SAO PAULO (Reuters) – Japan’s Softbank is expected to announce on Tuesday a $1 billion investment in Colombian delivery app Rappi, one source with knowledge of the matter said.
The Rappi investment would be the first one by the newly created Innovation Fund, which is focused on Latin America.
Another Softbank global investment vehicle, Vision Fund, would also participate, the source added, asking for anonymity to disclose private talks. Rappi was valued at $1 billion in its latest funding round in September, backed by DST Global.
Softbank and Rappi did not immediately comment on the matter.
Rappi operates in Mexico, Peru, Argentina, Chile and Uruguay, besides Brazil.
Brazilian financial blog Brazil Journal reported the deal earlier on Tuesday.
Reporting by Carolina Mandl; Editing by Bernadette Baum and Chizu Nomiyama