A group of investors led by Japanese tech giant SoftBank group just acquired 17.5% stake in Uber which makes SoftBank Uber’s largest shareholder. The California based company is operating in 633 cities worldwide and has been expanding its markets in Africa since 2013. It is now present in eight countries including South Africa, Kenya, Nigeria, Tanzania, Uganda, Ghana, Egypt and Morocco.
Although the company progress in the African and Asian continent has been significant, oppositions from Taxi unions such as China’s ride-hailing app Didi and Southeast Asia’s Grab, in which Softbank also has stakes, grew as well.
Uber hopes the investment will bring the company to “double down” on providing its services “to more people in more places around the world”. However with this new leadership in place comes new changes as well. Rajeev Misra, one of the two representatives added by Softbank to Uber’s board of directors , and chief executive of SoftBank’s Vision Fund wants Uber to focus on growing in the United States, Europe, Latin America and Australia—not Asia which has been among the most costly and competitive regions for the ride-services firm, according to Misra.