Less than two months after securing $1 billion from investors, Southeast Asian ride-hailing startup Grab Taxi Pte is reportedly set to announce yet another 10-figure round.

Insiders leaked word of the investment this morning to the Wall Street Journal and Reuters. One of the sources who spoke with the Journal said the round values Grab at $11 billion. For comparison, Lyft Inc. received a $15.1 billion valuation after its most recent $600 million fundraising in June.

Singapore-based Grab boasts an annual revenue run rate in excess of $1 billion and has racked up more than 100 million app downloads across Southeast Asia. Much like the leading Western ride-hailing providers, the startup is actively exploring ways to drive yet more growth. Earlier this year, Grab acquired Uber Technologies Inc.’s Southeast Asia business in exchange for a 27.5 percent equity stake.

The deal bought the Singaporean startup not just a sizable ride-hailing operation but also the local assets of the Uber Eats food delivery unit. There’s a reason why the division was included in the deal: Grab is increasingly looking beyond ride-hailing for growth. It’s another way in which the startup’s strategy mirrors that of Uber and Lyft.

Alongside food delivery services, Grab provides a mobile payment processing platform called GrabPay. A source told Reuters that the new $1 billion round will go towards expanding this part of the startup’s business. According to the tipster, the capital infusion came from a group that included “ U.S. investors and strategic backers.”

The round signals that investors are confident in Grab’s prospects even as it experiences some growth pains. In July, Singaporean antitrust authorities found that the startup’s deal with Uber violated local competition laws and proposed a number of regulatory responses to remedy the situation. Among the suggested measures is a fine against both companies.

Singaporean authorities are also weighing whether to require that Uber offload its Southeast Asia business’ car-leasing unit before proceeding with the sale to Grab, which could set back Grab’s expansion. But such a move probably wouldn’t be too big a blow if the reports about its new $1 billion round are accurate.

Photo: Duncan Riley