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Grab Nabs Another $1 Billion in Its Quest for Asia Ride-Hailing Dominance

Singapore’s Grab (GRABTAXI) has nabbed another $1 billion in funding despite ongoing uncertainties about its acquisition of Uber’s business in Southeast Asia.

The new investment, from firms including Vulcan Capital, Lightspeed Venture Partners and Macquarie Capital, joins Toyota’s $1 billion commitment announced in June to bring Grab’s total funding to $6 billion. The Financial Times reports the company is looking at an $11 billion valuation. The funding round remains open.

“We have seen overwhelming interest from global strategic investors and partners who are keen to partner with us to capture the region’s booming growth,” Grab president Ming Maa told FT.

Grab’s acquisition of Uber’s business in Southeast Asia earlier this year remains unapproved by Singapore’s consumer watchdog agency. It alleges the merger decreased competition and raised prices, and may issue fines or cancel the deal altogether.

But Grab sees a bright future for itself beyond straight ridesharing. GrabPay has expanded from payment processing for rides to a payment app for anyone. (Unlike Uber, Grab also lets people pay for rides in cash.)

Comparatively speaking, Grab is still an upstart in the ridesharing space. China’s Didi Chuxing is valued at $56 billion and expected to go public possibly yet this year. Uber’s valuation has been volatile, estimated at $48 billion in January but Morningstar estimated its value at $110 billion last month. Uber may go public in the second half of 2019.