MyRepublic lined up a SGD70 million ($51.6 million) investment from a private equity company to fund its regional expansion, which reports indicated will involve establishing MVNO operations in Singapore, Indonesia, Australia and New Zealand.
The funding comes from Makara Capital’s SGD1 billion innovation fund, which focuses on late-stage start-ups and growth-stage companies.
In a statement announcing the funding, MyRepublic CEO Malcolm Rodrigues said it developed a proprietary cloud platform over the past five years which enabled it to deploy a single operational platform across countries.
“This investment will supercharge the platform’s development, support our aggressive growth path to expand our regional footprint within a record-breaking timeframe, and deliver an even wider range of services,” he said.
We’ve got something BIG to share with everyone today. MyRepublic is excited to announce that we’ve raised SGD $70 million from the Makara Innovation Fund, a private equity fund established by Makara Capital! READ MORE about our investment news here: https://t.co/IxgFJkOIUy pic.twitter.com/KZxkEm0CV9
— MyRepublic (@MyRepublic) November 22, 2017
Singapore-based MyRepublic is a broadband internet service provider (ISP) with operations in Singapore, Indonesia, Australia and New Zealand.
As part of its expansion, the company said it will launch MVNO operations in the four markets during 2018 starting with Singapore in Q1, Channel NewsAsia reported. Other target markets are Malaysia, the Philippines, Vietnam, Myanmar, Thailand, Cambodia and Sri Lanka.
MyRepublic said in July it was planning an IPO in late 2018 to raise funds to expand in Asia.
In December 2016, the company failed in an attempt to secure Singapore’s fourth mobile licence in a spectrum auction open only to new entrants, losing out to Australia-based fixed line operator TPG Telecom.