The Jakarta-based company, backed by SoftBank and Alibaba, is looking to US internet companies and existing investors for a pre-IPO funding round, according to sources.
The deal marks another enormous bet on e-commerce for SoftBank, which backed Alibaba before it dominated the Chinese market.
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SoftBank Group Corp., the Japanese telecommunications company, invested $250 million in WME-IMG LLC in a deal that values the sports and entertainment agency at $5.5 billion.
When Masayoshi Son placed a $20 million bet 15 years ago on Alibaba, plenty of peers considered it too risky a venture. Since then, Son's investment has paid out more than $70 billion, strengthening SoftBank and making him Japan's second richest man.