Japanese telecommunication to investment company SoftBank Group Corp. is nearing to infuse $1 billion in Colombian on-demand delivery startup Rappi.

The investment would be led by SoftBank’s newly formed Innovation Fund, which was launched to focus on technology investments in Latin America.

SoftBank Innovation Fund is expected to invest alongside the company's Vision Fund. The deal could be announced as soon as this week.

In September last year, Rappi raised $220 million in a funding round, which valued the startup at more than $1 billion.