Big Grab at Uber

Singapore-based GrabTaxi has announced plans to raise $2.5 billion in Southeast Asia’s largest round of startup fundraising to date, as the ride-hailing company seeks to battle Uber across the populous region.

Japan’s SoftBank and Chinese ride-hailing company Didi Chuxing will lead the current round of investment, pouring as much as $2 billion into Grab, as the company is known.

Grab, which operates private-car, taxi, motorcycle and carpool bookings across seven countries in the region, intends to raise an additional $500 million from existing and new investors, the company said. The new investors weren’t disclosed.

The deal would value Grab at more than $6 billion, making it the region’s most-valuable startup, according to a source.

The Wall Street Journal reported earlier this month on the fundraising round.