SINGAPORE (June 27): Local ride hailing and financial e-services platform Grab has received an additional investment of US$300 million ($406.3 million) from existing investor Invesco.
This brings the global independent investment management company’s total investment in Grab to US$703 million. Invesco earlier this year acquired OppenheimerFunds, which initially invested US$403 million in Grab in July 2018.
The latest capital injection puts Grab on track to meet its aim to raise US$6.5 billion in total capital beween June 2018 and the end of this year to solidify its position as a technology leader in Southeast Asia.
Justin Leverenz, team leader and senior portfolio manager (Invesco Emerging Markets), says, “We have been closely watching Southeast Asia and have every confidence in Grab’s ability to unlock new opportunities across on-demand mobility, delivery and financial services in the region. Grab is well-positioned, as a super app that is second-to-none in the region, to spearhead the evolution of user-driven technologies that will accelerate progress in Southeast Asia.”
Ming Maa, president of Grab, says, “As a global investment powerhouse, Invesco is one of the smartest investors in developing markets. We are grateful for Invesco's continued support and conviction in our business strategy and market position. We remain laser focused on expanding our financial services and mobility-enabled services businesses. The continued support from top-notch strategic partners attest to Grab’s ability to execute with precision and a hyperlocal focus to deliver first-to-market innovations.”
