Grab raises $300m additional funding from asset manager Invesco

REUTERS/Iqro Rinaldi

Ride-hailing giant Grab has raised an additional investment of $300 million from Invesco Ltd., a global independent investment management company, in a move seen to further accelerate its expansion in the region.

The fundraising puts the company on track to meet its aim to secure $6.5 billion in total capital between June 2018 and the end of this year.

This capital injection takes Invesco’s overall investment in Grab to $703 million.

Earlier this year, Invesco completed its acquisition of OppenheimerFunds, which first invested $403 million in Grab in July 2018. Invesco’s acquisition of OppenheimerFunds enhanced its total assets under management to $1.2 trillion, making it the sixth-largest US retail investment manager and the thirteenth-largest in the world.

“We are very excited to increase our stake in Grab and support their endeavour of bringing more everyday services, greater accessibility and convenience to users in Southeast Asia,” said Invesco team leader and senior portfolio manager (Invesco Emerging Markets) Justin Leverenz, in a statement.

“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,” he added.

Commenting on the fundraising, Grab president Ming Maa said, “We remain laser-focused on expanding our financial services and mobility-enabled services businesses. The continued support from topnotch strategic partners attest to Grab’s ability to execute with precision and a hyperlocal focus to deliver first-to-market innovations.”

Grab raised $1.46 billion from the SoftBank Vision Fund in March, bringing the total funds amassed in its ongoing Series H to $4.5 billion.

DEALSTREETASIA had earlier reported that Grab was looking to raise up to $5 billion in the ongoing Series H round amid increased investor interest. Investors in the round include Toyota Motor Corporation, Oppenheimer Funds, Hyundai Motor Group, Booking Holdings, Microsoft Corporation, Ping An Capital, and Yamaha Motor.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.