SINGAPORE - South-east Asia's Grab is in advanced talks with Prudential Plc, AIA Group and others as it seeks US$300 million to US$500 million in investment for its financial services unit, people with direct knowledge of the matter told Reuters.
Insurers are likely to provide half of the target spread over a few fundraising rounds, said one of the people, who declined to be identified as prospective investors have not been made public. Prudential and AIA are named here for the first time. It also indicates the pandemic's limited impact on fundraising efforts for South-east Asia's most valuable startup - worth US$14 billion, sources have said - even though its business in eight countries has suffered from coronavirus control measures.
Backing from Prudential and AIA would add heft to Grab's financial services ambitions, which go beyond expanding its insurance and lending businesses and into the realm of wealth management.
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