MyRepublic Raises $3.5 Million from Sinar Mas Group.
MyRepublic, the Singapore-based telecommunications and fibre operator, has recently secured a total of $3.5 million in funding from energy company Dian Swastatika Sentosa(DSS), a subsidiary of the Sinar Mas Group, in return for up to 5.9 percent ownership within the company. The Sinar Mas Conglomerate have become involved in a few deals within Asia, mainly, the joint venture between Excite Japan, one of Japan’s leading internet portals, to being working on an online advertising service for Indonesia.
This recent investment for MyRepublic seems to be that the conglomerate has taken a sudden interest for the Singapore Market, despite it’s diminutive size next to that of the Indonesian market. It’s most likelt that the Sinar Mas Group intends to use the country as a launching pad to expand towards other Asian regions.
The owner behind the Sinar Mas Group, Eka Tijpta Widjaja, holds control over the world’s second largest palm oit products through Singapore-based GoldenAgri Resources, according to information provided by Bloomberg. Its possible that it may emply a same strategy for telecommunications, which is one of the six vertical sthat the group is involved in. Other also include a pulp and paper, agri-business and good, financial services, real estate development and energy and infrastructure.
MyRepublic’s cliam to fame is to provide a 1Gbps broadband service that cost a total of $40 per month, much more cheaper than currently existing rates from largest competitors such as Starhub and Singtel. it has made itself out to be an “Open Telco’ one that shall commit a joint development of services.
It has previously made an announcement earlier within the year during January to launch its MyGigNation initiative, which is a living laboratory to support developers in building Gigabit services and application. it claims to provide these independent develops with technical resources, custom routing and network optimization to support applications, exposing API’s with potential integration and its billing and CRM platform, and a joint marketing and promotion effort for their ideas.