image: Rappi

Rappi — a Y-Combinator accelerated on-demand delivery startup based in Colombia — has raised up to $1 billion from Softbank: $500 million from Softbank Group and $500 million from the Softbank Vision Fund. Softbank says the stake will later be transferred to the Innovation Fund, a Latin American focused investment fund it launched March this year.

The $1 billion round represents the largest ever financing round for a Latin American tech company. Rappi has previously raised some $400 million from the likes of Sequoia Capital, Delivery Hero, Andreessen Horowitz, and DST Global. Softbank Managing Partner Jeffrey Housenbold is joining Rappi’s board as part of the terms of this investment.

image: Rappi

Rappi says the funding will enhance its presence in existing markets and accelerate growth into additional markets in the Latin American region, and also new product and service areas. Rappi is currently present in Colombia, Brazil, Mexico, Chile, Uruguay, Peru, and Argentina. It allows users to order products of various categories like food, beverages, and items from supermarkets. The company also operates its own payments wallet, RappiPay, which allows users to make transfers and payments in supported establishments.

According to news from Crunchbase, Rappi was valued at $2.5 billion pre-money with this round.

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