Uber’s losses reportedly grew to $1.46bn (£1.09bn) in Q3 2017, as the company’s continuing legal and regulatory struggles in almost all the markets it operates in – and the growing strength of its competition – hit it hard. The company’s losses were $1.06bn in the quarter prior.

The ride hailing firm’s latest financials were reported to shareholders as part of SoftBank’s formal bid for shares in the company, reports Bloomberg, citing sources. On the back of the results, at least two of Uber’s early backers have decided to sell the SoftBank-led consortium – with both Benchmark and Menlo Ventures putting up their shares at a 30 per cent discount.

“SoftBank and Dragoneer have received indications from Benchmark, Menlo Ventures, and other early investors of their intent to sell shares in the tender offer,” said a SoftBank spokesman in a statement. “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.”

SoftBank has long made it clear it was only interested in investing if stock is sold at a cut price. At the discounted price, Uber’s valuation sits at $48bn – way down on its last valuation of $69bn.

The consortium led by SoftBank includes the Dragoneer Investment Group, TPG, Tencent, and Sequoia Capital. Between them, they are looking to buy at least 13.4 per cent of Uber shares. The deal will see SoftBank and the other firms inject $1bn of new cash into Uber, before buying up to $9bn in shares.