Telecom operator MyRepublic on Wednesday said private equity fund Makara Innovation Fund would invest S$70 million in the firm, which will be used to expand its regional footprint.
According to media reports, MyRepublic intends to use the funds to launch mobile services, including in Singapore, by next year.
MyRepublic, which has operations across Singapore, Indonesia, New Zealand and Australia, was initially looking to launch mobiles services in Singapore, via a mobile virtual networking operator (MVNO) model in partnership with a local telco.
But the company now plans to launch mobile services in all the four markets instead of a single market.
With strong leadership from the government and progressive regulatory environment, Singapore offers highly competitive telecom market place in Asia.
In 2016, Australia-based TPG Telecom won the rights to become Singapore's fourth telco operator after the three incumbents — Singtel, Starhub and M1 — had the market locked up for 15 years.
MyRepublic aims to use funds towards building up its consumer and enterprise markets, as well as customer service.
"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," he said in a statement.