Indonesian market leader Telkomsel has partnered with its venture capital unit MDI Ventures and Singtel’s Innov8 to set up a $40 million fund for investment.
The operator group’s subsidiary Telkomsel Mitra Inovasi (TMI) will be in charge of the fund, which will be primarily invested in startup firms. Telkomsel will allow new firms to make use of its assets and ecosystems, as well as helping them to develop growth strategies to boost their long-term value.
Ririek Adriansyah, president director of Telkomsel, said: “We recognise that Southeast Asia is a region that is growing very fast. Our collaboration through TMI will provide Telkomsel the ability to bring engagement models that are more flexible, responsive and reliable for start-ups looking for access to our strategic capital, and at the same time can provide a better user experience with mutually beneficial cooperation in the long term.”