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.