Southeast Asian tech giant Grab is in advanced talks with insurance honchos Prudential and AIA and several others to raise US$300 million to US$500 million investment, as per a Reuters report.
The Singapore-based company aims to reach investment agreements as early as October, the report added, citing unnamed sources.
The money is being raised for Grab Financial Group.
As per this report, the deal can also support Grab in its sales pitch for the Singapore banking licence.
When contacted by e27, a Grab spokesperson declines to comment on the report, terming it “market speculations”.
The report comes close on the heels of Grab’s US$200 million fundraise from South Korean private equity firm Stic Investments. Early this year, it also managed to raise more than US$850 million in funding from Japan’s Mitsubishi UFJ Financial Group Inc. and TIS Inc.
As per CB Insights data, Grab is currently valued at US$14.3 billion.
There have also been reports about Grab’s ongoing talks for a potential merger with rival gojek. As per a DealStreetAsia report, the two companies are still deadlocked over management and geographical control.
Also Read: Google, JD.com, Tencent confirm leads in GOJEK Series F fundraising
gojek — which counts Google, Tencent and Temasek among its key investors -recently raised US$1.2 billion from undisclosed group of investors.
Grab recently laid off employees as the pandemic hit the company, mainly its transport business.
—
Image credit: Grab
The post Grab in talks with Prudential, AIA to raise up to US$500M: Report appeared first on e27.