Asian super app announced additional investment

Invesco invests an additional $300 million in Grab

Asian super app announced additional investment. Source:

Grab, Southeast Asia’s super app, today announced an additional investment of $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 $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 $703 million. Earlier this year, Invesco successfully completed its acquisition of OppenheimerFunds, which first invested $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.

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.

SEE ALSO: Grab and its FinTech ecosystem

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