Friday, 19 April 2024
Invesco invests additional $300 million in Grab
Invesco Ltd.’s total investment in Grab grows to $703 million, after initial $403 million investment from OppenheimerFunds last year
Grab, Southeast Asia’s leading super app, 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 and re-affirms its belief in Grab’s vision and plan for the region. Earlier this year, Invesco successfully completed its acquisition of OppenheimerFunds, which first invested $403 million in Grab in July 2018. Invesco’s acquisition of Oppenheimer Funds 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.
Speaking on the investment, Justin Leverenz, Team Leader and Senior Portfolio Manager (Invesco Emerging Markets), Invesco said, “We are very excited to increase our stake in Grab and support their endeavour of bringing more everyday services, greater accessibility and convenience to users in Southeast Asia. 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. Grab is well-positioned, as a super app that is second-to-none in the region, to spearhead the evolution of user-driven technologies that will accelerate progress in Southeast Asia.”
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 $1.46 billion from the SoftBank Vision Fund earlier this year.
Ming Maa, President, Grab added, “As a global investment powerhouse, Invesco is one of the smartest investors in developing markets. We are grateful for Invesco's continued support and conviction in our business strategy and market position. We remain laser focused on expanding our financial services and mobility-enabled services businesses. The continued support from topnotch strategic partners attest to Grab’s ability to execute with precision and a hyperlocal focus to deliver first-to-market innovations.”
Re-disseminated by The Asian Banker
