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Grab raises $300 million from asset manager Invesco to fuel growth

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By Reuters
Grab raises $300 million from asset manager Invesco to fuel growth
FILE PHOTO: A Grab taxi drives on a street in Hanoi, Vietnam October 29, 2018. REUTERS/Kham   -   Copyright  KHAM(Reuters)

SINGAPORE (Reuters) – Grab has received an additional $300 million (236.5 million pounds) investment from asset manager Invesco Ltd as part of plans by Southeast Asia’s biggest ride-hailing company to raise $6.5 billion in total capital this year.

“The additional investment in Grab takes Invesco’s overall total to $703 million and re-affirms its belief in Grab’s vision and plan for the region,” Grab said in a statement on Thursday.

Softbank-backed Grab said in April that it was looking to raise another $2 billion this year to ramp up expansion, weeks after announcing over $4.5 billion of funding in Southeast Asia’s largest round of private financing.

“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,” said Justin Leverenz, senior portfolio manager at Invesco Emerging Markets.

Singapore-headquartered Grab, like its regional rival Go-Jek, has been raising billions of dollars to bring ride-hailing, food delivery, e-commerce and banking to a populous region with a growing number of consumers that use smartphones to commute, shop and make payments.

(Reporting by Anshuman Daga; Editing by Himani Sarkar)