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Challenger sets up venture arm with S$1m

CHALLENGER Technologies has set up a venture arm with S$1 million of paid-up capital to invest in digital platforms, the electronics retailer announced on Tuesday after the market closed.

Challenge Ventures' purpose will be to invest in businesses that can support and complement the company's business operations, the company said. Challenger's recently set up e-commerce portal Andios, as well as its existing marketing solutions subsidiary inCall System, will be injected into Challenge Ventures.

Another S$20 million could be injected into Challenge Ventures if suitable investments are found, the company said.

"We intend to look for suitable investments beyond brick-and-mortar retail businesses in order to expand our physical retail footprint as the largest IT retail chain store operator in Singapore," Challenger chief executive Loo Leong Thye said in a statement. "Investing in digital platforms will help us achieve our vision of being a large online and offline player."