Japan's Softbank to announce US$1 billion investment in delivery app Rappi on Tuesday

SAO PAULO: Japan's Softbank is expected to announce on Tuesday a US$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 US$1 billion in its latest funding round in September, backed by DST Global.Rappi operates in Mexico, Peru, Argentina, Chile and Uruguay, besides Brazil.

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