Heaptalk, Jakarta — Telkomsel’s venture capital subsidiary, Telkomsel Mitra Inovasi, has rebranded its identity into Telkomsel Ventures. Through this new identity, the company aims to focus on investing startups from industries that are aligned with the company’s strategic priorities, including digital lifestyle, digital enablement, and emerging technologies. According to the company’s official statement, the company will focus on three pillars that contain derivative sectors related to the Internet, artificial intelligence (AI), e-commerce, and entertainment.
“Our primary goal is to distribute funds to strengthen our growth strategy by utilizing Telkomsel’s assets and exploring new business opportunities. The identity renewal is one of the company’s endeavors to remain relevant and adaptive with the dynamic market, specifically in backing the startup elevation in Indonesia.” The CEO of Telkomsel Ventures, Mia Melinda.
Even though global economic conditions remain the primary obstacle to the development of the startup industry, Mia emphasized that Telkomsel Ventures continues to invest strategic funds in various startups as she observed the digital economy is projected to grow in Indonesia.
As explained in the latest e-Conomy SEA 2023 report arranged by Google, Temasek, and Bain & Company, Indonesia’s digital economy performed stable growth and is predicted to reach US$82 million of GMV, elevating 8% YoY this year. The output is claimed to boost Indonesia’s Gross Merchandise Value (GMV) to US$110 billion by 2025.
The company’s rebranding move also indicated a new period for the Indonesian startup ecosystem’s evolvement through the presence of a second flagship, following its success in completing its initial investment in the first flagship fund with total funds worth US$40 million in 2020. The company has poured this strategic funding into 17 startups in the Southeast Asian and North American markets, including:
- Evermos, a social e-commerce startup focused on halal products
- Halodoc, a health startup focused on telemedicine services
- PrivyID, a digital Know Your Customer (KYC) platform
- Sekolahmu, an integrated learning platform
- Edenfarm, an agricultural supply chain startup
- FinAccel, a parent company of Indonesian fintech Kredivo
Besides amplifying its investment record in the startups, Telkomsel Ventures also becomes an essential partner for resources, technical support, and mentorship, including collaboration with various parties involved in the startup ecosystem, spanning venture capital, community partners, and technology partners.
“By accomplishing this new milestone, Telkomsel Ventures would continue to back various technological ecosystems to reach their maximum progress in the archipelago. The company’s comprehensive expertise in this industry and its extensive partnership network will also be the foundation for providing resource contributions based on the startups’ requirements to achieve a clear path to business profitability.” concluded Mia
