Telkomsel, partners create US$40m fund for startups

Singapore

TELKOMSEL, Singtel's regional associate in Indonesia, has created a new fund with an initial budget of US$40 million, in collaboration with Telkom's corporate venture capital (VC) initiative MDI Ventures and Singtel's corporate VC arm Innov8.

The move will also involve the establishment of a fully owned subsidiary called Telkomsel Mitra Inovasi (TMI), a corporate venture arm which will forge partnerships with startups. The subsidiary will also be responsible for investment activity, as well as collaborations across Telkomsel's various business units.