This is the first major investment by Softbank after it set up a fund exclusively for Latin America under the leadership of its COO, Bolivian native Marcelo Claure earlier this year.
The Colombian startup has been a runaway regional success, having achieved 20% monthly growth last year.
Armed with thousands of bicycle couriers, Rappi offers the doorstep delivery of goods, from fruit and groceries to toiletries and cosmetics.
Rappi, which reached unicorn status last year, has operations in Brazil, Argentina, Chile, Colombia, Mexico, Peru and Uruguay.
“It is time for a technology-driven Latin America, and SoftBank’s support is essential to lead this transformation,” said Simon Borrero, Co-Founder and CEO of Rappi, adding that the company is committed to transforming the quality of life in the region.
“Rappi’s founders have a bold vision to create the premiere multi-service ‘super-app’ for Latin America, improving the lives of millions in the region,” Softbank’s Claure said.
“In less than four years, Rappi has become one of the fastest growing startups in Latin America. This rapid growth demonstrates the immense opportunity in the Latin American region.”
Softbank said in a press release that the Rappi investment is “the largest technology financing to date” in a Latin American company.