Investment firm Invesco provided $300m of funding for Singapore-based on-demand ride platform Grab today, adding to a series H round that now stands at $4.8bn, and which already features multiple corporates.
The news follows a statement from Grab chief executive Anthony Tan in April 2019 revealing that the company was looking to bring the round’s total to $6.5bn by the end of 2019.
Founded in 2012, Grab operates a ride hailing service across Singapore, Malaysia, Indonesia, Thailand, Vietnam, Cambodia, Myanmar and the Philippines. It also offers a mobile payment app as well as food and parcel delivery and pet transportation.
The funding will enable Grab to strengthen its position in the financial and mobility services sectors, company president Ming Maa said.
Grab most recently raised $1.46m from telecommunications conglomerate SoftBank’s Vision Fund in March 2019. It began raising the series H funding in June 2018 when it received a $1bn commitment from carmaker Toyota.
Insurance provider Ping An’s corporate venturing arm, Ping An Capital, subsequently contributed to a $2bn second close in August, investing alongside Mirae Asset – Naver Asia Growth Fund, a joint venture set up by Naver and investment bank Mirae Asset Daewoo.
Travel and accommodation booking platform Booking Holdings provided $200m in October, before automotive manufacturers Hyundai and Kia Motors contributed a total of $250m the following month.
Shopping centre owner Central Group, motor vehicle provider Yamaha, software producer Microsoft, leasing financer Tokyo Century, financial services firm Kasikornbank and Macquarie Capital, a subsidiary of investment banking firm Macquarie, have also contributed capital.
The round’s investors also include asset manager OppenheimerFunds, which has since been acquired by Invesco, Cinda Sino-Rock Investment Management, All-Stars Investment, Vulcan Capital and Lightspeed Venture Partners.
The round increased Grab’s funding to $7.5bn to date. SoftBank made its first investment in 2014, when it supplied $250m for the company then still known as GrabTaxi.
Grab’s earlier investors include travel agency Qunar, ride hailing platform Didi Chuxing, Singaporean state-owned venture capital firm Vertex Ventures, GGV Capital, Tiger Global Management, Hillhouse Capital, China Investment Corporation and Coatue Management.
Feature image courtesy of Grab
