The funding will be raised from strategic investors and be a mix of debt and equity, said Mr Tan.
Singapore-headquartered Grab is expanding aggressively in Indonesia, home of rival Gojek. Both are raising billions of dollars to bring ride-hailing, food delivery, e-commerce and banking to a populous region with a growing number of consumers that use smartphones to commute, shop and make payments. Last month, Grab's president Ming Maa - a former SoftBank executive - said Grab was considering raising more funds in the ongoing financing round, in which the SoftBank Vision Fund invested US$1.5 billion.