Grab gets $406m more from Invesco to fuel growth

Ride-hailing giant Grab has secured US$300 million (S$406 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 in Grab to US$703 million, after a US$403 million capital injection in July last year made by OppenheimerFunds, an asset manager which Invesco has since acquired.

Grab said the latest funding places it on track to raise US$6.5 billion in total capital between June last year 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. It has now raised over US$9 billion since launching almost seven years ago.

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

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

Mr 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."

A version of this article appeared in the print edition of The Straits Times on June 28, 2019, with the headline 'Grab gets $406m more from Invesco to fuel growth'. Print Edition | Subscribe