Indonesian sovereign wealth fund INA and Singapore-based venture capital firm Granite Asia have announced plans to invest up to $1.2 billion in Indonesia’s technology sector. The joint investment aims to support tech-driven businesses and those with significant ties to the Southeast Asian country, according to a joint statement released on Monday.
The statement outlines that the funding will be allocated through a combination of equity and hybrid capital. However, it leaves key details unspecified, such as the exact contribution from each entity or the timeframe over which the investments will occur. Additionally, the announcement does not mention any specific companies or sectors slated to benefit from the substantial financial commitment.
INA, established in 2020, partners with both international and local investors to channel funds into Indonesia-based assets. The wealth fund, as noted on its website, has recently focused on infrastructure projects. Last week, INA highlighted its investment in sections of the Trans Sumatra Toll Road, a venture that involves financial backing from Dutch pension fund APG and the Abu Dhabi Investment Authority.
Granite Asia, which previously operated under the name GGV Capital, has re-branded and now manages assets worth $5 billion. Despite its transformation, the firm remains committed to venture capital investment, with the new initiative in Indonesia marking a significant step in its ongoing strategy.
