Grab's new investors hope to catch a ride on its regional growth

The latest infusion of cash values the ride-hailing app at around $11 billion. Its expanded war chest will be put to work mainly in Indonesia where rival Go-Jek is revving up investment.

Southeast Asia's Grab said it has raised another $1 billion in its ongoing round of funding from investors looking to the ride the coattails of the online-to-offline O2O platform's regional growth.

Grab's series H round of fund raising values the six-year-old unicorn at about $11 billion, according to a person familiar with the process.

Its valuation is rising fast, when Toyota Motor poured $1 billion into the Singapore-headquartered firm in June, Grab was worth about $10 billion and it was pegged at $6 billion when it bought Uber's regional operations in March.  

Toyota Motor has now been joined by a slate of...

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