Telkomsel Introduces New Investment Arm, Prepare 576 Billion Rupiah for Startup Funding
TMI is to focus on early stage on big data, IoT, and entertainment industry
Kristin Siagian - 14 May 2019
Telkomsel announces a new sub unit called TMI (Telkomsel Mitra Inovasi) in charge of the company's funding management and business synergy. A $40 million (around 576 billion Rupiah) is ready to be poured on some Indonesia's startups. In this investment, Telkomsel partners with MDI Ventures and Singtel Innov8.
Funding will be focused on startup in big data, IoT, and entertainment (music, game, and video). They expect this to increase corporate awareness in the developing digital business ecosystem.
Telkomsel, being known as connectivity and telecommunication company, had initiative to create a new business model. In terms of concept, it was already made three years ago.
Telkomsel's President Director, Ririek Adriansyah said, "Through TMI, Telkomsel aims to create an engagement model that is more flexible, responsive, and reliable for startups seeking access to strategic investment, meanwhile making a better user experience with a sustainable symbiotic alliance.
As an investment arm of Telkom Group, MDI Ventures is to play role as the Fund Manager, and focus to share insight with Telkomsel in running TMI.
In the official release, Nicko Widjaja as MDI Ventures CEO said, "In three years, we've grown as an experimental CVC (Corporate Venture Capital) to a reinforcement agent for Telkom Indonesia [..] We're very much into this collaboration with TMI and can't wait to work in various sector of digital telecommunication."
In terms of the first year's timeline, Widjaja admitted to have some startups in mind for the portfolio. The target is to invest in ten or more early stage startups.
– Original article is in Indonesian, translated by Kristin Siagian