Grab secures another US$300m in funding from Invesco, bringing total raised since launch to over US$9b

Grab president Ming Maa says the company remains focused on expanding its financial services and mobility-enabled services businesses.
Grab president Ming Maa says the company remains focused on expanding its financial services and mobility-enabled services businesses.PHOTO: REUTERS

SINGAPORE - Ride-hailing giant Grab has secured US$300 million (S$406.5 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 2018 made by OppenheimerFunds, an asset manager which Invesco has since acquired.

Grab said the latest funding 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 had 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 hyperlocal focus to deliver first-to-market innovations," he added.

"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," said Justin Leverenz, team leader and senior portfolio manager of Invesco Emerging Markets.