Temasek is set to lead a $500m funding round for the Legend Holdings-backed mobile commerce company that is expected to close within weeks.

Wish, a US-based mobile commerce company backed by conglomerate Legend Holdings, is raising $500m in capital from a consortium led by Singaporean state-owned investment firm Temasek, Recode reported yesterday.

Founded in 2011, Wish operates several mobile commerce apps that sell a broad range of low-priced, unbranded products which are sourced and shipped directly from China-based manufacturers.

The company has reportedly attracted the majority of the cash already but is still in discussions with a range of unnamed investors. The round…