart

Founders of Indian online marketplace Snapdeal and one of its early investors, Nexus, have reached an agreement with SoftBank that would allow the Japanese firm to move ahead with its plan to sell Snapdeal to bigger rival Flipkart, ET Now reported, citing sources.

Nexus and Snapdeal founders have agreed to the terms of payment with SoftBank wherein Snapdeal founders would get $15 million each and Nexus would get $50 million to $60 million, the business channel said.

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Flipkart is expected to sign the term sheet and start due diligence of Snapdeal, ET Now added.

Snapdeal and SoftBank were not immediately reachable for comment, while Nexus declined to comment.

Sources told Reuters last week that SoftBank is working to engineer a sale of Snapdeal to Flipkart, as it seeks to play consolidator and take a more active role at a trio of leading start-ups in India.

(Reuters)

Snapdeal founders would get $15 million each and Nexus would get $50 million to $60 million

Founders of Indian online marketplace Snapdeal and one of its early investors, Nexus, have reached an agreement with SoftBank that would allow the Japanese firm to move ahead with its plan to sell Snapdeal to bigger rival Flipkart, ET Now reported, citing sources. Nexus and Snapdeal founders have agreed to the terms of payment with SoftBank wherein Snapdeal founders would get $15 million each and Nexus would get $50 million to $60 million, the business channel said. Sources: Nexus, Snapdeal founders reach agreement with Softbank. #ETNOWExclusive — ET NOW (@ETNOWlive) May 11, 2017 × Sources: Snapdeal founders to get $15 mn each pre-tax, Nexus to get $50-60 mn. #ETNOWExclusive — ET NOW (@ETNOWlive) May 11, 2017 × Flipkart is expected to sign the term sheet and start due diligence of Snapdeal, ET Now added. Snapdeal and SoftBank were not immediately reachable for comment, while Nexus declined to comment. Sources told Reuters last week that SoftBank is working to engineer a sale of Snapdeal to Flipkart, as it seeks to play consolidator and take a more active role at a trio of leading start-ups in India. (Reuters)

Snapdeal, Nexus reach deal with SoftBank for sale to Flipkart: Report

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