Grab gets additional US$300m in funding from Invesco

Singapore

RIDE-HAILING giant Grab has secured US$300 million in additional funding from global independent investment management company Invesco to further its expansion efforts in the region.

This brings Invesco's total overall investment to US$703 million, after a US$403 million investment in July 2018 made by OppenheimerFunds, an asset manager which Invesco has since acquired.

Grab said the latest capital injection places the company on track to raise US$6.5 billion in total capital between June 2018 and the end of this year. This is to "solidify its position" as a South-east Asia technology leader.

Earlier this year, Grab secured US$1.46 billion from the SoftBank Vision Fund.

Grab president Ming Maa said the company remains focused on expanding its financial services and mobility-enabled services businesses.

The funding from Invesco comes as Grab reportedly eyes a move into banking as state regulators study the potential for virtual banks with non-bank parentage.

"The continued support from top-notch strategic partners attests to Grab's ability to execute with precision and a hyperlocal focus to deliver first-to-market innovations," Mr Maa added.

Justin Leverenz, team leader and senior portfolio manager of Invesco Emerging Markets, said: "We have been closely watching South-east Asia and have every confidence in Grab's ability to unlock new opportunities across on-demand mobility, delivery and financial services in the region."