Grab raising $2B from SoftBank and China's Didi: Report

Uber's biggest rival in Southeast Asia, Grab is said to be raising nearly $2 billion from SoftBank and China's ride hailing firm Didi Chuxing, the Wall Street Journal reported.

The deal which could be finalized in next few weeks could value Singapore based Grab at more than $5 billion making it the most valuable startup in the Southeast Asia. The funding report comes amid reports about Grab attempting to transform into a consumer technology firm that also offers loans, electronic money transfer, and money-market funds.

Grab currently operates in 55 cities across seven countries. It raised close to $750 million in a funding round in September which then took its valuation to around $3 billion.

Grab's reported deal could be a major setback for Uber facing major crisis back home that includes allegations of a sexist work culture and mass executive departures. Uber's spate of lawsuits and scandals could be an opportunity for other ride hailing companies to crack the market.