April 30, 2019 / 11:42 AM / 22 days ago

Japan's Softbank to announce $1 bln investment in delivery app Rappi on Tuesday- report

SAO PAULO, April 30 (Reuters) - Japan’s Softbank is expected to announce on Tuesday a $1 billion investment in Colombian delivery app Rappi, Brazilian financial blog Brazil Journal reported.

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. Rappi was valued at $1 billion in its latest funding round in September.

Citing sources with knowledge of the matter, Brazil Journal said the new investment values Rappi at $2.5 billion.

Softbank and Rappi did not immediately comment on the matter. (Reporting by Tatiana Bautzer and Carolina Mandl; Editing by Bernadette Baum)

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