A Grab motor driver is seen in a street in Jakarta, Indonesia. Photo: Reuters / Beawiharta

Southeast Asia ride-hailing app Grab is in talks to raise as much as US$2 billion from telecom giant SoftBank and China’s Didi Chuxing, the Wall Street Journal reports Friday.

The investment could push Grab’s valuation past the US$5 billion mark, making it Southeast Asia’s most valuable startup.

Grab is Uber’s largest competitor in the region, and the boost for the Singapore-based tech firm comes after Uber was forced to sell its China operation last year, and announced a merger with Yandex in Russia just this week.