Founded in 2015, Rappi operates in Mexico, Colombia, Peru, Argentina, Chile, Uruguay, and Brazil. The company declared in a statement that the proceeds will be used to enhance its presence in existing markets and to enter new ones. New products and services are also likely to be created, according to Rappi, but no further details were provided.
At first, SoftBank Group Corp and another SoftBank global investment vehicle, Vision Fund, will split the investment evenly. In a second move, the LATAM-focused fund is expected to be offered SoftBank Group’s investment.
Rappi did not disclose the stake SoftBank will hold. Rappi’s investors already included DST Global, Delivery Hero, Sequoia Capital, Andreesen Horowitz, and Y Combinator. It was valued at USD 1 billion in its latest funding round in September 2018, backed by DST Global.
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