Courtesy of Grab

Grab, Uber's biggest rival in Southeast Asia, announced that it has raised $2 billion in new funding from existing investors SoftBank and Didi Chuxing, China's biggest ride-hailing company. The Singapore-based company adds that it could soon raise an additional $500 million from new and existing investors. At the close of the round, Grab's post-money valuation will be above $6 billion, a source tells Axios.

Ride-hailing web: A growing number of ride-hailing companies around the world are inking investor relationships. In addition to Grab, Didi Chuxing has invested in India's Ola, Latin America's 99, and Lyft in the U.S. It also has a stake in Uber thanks to its merger last year with the company's Chinese business.

Competition: Although Grab says it has 95% of the third-party taxi-hailing market in Southeast Asia and 71% of the market for private vehicle hailing, it nevertheless competes with Uber as well as Go Jek, a local ride-hailing company. Go Jek, which is backed by Lyft investor KKR, is rumored to be finalizing a $1 billion-plus round led by China's Tencent.

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Updated 8 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

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Trump says he intends to give RNC speech on White House lawn

President Trump speaking to reporters on South Lawn in July. Photo: Jabin Botsford/The Washington Post via Getty Images

President Trump told the New York Post on Thursday that he plans to deliver his Republican National Convention speech from the White House lawn, despite bipartisan criticism of the optics and legality of the location.

Why it matters: Previous presidents avoided blurring staged campaign-style events — like party conventions — with official business of governing on the White House premises, per Politico.

Fauci's guidance on pre-vaccine coronavirus treatments

Illustration: Aïda Amer/Axios

Antibody drugs and various medicine cocktails against the coronavirus are progressing and may provide some relief before vaccines.

The big picture: Everyone wants to know how and when they can return to "normal" life, as vaccines are not expected to be ready for most Americans for at least a year. Two therapies are known to be helpful, and more could be announced by late September, NIAID Director Anthony Fauci tells Axios.