Indonesian conglomerate MNC Group invests $40m in Migo’s local unit

Migo application interface. (Photo: Tabita/DealStreetAsia)

PT MNC Vision Networks Tbk, a unit of media conglomerate MNC Group, has invested $40 million for a minority stake in the Indonesian arm of video-on-demand service Migo to accelerate its rollout in the archipelago.

Migo Indonesia is the local operating company of Temasek-backed Migo, a disruptive lastmile content delivery platform founded by E Ink inventor Barrett Comiskey.

Migo Indonesia plans to expand its network to up to 10,000 locations across Java island by the end of 2022. The move will make the service available for 100 million Indonesians, according to a statement. The company is targeting to reach 20 million paid monthly users by 2025.

MNC Vision Networks (MVN) had announced its cooperation with Migo Indonesia in June this year, a collaboration that allows Migo to distribute MVN’s entertainment content. In return, MVN takes a direct stake in Migo Indonesia.

“I believe this investment will benefit both parties,” MNC Group’s executive chairman Hary Tanoesoedibjo said in a separate statement on Monday.

As part of the agreement, MVN executives Ade Tjendra and Clarissa Tanoesoedibjo have joined Migo Indonesia’s board as commissioners members.

Internet penetration in Indonesia is estimated at around 70% in 2021, according to Statista, but the connection remains unreliable in some areas in the archipelago.

Migo Indonesia offers offline video-on-demand via its network partner of corner stores across Java island. At the stores known as “Warung Migo,” users can access Migo’s network to download video content at a high speed.

“We look forward to reaching the tens of millions of people who do not have access to OTT services or are unable to gain access to continuous data pipelines,” MVN president director Ade Tjendra said.

Migo announced its undisclosed Series B2 funding round in September last year from participants including Lippo Karawaci commissioner Ray Zage, YouTube co-founder Steve Chen, and Agaeti Ventures founder Pandu Sjahrir.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.