Ride-sharing company Uber on Sunday announced it had entered into a deal that will allow Japan's SoftBank to acquire a stake in the firm.

"We've entered into an agreement with a consortium led by SoftBank and Dragoneer on a potential investment," a company statement said.

"We believe this agreement is a strong vote of confidence in Uber's long-term potential," it added.

"Upon closing, it will help fuel our investments in technology and our continued expansion at home and abroad, while strengthening our corporate governance."

Source: AFP