March 26 (Reuters) - Japan's SoftBank Group Corp is looking to invest $1 billion in Chinese delivery firm Manbang Group, the Wall Street Journal reported on Monday, citing people familiar with the matter.
SoftBank's possible investment, through its $98 billion Vision Fund, would be part of a fundraising effort by Manbang, which is looking to raise between $500 million and $1 billion in fresh funds to help it expand in China's growing logistics market, the Journal said https://www.wsj.com/articles/softbank-considers-1-billion-investment-in-chinese- t r u c k - h a i l i n g - f i r m - 1 5 2 2 0 5 5 5 7 5 ? m o d = p l s t w h a t s t n e w s t u s t b u s i n e s s t f .
The amount and the participating investors have not been set for the fundraising, the report said.
Manbang, backed by China's Tencent Holdings Ltd and a private-equity firm co-founded by billionaire Jack Ma, would be valued at $5 billion if it raises $500 million, WSJ said.
SoftBank and Manbang were not immediately available for comment.
SoftBank has been aggressively investing in technology companies worldwide - notably through its London-based Vision Fund - including U.S. ride hailing firm Uber Technologies Inc . (Reporting by Ismail Shakil in Bengaluru; Editing by Arun Koyyur)