Softbank’s global investment vehicle Vision Fund will also be participating in this funding round.

As per a source with knowledge of the matter, Japan’s Softbank is expected to announce a $1 billion investment in Colombian delivery app Rappi.

SoftBank’s investment in Rappi, marks its first from the newly created Latin America focused Innovation Fund.

As per another source, Softbank’s global investment vehicle, Vision Fund, is also likely to participate in this funding round.

Sources have preferred the cover of anonymity since the the talks are private.

In Rappi’s latest funding round in September 2018, the DST Global-backed startup was valued at $1 billion.

Neither Softbank nor Rappi immediately responded to requests for comments on the matter.

Rappi operates in Brazil, Peru, Mexico, Uruguay, Argentina, and Chile.