Telkom’s CVC hasn’t made any new investments amid weak portfolio performance.
MDI Ventures, the CVC unit of Indonesian telecoms company Telkom, has paused new investments pending “internal checks” following losses in the portfolio, according to reporting from DealStreet Asia.
Telkom made the decision to put a hold on new investments, of which there have been none in several months, while its subsidiaries scrutinise internal governance.
“From early 2024, we’ve been thoroughly reviewing the lessons learned… with multiple stakeholders. Because of the scrutiny, [the group] has asked all subsidiaries, including MDI, to review all governance and compliance,” said MDI’s vice president of investments Aldi Adrian Hartanto in an interview with DealStreet Asia.
The unit has also paused capital transfers to its portfolio companies, several of which, including agritech and e-grocery company Tanihub, online education platform Zenius, poultry agritech platform Pitik and home goods Fabelio have shut down or been unable to pay their debts.
However, the unit does plan to resume investment activity later this year.
MDI Ventures’ portfolio also includes the likes of insurance provider Qoala, cloud communication platform Wavecell and B2B raw materials procurement company Proglix.
Fernando Moncada Rivera
Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
