SINGAPORE - Private equity firm Makara Capital is putting $70 million into telecommunications operator MyRepublic, it announced on Wednesday (Nov 22).
The investment from the billion-dollar Makara Innovation Fund will be used to grow MyRepublic's geographical footprint and to scale up its product and service offering.
The fund, which focuses on late-stage start-ups and growth-stage companies leveraging Singapore as a regional hub, is advised by its strategic partner, IP ValueLab.
The management consultancy service provider, a unit of the Intellectual Property Office of Singapore, had assessed MyRepublic to have "strong brand equity, technical know-how, substantial data assets and scalable digital platforms", said IP ValueLab executive director Tan Shau En.
MyRepublic chief executive Malcolm Rodrigues said in a media statement that the investment would "supercharge" the development of the company's proprietary cloud platform, which he said helped MyRepublic's growth in new markets.
It now operates in Singapore, Indonesia, New Zealand and Australia, and plans to expand across South-east Asia.
Mr Rodrigues told a media briefing the investment will "effectively triple the business over the next few years and drive the valuation further".
He reiterated that MyRepublic is on track for a public listing in the next 18 months.
"With Makara taking the lead, with some follow-up investors, we expect to be oversubscribed," he added.