In Japan, SoftBank Group Corp. is known as a telecommunications and internet giant. But in Brazil, it’s better known for something else: a string of failed investments. softbank shu nyatta paulo passoni 2b
Now, the Japanese conglomerate is looking to turn things around in the South American country with a new $5 billion investment fund. The move comes as Japan’s Prime Minister Shinzo Abe is set to visit Brazil later this week to meet with President Jair Bolsonaro. softbank shu nyatta paulo passoni 2b
In Japan, SoftBank Group Corp. is known as a telecommunications and internet conglomerate. Founded in 1981, the company has become a major player in both the Japanese and global markets. In recent years, SoftBank has been expanding its business interests beyond its core businesses of telecommunications and internet services. softbank shu nyatta paulo passoni 2b
One of its most notable recent investments has been in the Brazilian ride-hailing app 99Taxis, which it acquired in early 2017. softbank shu nyatta paulo passoni 2b
In March of 2018, SoftBank announced that it was investing $5 billion in the Brazilian start-up, 99. The investment made SoftBank the largest shareholder in 99, and valued the company at $1 billion. This was a significant investment for SoftBank, as Brazil is the largest market in Latin America.
Paulo Passoni, the co-founder and CEO of 99, is a driving force behind the company’s success.