People wait for the start of Grab's fifth anniversary news conference in Singapore. Photo: Reuters/Edgar Su

TechCrunch reports that Grab, the ride-hailing company challenging Uber in SE Asia, has collected US$2 billion in new financing from existing investors Didi Chuxing and Softbank.

Didi is the Beijing-based company that defeated Uber in China.

The Chinese ride-hailing giant said another US$500 million could be added to the financing round with input from other existing investors as well as new backers. A Grab representative reportedly confirmed that Softbank’s Vision fund isn’t part of the current financing commitment. The money is said to be coming from Softbank Group Corp.

TechCrunch says a source confirmed that the new money gives Grab a post-financing valuation of over US$6 billion. It’s said to be more than double the US$3 billion valuation that Grab commanded from its most recent funding round in September 2016, when it raised US$750 million.