(Bloomberg) -- Brazilian delivery startup Loggi Tecnologia Ltda, which is backed by SoftBank Group Corp., is working with Citigroup Inc. to sell a stake to investors, people familiar with the matter said.

The firm, also backed by Microsoft Corp., is exploring strategic options and a private stake sale to investors in Asia is the preferred outcome, the people said, asking not to be named because the discussions are private. An initial public equity offering may be an alternative, depending on market conditions, the people said. Loggi was valued at close to $2 billion in its latest funding round, in March 2021. 

Citigroup declined to comment. Loggi didn’t immediately reply to messages seeking comment. 

The Sao Paulo-based startup competes in Brazil with Colombian rival Rappi SAS. Founded in 2013 by Fabien Mendez and Arthur Debert, Loggi has been building a Brazil-wide logistics service with a presence in all the country’s state capitals. It delivers about 300,000 packages a day, according to its website. 

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