Grab raises $300m more from Invesco to fuel growth in Southeast Asia

Grab has received an additional US$300 million investment from global investment management company Invesco, helping the ride-hailing giant further accelerate its expansion in Southeast Asia.

A Grab-branded electric Hyundai Ioniq car / Photo credit: Grab

The funding, which brings Invesco’s total investment in the Singapore-based company to US$703 million, puts Grab on track to reach its goal of raising US$6.5 billion in capital between June of last year and the end of 2019, the company claims.

Speaking on the investment, Grab President Ming Maa says that the company will “remain laser-focused” on further developing the company’s financial services capabilities and mobility businesses.

Just yesterday, the Southeast Asian super app announced it had invested in global mobility marketplace Splyt as part of a wider partnership. With the deal, Grab users traveling outside of Southeast Asia would soon be able to book rides on its app and have them fulfilled by Splyt’s global partners.

Grab also recently invested in Singaporean logistics startup Ninja Van, which was part of a deal that would create Southeast Asia’s widest logistics network.

Under the deal, Ninja Van will adopt GrabPay across its platform, while Grab will integrate Ninja Van’s services into GrabExpress.

Grab also recently launched a feature that allows users in Singapore to authorize use of their personal data in a bid to beef up security on its GrabPay wallet app, removing the need to log into their SingPass accounts.