Telkomsel, the mobile network subsidiary of Indonesia-headquartered telecommunications company Telkom Indonesia, has launched a $40m VC fund in collaboration with telecoms firm Singapore Telecommunications, Business Times reported yesterday.
The fund was jointly formed by the companies’ existing corporate venturing units – MDI Ventures, and Singtel Innov8 – and will be managed by Telkomsel Mitra Inovasi (TMI), a newly established corporate venturing arm of Telkomsel that is intended to set up partnership deals with startups.
TMI will be tasked with managing investment funds and fostering collaboration with various Telkomsel businesses. The fund will target startups that have the potential to collaborate with Telkomsel, providing each portfolio company with access to the company’s ecosystem and assets.
Telkom Indonesia’s MDI Ventures unit was launched in early 2016 and currently lists more than 30 portfolio companies on its website, including online advertising platform Geniee, which floated on the Tokyo Stock Exchange in 2017.
The portfolio also includes insurance technology developer CXA Group, mobile wallet developer Payfazz, e-commerce services provider aCommerce, cross-border money transfer platform Instarem and FinAccel, the owner of digital credit card product Kredivo.