Indonesia's conglomerates are expected to provide the cash for the fund this year, according to information and communcations technology minister Rudiantara.
Indonesian information and communications technology minister Rudiantara aims to secure IDR 12 trillion ($938m) from the country’s conglomerates for a venture capital fund that will invest in local startups, Kompas has reported.
Rudiantara also hopes to encourage corporates to invest in domestic startups rather than focusing on foreign investments. He has secured several pledges, but has not disclosed the identities of the interested parties.
The fund is expected to be launched later this year and will be managed by a…
