Grab Advanced Talk With Prudential & AIA

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. The Singapore-based company aims to reach investment agreements as early as October.

The money is being raised for Grab Financial Group. This deal can also support Grab in its sales pitch for the Singapore banking licence.

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. The two companies are still deadlocked over management and geographical control.

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.