SINGAPORE (Sept 10): Singapore’s Grab outlined ambitious fundraising plans and predicted that sales will double next year, adding to evidence that Southeast Asia’s most valuable start-up is expanding well beyond its roots as a ride-haling app while intensifying a rivalry with Indonesia’s Go-Jek.

Revenue will double to US$2 billion ($2.75 billion) in 2019 as it integrates the acquisition of Uber Technologies’s regional business and delves deeper into new areas from bike-sharing to digital payments. It is on track to raise US$3 billion of funding before the end of this year, co-founder Hooi Ling Tan said at Bloomberg’s Sooner Than You Think technology summit in Singapore. That includes US$1 billion from Toyota Motor, the Japanese automaker’s biggest investment in ride-hailing to date.

Grab is expanding rapidly throughout Southeast Asia, home to more than 600 million people, to become the region’s largest transportation platform and leverage its size after the Uber deal. Its funding turns up the heat on Go-Jek, which has announced plans to expand beyond its home turf and enter Singapore, Thailand, Vietnam and the Philippines. Now, [Grab] is exploring forays into fields as diverse as grocery delivery and finance to healthcare, Tan says.

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