Grab has raised an additional investment of USD 300 million from US-headquartered investment firm Invesco, Singapore’s The Business Times reports.
The fresh funding brings Invesco’s total investment in Grab to USD 703 million. That amount includes USD 403 million that OppenheimerFunds, an asset manager that has been acquired by Invesco, poured into the super app maker in July 2018.
As an independent investment management firm, Invesco manages approximately USD 1.1 billion in assets for its clients worldwide. In Asia, the firm is present in China, India, Singapore, South Korea, Japan, and Taiwan.
The latest capital injection puts Grab on track to meet its target to raise USD 6.5 billion in total capital between June 2018 and the end of this year. In March 2019, Grab bagged USD 1.46 billion from the SoftBank Vision Fund.
Grab will utilize this fresh investment to further strengthen its presence as a leading technology company in Southeast Asia by unlocking more opportunities across on-demand transportation, delivery, and financial services in the region.
The company is also exploring more opportunities and collaboration beyond its home region. Earlier this week, the ride-hailing firm reportedly deepened its partnership with London-based global mobile marketplace Splyt Technologies by investing USD 8 million in Splyt’s Series A funding round. The link-up allows Grab users traveling beyond Southeast Asia to book a ride through its platform and have Splyt’s partner companies fulfill the requestr.