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Jakarta Post

Telkomsel invests US$40 million in startups

  • News Desk

    The Jakarta Post

Jakarta   /   Tue, May 14, 2019   /   08:11 am
Telkomsel invests US$40 million in startups Telkomsel sales promotion women check their cell phones. (Kompas/-)

Telkomsel, a cellular operator subsidiary of state-owned communications company PT Telkom Indonesia, announced on Monday a US$40 million investment to develop the digital economy ecosystem.

The funds were invested in collaboration with Telkom's MDI Ventures and Singtel Innov8, the corporate venture capital (CVC) arm of Singtel, according to Telkomsel’s press statement received by The Jakarta Post.

The statement said the initiative would involve a 100 percent owned subsidiary called Telkomsel Mitra Inovasi (TMI) that would be responsible for investments along with synergy and collaboration between Telkomsel's various business units.

"Recognizing that Southeast Asia is a fast-growing region, our partnership with Telkom’s MDI Ventures and Singtel’s Innov8 through TMI will allow Telkomsel to proclaim a more agile and reliable engagement model to startups,” Telkomsel president director Ririek Adriansyah said in the statement.

Ririek added that Telkomsel expected TMI to act as a platform to access a range of emerging opportunities in the technology sector.

Edgar Hardless, Singtel Innov8 CEO, said saw more and more startups were looking to expand into Southeast Asia earlier in their journey, given the size and growth potential of the region.

“Telkomsel, with its strong local market presence, is well positioned to help these startups gain access into Indonesia. We look forward to working closely with TMI,” Hardless added.

Meanwhile, TMI CEO Andi Kristianto said the company would work closely with startups to establish a strategic and operational plan to maximize long-term cooperation.

Since 2015, Telkomsel has been involved in developing more than 5,000 startups in 20 cities across Indonesia and launched internet of things’ (IoT) incubator Telkomsel Innovation Center (TINC) in 2018. (bbn)