A sachet with the GrabTaxi logo is seen in a car in Hanoi. Photo: Reuters

In an all-out race with Uber and Go-Jek Indonesia PT to take hold of the Southeast Asian market, Grab has hopes to raise an additional US$1.5 billion in a new funding round backed by Japanese Softbank Group.

Bloomberg reports that Softbank is pledging around US$1 billion, according to anonymous sources familiar with the matter. Still unclear, is whether or not the funding will come from Softbank’s Vision Fund, which has not been finalized yet.

The funding round would break the previous record for the region of US$750 million, set by Grab last September. The company announced this week plans to expand to a seventh Southeast Asian country.