Ride-hailing service Grad has confirmed that it has completed its latest round of funding and was able to accumulate $750 million in new capital. Grab is widely considered by many tech analysts as the biggest rival of Uber in the Southeast Asian market.

Grab said that the latest Series F round of funding was led by the company's biggest investor, SoftBank. Along with SoftBank, Grab revealed that a handful of existing and new backers also contributed to the latest funding run, but they wish to remain anonymous. Rumors indicate that Chinese transportation company Didi Kuaidi joined latest Grab's funding round, although both companies have refused to comment on this matter.

Like Us on Facebook

An inside source in Grab told Tech Crunch that the latest round of funding would put Grab's post-money valuation at $3 billion. Grab had a market valuation of $2.3 billion before the latest funding round.

Grab said that it currently has 400,000 drivers and has been downloaded more than 21 million times on various app stores. The company added that its service is being booked "up to 1.5 million" times daily.

With its current value, many market experts are convinced that Grab can essentially take on Uber in a head-on fight.

Grab is currently targeting Indonesia as the company's next market. Indonesia happens to be the world's fourth most populous country and has the largest economy in Southeast Asia.

Currently, Grab is operating in six countries within the Southeast Asian region. The company's headquarters is based in Singapore.

TagsGrab, grab fund, grab funding run, grab value, Didi, Uber