Grab Nets Funds for Regional Expansion
The additional funding from a leading investor comes amid Grab's rapid growth in 2019, powered by investments from key strategic partners.
Southeast Asian super app Grab has secured another $300 million in funding from U.S. investment management firm Invesco, which will be used to accelerate the technology giant's expansion in the region, the firm announced in a press release on Thursday.
This injection of funds puts the firm, which aims to consolidate its position as the region's technology leader, on track to reach its target of $6.5 billion in capital between June 2018 and end-2019, Grab said. This also brings Invesco's total investment in Grab to $703 million.
Expanding Businesses
«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,» Justin Leverenz, team leader and senior portfolio manager (Emerging Markets), Invesco said about the additional investment.
Grab has made a strong push into the financial services space in the past year and on expanding its mobility-enabled services businesses. Earlier this month, finews.asia reported that the firm was looking at entering Singapore's banking space by applying for a vitrual banking license, which the Monetary Authority of Singapore is considering introducing.
