MyRepublic is a Singapore-based Internet firm which is multi-national. It was created in order to leverage the “next gen” national broadband network in Singapore. Clearly, MyRepublic is a company which is going places. This viewpoint is based on the fact that the Makara Innovation Fund, which is known as MIF for short, has announced plans to invest heavily in MyRepublic, to the tune of 51.8 billion US dollars.
This equates to a whopping 69.79 million Singapore dollars. This investment is the first one for MyRepublic which has been reported publicly.
the new funding will turbo-charge the creation of an exclusive, cloud-based platform for MyRepublic. As well, it will support an ambitious expansion initiative. It will also help MyRepublic to deliver extra services. This information comes from MyRepublic’s Chief Executive Officer, Malcolm Rodrigues.
In April of 2017, MIF decided to partner with IPOS (the Intellectual Property Office of Singapore), with a mind to achieving a funding goal of one billion Singapore dollars. the goal of MIF and IPOS is to make investments in companies which are displaying superior growth and which have trusted business models, as well as intellectual property which is strong.
Examples include late-stage startups and more established companies in Singapore and other regions. Companies which show robust pan-Asian growth are candidates.
MIF Believes in MyRepublic
IP ValueLab carried out an evaluation of MyRepublic before the new investment happened. The evaluation was positive. MyRepublic met all criteria and the investment decision was made based on hard facts. According to MyRepublic’s CEO, MyRepublic is expected to initiate an initial public offering next year (2018). Back in July of 2017, the company hoped to raise another 73 million dollars in funding. Obviously, it’s making great inroads, thanks to the new cash infusion.
MyRepublic’s existing funding round is still happening. The company anticipates raising around 110 million US dollars. Eventually, the company should feature a valuation of 480 million US dollars. The new cash injection from MIF has helped the company to move towards its funding goal for this round. More investors should come in later on. The company is moving forward with initial public offering plans and it should be a public company within the next year and a half.
The IPO plans were revealed by MyRepublic’s CEO after MyRepublic failed to get Singapore’s 4th license for telco last year. Instead of awarding the 4th telco license to MyRepublic, it was given to TPG. This development apparently caused MyRepublic to becoming interested in purchasing M1, which does have a telco license in Singapore. The deal didn’t happen. M1 is no longer for sale.
MyRepublic is Very Profitable
MyRepublic earns plenty of profits and has plans to create a mobile plan network in Singapore. Since the company is growing so much and getting so much investment, its prospects are extremely good. Experts know that this company has all of the right features and plans. This is why so many investors are likely to come onboard, just as MIF did a short time ago.
About the Author
Morris Edwards is a content writer at CompanyRegistrationinSingapore.com.sg, he writes different topics like Singapore unveils major investments into deep tech startups and research, Wealth investments paying off for Singapores big three banks and all topics related to Singapore Economy, and if you want to know more about Singapore Business Registration visit our website.
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