JAKARTA (TheInsiderStories) – A local venture capital, PT Telkomsel Mitra Innovasi (TMI), get fresh funding of US$40 million from its parent company, PT Telekomunikasi Indonesia Tbk (IDX: TLKM). The funds use for its business by funding new startups until the end of 2019.
According Chief Executive Officer MTI Andi Kristianto, with the new injection, the new company would look for startups that already had traction and seemed to be able to synergize with assets owned by PT Telekomunikasi Seluler (Telkomsel).
After get fresh funding from its holding, yesterday, MTI joined with MD Ventures injected undisclosed amount of funds to a strategic investment-based company funded PT Finaccel Teknologi Indonesia or popular with brand Kredivo. In early 2019, both companies had also made initial funding to Kredivo with total amount $30 million.
Kredivo is a startup with innovative products in the form of new alternative digital payment methods, with a variety of methods and payment terms for buyers. Kredivo has been helping payment transactions for major players in e-commerce such as Tokopedia, BukaLapak, Shopee, and Moka’ online cashier system.
In addition to Kredivo, Kristianto admitted, Telkomsel Mitra Innovasi did not set the number of startups that will be funded this year, but certainly MTI will see the opportunities. So far, TMI collaborated with MDI Ventures, Telkom, and Singtel Innov8.
FinAccel CEO Akshay Greg admitted, he was pleased with the support of Telkomsel. Kredivo and Telkomsel have the same goal in building reliable financial products that are able to eliminate transaction difficulties, and make purchases more affordable.
With less than 10 percent of credit applicants successfully obtaining traditional credit products, Kredivo wants to expand access to capital, which they believe is able to help build a growing Southeast Asian economy.
Previously, in June, another Telkom‘ unit, Whispir, listed on the Australian Securities Exchange (ASX) with a WSP code. Whispir is an Australian startup engaged in the development of automation and cloud technology platforms that facilitate business services in communicating with stakeholders in the work environment.
Besides, Whispir also applies Artificial Intelligent technology, IoT devices, and data analysis in product development. This investment aims to support the development of Telkom’ digital business going forward and Whispir itself has synergized with other subsidiaries, Telkomtelstra.
Meanwhile, MDI Ventures is currently the most active corporate venture capital in Indonesia with a good track record of exit, and Telkom was formed to develop digital business.
To date, MDI Ventures has invested in 33 companies in 10 countries. In investing, there are several startup criteria that are used as references by MDI Ventures, including having high future value and positive synergy value for TelkomGroup product development.
Recently, TMI with MDI Ventures injected $4 million in the first round of its ongoing Series C investment in Anchanto, a Singapore headquartered pan-Asia SaaS technology company. MDI Ventures’ funding comes after Series B funding from Japan’ Transcosmos Inc., and Singapore’ Luxasia Group in May 2017.
The proceeds of the fund will be used to expand the market outreach and to build a stronger regional Southeast Asia presence.
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