Telkomsel launches US$ 40 million VC fund

14 May 2019 12:44

JAKARTA - Telkomsel has officially launched a US$ 40 million venture capital fund as the company aims to speed up its digital transformation.

In an official statement, Telkomsel said that the fund aims to find, strategically fund, and work with early-growth stage tech startups, and will look to co-invest with Telkom Indonesia’s VC arm MDI Ventures and Singtel’s Singtel Innov8. The fund’s general partner will be a fully owned subsidiary of Telkomsel called Telkomsel Mitra Inovasi (TMI).

TMI will be in charge of investment activities, synergy, and collaboration in Telkomsel’s various business units to speed up the development of new services, improve customer experience, and optimise business process.

“We work closely with startups to establish strategic and operational plan to maximise long-term value. We always look for ways to leverage the scale and put Telkomsel assets to work in a different way,” said TMI CEO Andi Kristianto as quoted by DealStreet Asia, Monday (13/5).

“Many market insights we can provide from both enterprise and consumer perspectives in Indonesia. It also gives a leg-up in terms of corporate awareness in a digital business ecosystem.” (MS)

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