SoftBank Vision Fund ‘interested’ in buying Deliveroo stake

Deliveroo is a British online food delivery company with operations spread across eighty-four cities in the UK, the Netherlands, France, Germany, Belgium, Ireland, Spain, Italy, Australia, Singapore, United Arab Emirates, and Hong Kong.

SoftBank Group Corp. is a Japanese multinational telecommunications and Internet corporation established on September 3, 1981, and headquartered in Tokyo, Japan.

Technology fund SoftBank is in discussions to obtain a stake in Deliveroo, according to the news.

The $93bn (£70bn) SoftBank Vision Fund, whose supporters include Apple, Qualcomm and Saudi Arabia’s sovereign wealth fund, is “very interested” in acquiring a stake in the takeaway technology firm, sources told Sky News.

The investment would appear as Deliveroo starts a new funding round, less than a year after it boosted £210m in a move that is thought to have put its appraisal at around $1bn and granted it “unicorn” status.

Deliveroo has been entangled in a row over the situation of its labourers. It has disputed its delivery drivers are self-employed contractors, but some want absolute rights as workers.

These drivers contend they only work for Deliveroo and should have benefits to sick pay, holidays and other compensations.

Last month the firm offered its labourers the option to be paid for every order they deliver, rather than by the hour, in an attempt which it hoped would strengthen the riders’ status as self-employed contractors.

The gig economy was criticised by MPs for “unintelligible” contracts earlier this year and was followed by Deliveroo eliminating a clause that banned couriers from questioning their self-employed status at an employment court.

The SoftBank Vision Fund is a new investment being led by Japan’s Softbank, which sold 25pc of its shares in British technology giant ARM Holdings to the fund earlier this year.