SoftBank’s Vision Fund unloads DoorDash shares worth $2b

Photo: DoorDash's Facebook page

For the third time in just six months, SoftBank’s Vision Fund has sold shares of the NYSE-listed food-delivery giant DoorDash, according to a US Securities and Exchange (SEC) filing.

According to the filing, Vision Fund sold 10 million shares priced at around $202.815 each, valuing the sale at around $2 billion.

The latest sale brings the total DoorDash stock that the Masayoshi Son-led conglomerate has sold since May of this year to about $5.2 billion. In May, SoftBank sold $1 billion worth of DoorDash stock and another $2.2 billion in August.

SoftBank’s Vision Fund started selling DoorDash shares after the food-delivery firm raised its forecast for annual gross order value in May, as stimulus checks helped keep food delivery demand resilient in the first quarter.

According to Bloomberg, the latest sale of DoorDash stock leaves SoftBank with 33.6 million shares or about an 11% stake. This is just over half of the stake it held at the time of DoorDash’s listing in December last year.

DoorDash achieved a valuation of $71.3 billion when it debuted on the New York Stock Exchange in December 2020. The valuation was more than four times the company’s worth at a private fundraising round in June last year.

DoorDash, which has also branched out into delivery from grocery and convenience stores last year, reported a nearly three-fold jump in second-quarter revenue to $1.08 billion.

Founded in 2013, DoorDash is backed by venture capital firm Sequoia Capital, and Singapore’s sovereign wealth fund GIC.

In June, the food delivery firm announced the launch of its services in Japan, joining an increasingly crowded market that has boomed during the COVID-19 global pandemic.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.