Diversified Indonesia-based conglomerate Astra International has established a corporate venture capital subsidiary called Astra Mitra Ventura, DealStreetAsia has reported.
Astra International’s core business is in automotive retail, but its activities also cover areas such as heavy equipment and mining, financial services, agriculture, IT, infrastructure and logistics.
The corporate has already invested in several companies off its balance sheet, including ride hailing service Gojek and freight services marketplace Trukita.
Astra Mitra Ventura will make early-stage investments and its priority areas are manufacturing and infrastructure technology, the unit’s president, Jefri Sirait, told DealStreetAsia.
The fund will offer equity funding and convertible note financing as well as project financing, working capital and equipment financing. It is yet to raise a formal fund and will initially source capital through its parent company’s balance sheet.
