Singapore ISP MyRepublic has attracted over $30 million in international investment funding to support its goal of becoming the city-state's fourth mobile operator.
Indonesia's Sunshine Network has invested over $20 million, while the founder of French telco giant Free has invested $10 million, TODAYreported, citing CEO Malcolm Rodrigues.
Sunshine Network is making the investment because it is interested in applying MyRepublic's low-cost service delivery model to the Indonesian market, while Free founded Xavier Niel hopes to use the investment as a stepping stone to expansion in countries including Australia and New Zealand.
MyRepublic last month submitted a proposal with regulator IDA seeking permission to become Singapore's fourth mobile operator. The ISP has estimated that it will need around S$250 million ($199.9 million) to build a mobile network.
But because IDA has yet to approve the plan, MyRepublic will instead put the investment towards building the fiber part of its business.
MyRepublic has also proposed consolidation with other smaller ISPs to build scale, and is eying three companies with a mostly business subscriber base, Rodrigues said.