“Imagine the possibilities when your startup gains not just an investment, but a network that opens doors,” Rabbi Amrita Givatama says, encapsulating the essence of MCI’s approach.
At the forefront of the Money 20/20 Asia conference in Bangkok, a presentation by Mandiri Capital Indonesia (MCI) presented a strategy that resonated with founders and tech companies: a synergistic balance between funding and value creation.
Muhammad Salman, VP of Venture Fund, and Rabbi Amrita Givatama, SVP of Value Creation & Investment, shared their vision titled “Finding The Equilibrium,” illustrating MCI’s role in empowering Indonesian startups.
MCI, part of the Mandiri Group ecosystem, invests in tech companies, offering more than just capital. MCI leverages the financial services of the Mandiri Group to help startups grow and enter new markets by connecting them with the business units under Mandiri Group.
With assets exceeding $200 billion and a significant market presence, Mandiri Group stands as the backbone for MCI’s strategic initiatives. “Our presence in Indonesia offers a fertile ground for startups to grow. MCI leverages this extensive network to support startups beyond funding, helping them connect with established markets and scale efficiently,” explains Muhammad Salman.
XYZ Initiative: A Synergy Showcase
Salman and Rabbi’s presentation emphasized MCI’s role as a strategic bridge, connecting startups with the Mandiri Group ecosystem.
According to Rabbi, startups seek more than just capital; they are looking for platforms and partnerships that can propel them to new heights, a synergy that MCI is well-equipped to provide.
To this end, MCI has introduced the XYZ program to strengthen its role as a strategic investor, featuring several key initiatives:
- Xponent helps startups expand by improving market access and aligning them with the business units of Bank Mandiri. The program has involved 95 startups in three batches, signed 12 MoUs, and included 25 business units from Bank Mandiri and its subsidiaries.
- Xchange involves benchmarking innovation by visiting international innovation labs.
- Y-Axis offers a networking platform for startups to connect with investors, tech communities, state-owned enterprises, and corporations.
- Zenith, a four-month acceleration program, focuses on business growth through mentoring, workshops, and creating synergies with the Mandiri Group ecosystem. This program integrates startups into the broader Mandiri Group, providing them with vital insights and networks.
MCI matches startups with business units and offers business integration, creating a growth-centric environment. The XYZ value creation program is a testament to MCI’s commitment to startup development.
As further explained in the presentation, this four-month program equips startups with insights and guidance while facilitating real-world integration with Mandiri’s business units. The success stories from the program are numerous, with startups reaping substantial benefits from these partnerships.
How MCI Fuels Growth
Leaders from various startups shared their experiences of collaboration with Mandiri Capital Indonesia (MCI), providing insights into the tangible benefits they’ve realized.
Alex Jatra, CFO of AyoConnect, reflected on the significant changes since MCI joined them in 2021. “We were fortunate enough for MCI to join us in 2021. Before this, we hadn’t focused on the banking ecosystem. But thereafter, AyoConnect was trusted to manage significant aspects of Mandiri Livin’ and parts of Mandiri’s transactional banking, supporting it through its financial APIs. This partnership has given us a close connection with banking, as banks are crucial sources of funds,” he explained.
Fandi Darpi, CFO of iSeller, also commented on the continuous support from MCI, starting from their Series A funding. “MCI was one of our first investors. From our Series A, they have continued to support our business ventures, including projects with Bank Mandiri. Whenever we face challenges or need additional meetings with the bank, MCI facilitates these crucial interactions, helping us navigate and overcome obstacles,” he noted.
Bisma Manda Samsu, CEO of Kecilin, shared how the investment from MCI in 2023 has been beneficial. “Since being invested in by MCI in 2023, we’ve seen numerous benefits. Gaining access to Bank Mandiri, supporting it with our technology, and in return, seeing an increase in our revenue and valuation, has significantly enhanced our company’s position,” he stated.
These accounts from various leaders highlight the role of MCI not just as a financial backer but as a pivotal partner in navigating the complexities of growth and integration within the banking sector.
A Future Built on Collaboration
In terms of partnership and investment, MCI’s investment vision encompasses a wide sector spectrum, aiming to partner with startups that demonstrate clear growth potential and market fit.
MCI invites startups to join its ecosystem, offering a partnership that extends beyond just capital. The firm is actively seeking to support emerging leaders by providing a platform that enables them to excel. This partnership includes access to an extensive network, value creation initiatives, and market knowledge that is rarely available elsewhere.
In a presentation filled with actionable insights, MCI highlighted the crucial role a supportive venture capital firm can play for startups. Funding is just the starting point of the relationship with a startup. The firm focuses on integrating new companies into a thriving ecosystem and aligning them with opportunities that only a network like Mandiri can offer.
As the session concluded, attendees were left with more than inspiration. They received a blueprint for growth and a path to scaling in one of Southeast Asia’s most active economies. MCI aims to be the reliable partner that startups can count on when they are ready to make a significant leap forward.
For startups seeking growth in Indonesia, MCI represents an opportunity to connect with a larger network, to find a balance between receiving funding and gaining market access. As illustrated in their presentation, MCI is not just a funding source; it is a growth partner for startups at various stages.
“Imagine the possibilities when your startup gains not just an investment, but a network that opens doors,” Rabbi says, encapsulating the essence of MCI’s approach.
