Grab, Uber’s main rival in Southeast Asia, has raised $2 billion so far for its latest round, which is being led by SoftBank and Chinese ridehailing company Didi Chuxing. Once closed, it will be the largest VC financing for a startup headquartered in Southeast Asia, per the PitchBook Platform. The Singapore-based ridehailing startup indicated it would raise $1.5 billion for the round back in March but has since upped that target to $2.5 billion.
The round will value Grab at a reported $6 billion, up from the $3.1 billion valuation it reached last September with a $750 million funding. Although Grab’s new valuation is still a far cry from Uber’s $68 billion valuation and Didi’s estimated $60 billion, it’s in the ballpark of the $7.5 billion value Lyft reached earlier this year. While funds for this round are likely to come from SoftBank itself, future backing for Grab may come via SoftBank's Vision Fund, which held a first close on $93 billion in May.