The japanese Softbank to announce $1 billion to invest in the delivery app Rappi on Tuesday

FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World in 2017 conference in Tokyo, Japan, July 20, 2017. REUTERS/Issei Kato/File Photo

SAO PAULO (Reuters) – the japanese Softbank is expected to announce on Tuesday a $1 billion investment in the Colombian delivery app Rappi, a source with knowledge of the matter said.

The Rappi investment would be the first by the new Innovation Fund 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 the last funding round in September, supported by DST Global.

Softbank and Rappi not comment directly on the case.

Rappi is active in Mexico, Peru, Argentina, Chile and Uruguay, next to Brazil.

The brazilian financial blog Brazil Journal reported the deal earlier on Tuesday.

Reporting by Carolina Mandl; Editing by Bernadette Baum and Chizu Nomiyama

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