Singapore-based MVNO Circles.Life plans to invest $250 million to launch mobile services in over five countries, including Taiwan and Australia, in the next 18 months.
Circles.Life also said it closed a series-C funding round led by Sequoia, but declined to say how much it raised or its valuation.
“Some of other investors include relatively big family offices in Indonesia, and folks behind companies such as (Philippines’) PLDT, who bring a lot of global expertise as well as local knowledge,” Abhishek Gupta, co-founder of Circles.Life, said.
The company will invest more than $50 million in each of its new market launches, it said in a statement. However, the investment amount could change depending on the markets, Gupta said.
Circles.Life is one of the mobile virtual network operators (MVNOs) in Singapore. It never revealed the number of mobile subscribers in Singapore.
Singapore’s telecom market is set for a shakeup as a new player TPG Telecom is preparing to launch services. Last year, conglomerate Keppel and Singapore Press Holdings offered to buy a majority control of mobile operator M1 Ltd.