MyRepublic Secures Funding In Hopes of Becoming Singapore’s Fourth Telco.
Singapore-based fibre broadband service provider MyRepublic, which is currently reaching out to become Singapore’s fourth telco operator, has recently secured over more than S$30 million in funding from over two investor, laying down the first foundation for its ambition to penetrate a sector already dominated by three players.
Indonesian-based talco Sunshine Network, owned by conglomerate Sinar Mas, has dumped over more than S$20 million, MyRepublic CEO Malcom Rodrigues stated during an interview. French telecoms billionaire Xavier Niel, founder of the French telco Free, has also invested over S$10 million. Mr. Rodrigues stated that Sunshine Network is very interested in adopting MyRepublics low-cost mdel and sharing its platform, while Mr.Niel objective is to ride MyRepublics coattails during its expansion to countries such as New Zealand and Australia.
The Indonesials stated, “We like your operating model, we think we can borrow that model and apply it to the Indonesia market,” stated Mr.Rodrigues, further elaborating that Sunshine Network is looking to share MyRepublic’s cloud-based platform, which shall, in turn lead towards lower operating costs.
MyRepublics runs every single one of its operations, which include billing, customer service, accounting and sales management, on a cloud infrastructure.
“Both parties invested on the back of the next-generation broadband network story, which is their primary interest. But of course, they are also intrigued by our mobility plans,” Mr Rodrigues concluded, further adding that discussions had begun sometime around a year ago, with the money finally coming in the third week of the last month.
During the previous month, MyRepublic submitted a proposal to become Singapore’s fourth telco operator, after the Infocomm Development Authority requested public feedback on the allocation of spectrum and on ways to improve mobile competition. The startup has budgeted that it will need over S$250 million to set up a new mobile network. But as its porposal is still awaiting approval, the investment form the two firms shall go to the fibre broadband part of its business, marketing expenses and other area, stated Mr.Rodrigues.
With that said, MyRepublic, which has caused an ongoing disruption for the market by offering 1Gbps fibre broadband plan for only S$50 a month, a fraction of what the other telcos are currently offering, it’s keen on creating even more waves by proposing a consolidation with other smaller players.