SINGAPORE (Reuters) – Sequoia-backed Singaporean mobile services provider Circles.Life said on Thursday it plans to invest more than $250 million to roll-out services in more than five countries, including Taiwan and Australia, in the next 18 months.
Singapore telecom market is set for a shakeup this year, as a new player TPG Telecom is preparing to launch services. Last year, conglomerate Keppel Corp and Singapore Press Holdings offered to buy a majority control of the mobile operator M1 Ltd.
The Circles.Life also said Thursday that it closed a series-C financing round that was led by Sequoia, but refused to say how much up or her valuation.
“Some of our other investors are a relatively large family offices in Indonesia, and the people behind the companies, such as (Philippines) PLDT, which bring a lot of global expertise and local knowledge,” Abhishek Gupta, co-founder of Circles.Life, said during a briefing.
The company is investing more than $50 million in each of its new market launches, said in a statement. However, the investment amount may change, depending on the markets, Gupta said.
Circles.Life is one of a handful of of the mobile virtual network operators (mvnos) in Singapore. Mvnos usually buy the access air carriers ‘ networks at wholesale rates, and to market their phone plans for specific users, such as the more value-conscious consumers.
Reporting by Aradhana Aravindan; Editing by Shreejay Sinha