SoftBank Group Corp. is considering investing $1 billion in Chinese truck-hailing company Manbang Group, The Wall Street Journal reported, citing sources familiar with the matter.
Manbang, which counts Tencent Holdings Ltd. among its investors, is reportedly eyeing fresh funds of between $500 million and $1 billion to enable expansion in China's logistics sector. However, the funding round's target amount or investors have yet to be determined.
Any SoftBank investment would come from its Vision Fund, an investment vehicle that allowed the Japanese conglomerate to lead an investor group in acquiring a 17.5% stake in U.S. ride-hailing company Uber Technologies Inc.
Manbang, also known as Full Truck Alliance, is a tech unicorn with a valuation of more than $1 billion. It runs a mobile app platform that matches truck drivers with cargo shippers, in addition to offering car loans, insurance and working capital to its customers, according to the WSJ.
The Chinese company's other investors include Yunfeng Capital, a private equity firm co-founded by Alibaba Group Holding Ltd. Executive Chairman Jack Ma; Sequoia Capital China; and Hong Kong-based investment firm All-Stars Investment Ltd.
Recently, SoftBank, via its Vision Fund, has also invested $865 million in construction technology startup Katerra Inc. and $450 million in New York-based real estate technology company Compass.