MyRepublic gets $52m funding injection
Singapore-based ISP MyRepublic has secured a S$70 million ($51.9 million) investment to pursue further regional expansion and establish MVNO operations.
The investment from the Makara Innovation Fund will be used to expand the company’s geographical footprint and further develop its platform, MyRepublic CEO Malcolm Rodrigues said.
“We have been developing our proprietary cloud platform for the past five years, which has enabled us to deploy a single operational platform across countries and break industry records by turning EBITDA-positive within two years of entering each new market,” he said.
“The 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.”
Possible new markets include Malaysia, Philippines, Vietnam, Myanmar, Thailand, Cambodia and Sri Lanka, he said.
As part of this expansion drive, the company is pursuing launching MVNO operations in each of its four current operating markets – Singapore, Australia, Indonesia and New Zealand.
MyRepublic had initially been planning to commence MVNO services in Singapore only by the end of this year, but due to its expanded ambitions launch plans will be held over to the first quarter of 2018.
MyRepublic is meanwhile targeting MVNO launches in Australia and Indonesia by the middle of next year.