When Telkom, Indonesia’s largest telco, committed US$100 million to fund startups through its subsidiary MDI Ventures in 2015, it was a big deal. MDI was the first corporate venture capital fund operated by a state-owned enterprise (SOE) in Indonesia. Since then, two more such such funds have been set up, both at state-owned banks.
MDI did well. Not only by delivering strategic value to the Telkom Group. It managed to bring home financial returns that nobody at the parent firm really saw coming, according to Donald Wihardja, MDI’s CEO.
Recently, Telkom signed off on a US$500 million US$500 million Bloomberg Indonesia’s MDI Ventures Closes New $500 Million Startup Fund Read more follow-on fund for MDI, yet again, setting a whole new standard in the SOE world.