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

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

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