In a story originally reported by Bloomberg, Softbank Group Corp‘s Vision Fund plans to make an investment of up to US$150M in the Brazilian delivery app, Loggi. The app matches motorcycle deliverers (motoboys) to shippers through an app that works similarly to ride-sharing apps like Uber.
Softbank, a Japanese conglomerate, is no stranger to making investments in the on-demand economy. They recently led a US$535M investment in delivery app DoorDash, and have a 15% stake in Uber, including Uber’s operations in Latin America. Softbank also backed 99 Taxis until it was acquired by Didi Chuxing earlier this year.
Loggi will compete against UberEats, another company in the Softbank portfolio, in Brazil. Softbank now has a history of investing the largest ride-hailing apps across the USA, China, India, Latin America, and Southeast Asia.
The deal is not yet closed and could still fall through. Both parties declined to comment on the Bloomberg story.