SoftBank confirms Benchmark and Menlo looking to sell Uber shares

SoftBank Group-led team of investors has confirmed that they have found likely sellers for the tender offer for app-based cab aggregator, Uber's shares.

According to TechCrunch.com, Uber shares from existing shareholders will be sold at more than 30 percent discount as compared to the last private round. "SoftBank and Dragoneer have received indications from Benchmark, Menlo Ventures, and other early investors of their intent to sell shares in the tender offer. Any sales by these shareholders will be pursuant to the same terms and conditions as will be offered to all other eligible holders that participate in the tender offer," said a statement from SoftBank Group.

Moreover, Sequoia Capital, Tencent and TPG are also looking to invest in Uber. Sequoia Capital had previously invested in Uber through its 'scout' programme, which involved covertly finding deal opportunities through its network. Alfred Lin, a partner in Sequoia, also made an angel investment at the seed stage.

Today, Uber employees with at least 10,000 of vested shares will be eligible to sell. Moreover, other Uber shareholders, which include venture capitalists, angel investors and former employees could also be eligible.

-ANI