Grab has raised a further $300 million from US investor

Grab, the south-east Asian ride hailing app, has raised a further $300 million from US investment manager Invesco, to further boost its drive to become a “super-app” offering a plethora of consumer services. The investment will help Grab develop its financial services arm, a critical part of its diversification awayfrom ride-hailing in the face of intensified competition. The latest funding values the company at more than $14 billion… Grab and its main rival, Indonesia’s Go-Jek, have become the dominant forces in the region’s app wars. Both started as Uber-like ride-sharing platforms but have branched out into payments and other services to rival China’s Alipay and WeChat. The Singapore-headquarteredcompany is south-east Asia’s most valuable start-up and one of the best capitalised in the region. Other backers include SoftBank, Microsoft and Toyota. The latest investment takes Invesco’s overall funding of Grab to $703 million… Invesco’s commitment comes two days after the ride-hailing company announced its first UK investment in London-based Splyt Technologies, a platform that gives access to different mobility start-ups across 1,000 cities. The alliance with Splyt will allow Grab users travelling outside south-east Asia to book rides through its app.
Stefania Palma and Mercedes Ruehl