Grab, Southeast Asia’s leading super app, has announced an additional investment of US$300 million from Invesco Ltd., a leading global independent investment management company, a move that will further accelerate Grab’s expansion in the region.
The latest capital injection puts the company on track to meet its aim to raise US$6.5 billion in total capital between June 2018 and the end of this year to solidify its position as Southeast Asia technology leader.
The additional investment in Grab takes Invesco’s overall total to US$703 million and re-affirms its belief in Grab’s vision and plan for the region. Earlier this year, Invesco successfully completed its acquisition of OppenheimerFunds, which first invested US$403 million in Grab in July 2018. Invesco’s acquisition of OppenheimerFunds brought Invesco’s total assets under management to $1.2 trillion, making it the sixth-largest US retail investment manager and the thirteenth-largest global investment manager.
Justin Leverenz, Team Leader and Senior Portfolio Manager (Invesco Emerging Markets), Invesco, said, “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.”
This latest show of confidence from a leading investor comes amid Grab’s rapid growth this year, powered by investments from key strategic partners, including US$1.46 billion from the SoftBank Vision Fund earlier this year.
Ming Maa, President, Grab, added, “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.”