Telkomsel Form a New Investment Unit, Prepare 576 Billion Rupiah for Startup Funding

Telkomsel announced the formation of a new investment sub-unit named TMI (Telkomsel Innovation Partners) who will be responsible for managing investment funds and the company's line of business synergy processes. A total of $40 million (equivalent to 576 billion Rupiah) has been prepared to be invested in a number of startups in Indonesia. In disbursing this investment, Telkomsel partnered with MDI Ventures and Singtel Innov8.

Funding will focus on startups in the big data, IoT, as well as the entertainment industry (music, games and video). He hopes that this can help improve corporate awareness in the growing digital business ecosystem.

For a long time known as a connectivity and telecommunications company, Telkomsel take the initiative to start a new business model. The concept actually started three years ago.

President Director Telkomsel Ririek Adriansyah explained, "Through TMI, Telkomsel want to present engagement models which is more flexible, responsive and reliable for startups seeking access to strategic capital and at the same time can deliver user experience which is better with a sustainable symbiotic alliance."

As venture capital as an extension of the Telkom Group, MDI Ventures will act as Fund Manager, and focus on sharing insight with Telkomsel in running TMI.

In his official statement, Nicko Widjaja as CEO of MDI Ventures said, "Within three years, we have grown from an experimental CVC (Corporate Venture Capital) into a growth vehicle for Telkom Indonesia. this funding and work in various digital telecommunications sectors."

About timeline In the first year, Nicko admitted that his party had targeted several startups to become a portfolio. The target this year is to be able to invest in more than ten early-stage startups.