1. Startups

Mandiri Capital Delays Four Investments Due to the Pandemic

The initial external fundraising plan has not yet been completed, it is divided into two stages

Mandiri Capital Indonesia (MCI), a venture subsidiary of Bank Mandiri, revealed that it had postponed plans to inject new startups into its portfolio due to the Covid-19 pandemic. MCI is said to be eyeing four startups engaged in the fintech.

MCI CEO Eddi Danusaputro explained, the actual approach process had taken place before the pandemic, but in the process due diligence requires both parties to meet face-to-face. It needs to verify the location of the startup office, visit users, and so on.

"If it's just for discussion, it can actually be done via digital. But we still need to verify the office, must spot check to location merchant if the business is B2B," he said quoting from the results of a joint interview CNBC, yesterday (27/5).

He emphasized that although delaying due to the pandemic did not reduce appetite MCI to keep investing in the sector fintech.

Separately, to DailySocial, Eddi said that there are four startups fintech who is in the process due diligence with MCI. Although, he is reluctant to reveal more details regarding the name of the startup and the vertical fintech which one is being targeted.

“Before the pandemic started [the approach process], but the process was delayed excited pandemic."

This delay, he continued, did not have a significant impact on the company's performance, nor on the competitive landscape between VCs. He said, MCI never targeted to invest in how many startups or the amount of funds prepared each year.

This year's budget for investing in new startups is said to reach IDR 50 billion. This figure changes every year according to the injection of funds given by the parent to MCI. “There is no competition between VCs. [We] even invest with. "

Other pandemic impacts also require MCI to resign external fundraising prime. Therefore, it should be divided into two stages and the company has completed the first stage.

The funds that have been collected have reached $50 million, already half of the initial target of $100 million. Eddi is not yet willing to reveal the identity of the LP from this funding. “So gradually [due to the pandemic]. There is first closing ($50 million), then second closing. "

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In a previous interview, Eddi said that this initial external funding will help MCI meet the funding needs of startups fintech in Indonesia. If you rely solely on sources of funds from Bank Mandiri, your needs cannot be met quickly.

He said that he had done roadshow to Japan and South Korea to attract investors to Indonesia.

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