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Report: SoftBank-backed startup plans $1B fundraiser, aims for $10B valuation

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Report: SoftBank-backed startup plans $1B fundraiser, aims for $10B valuation

Chinese truck-hailing platform Manbang Group is seeking to raise US$1 billion in a new financing round that could take the startup's valuation to US$10 billion, The Wall Street Journal reported, citing sources with knowledge of the matter.

Manbang, or Full Truck Alliance Group, is reportedly in talks with U.S.-based mutual funds and late-stage investors to raise new funds, which will be used to expand its Chinese operations as well as for domestic acquisitions.

The company also plans to venture into autonomous trucking, having already acquired some companies in the sector, a source told the Journal.

Manbang is currently valued at more than US$6 billion, following a US$1.9 billion funding round in April that attracted investments from SoftBank Group Corp. and Alphabet Inc.'s late-stage venture investment fund, CapitalG.

Previous investors include internet giant Tencent Holdings Ltd. and Yunfeng Capital, a private equity firm co-founded by Alibaba Group Holding Ltd. Executive Chairman Jack Ma.