Taxi-booking application GrabTaxi has confirmed a funding round of more than $350 million led by state fund China Investment Corporation.
US-based private fund Coatue Management and China's leading taxi app Didi Kuaidi also participated in the funding for the Singapore-based company.
GrabTaxi, which launched in 2012, says this is its largest ever funding and brings its total to about $700 million.
In a statement Anthony Tan, group chief executive and co-founder says:
"This investment is not only a statement on GrabTaxi’s dominance in the region, but also the growth potential of Southeast Asia on a global level."
GrabTaxi is now in 26 cities across six countries, including Malaysia (where it's known as MyTeksi), Singapore, Indonesia and Thailand.
In December, the company announced a $250 million round, from Japan-based Softbank Corp.
This latest round will go towards expanding newly developed services such as private cars, GrabCar, and motorbikes, GrabBike, which the company has launched.
Funds will also be invested in GrabTaxi's technology.
Of the Didi Kuaidi investment, Didi president Jean Liu says it will enhance both businesses.
"Anthony and the team have achieved incredible growth so far, and we look forward to helping continue that momentum."
Separately, Uber Technologies has received 'significant' investment from private equity fund Tata Opportunities Fund.
TOF says this is its first in a global company outside India and that it will help Uber expand its services and solutions within the region.
Uber's deal with TOF comes after similar partnerships in other regions including Baidu in China, AmericaMovil in Latin America and American Express in the US.