Mandiri Capital Indonesia (MCI), a corporate venture capital (CVC) firm backed by Indonesia’s largest financial corporate, Bank Mandiri, have unveiled its first overseas Xponent program in Bangkok, Thailand.

MCI said in a statement on Friday that the firm has launched the XYZ program to enhance its strategic investment impact, which includes several targeted initiatives, such as Xponent, Xchange, Y-Axis and Zenith.

According to the statement, Xponent facilitates startup expansion by fostering market access and strengthening business alignment between startups and Bank Mandiri’s business units.

This program has engaged 95 startups across three batches, signing 12 memorandum of understandings (MoUs) and involving 25 business units within Bank Mandiri and its subsidiaries.

Meanwhile, Xchange is an innovation benchmarking activity conducted by visiting various innovation labs abroad.

Y-Axis, on the other hand, provides a platform for startups to expand their networks to investors, tech communities, state-owned enterprises, and corporations;

Zenith is a four-month acceleration program aimed at business growth for startups through a curriculum of mentoring, workshops, and synergy creation with the Mandiri Group ecosystem.

It not only provides insights and networks to startups but also integrates their business-wise with the Mandiri Group.

“When collaborating, MCI employs two approaches: starting from identifying Mandiri’s internal needs to mapping the right startups, followed by introducing innovative solutions from startups to Mandiri’s business,

“For this, MCI ensures that the collaboration brings a value proposition and aligns with Mandiri’s business focus,” said Ronald Simorangkir, Chief Executive Officer of Mandiri Capital Indonesia.

It is noted that MCI has partnered with nine portfolio startups and Zenith finalists to showcase their products and pitch business ideas.

These startups include Mekari, KoinWorks, AyoConnect, Delos, iSeller, Kecilin, Fishlog, Imajin, and AI Rudder.

“Going forward, MCI will continue to commit to strengthening the startup ecosystem in Indonesia,

“To solidify our position as a global venture capital leader, we aim to support international startups entering the Indonesia market through ecosystem and knowledge sharing,” said Dennis Pratistha, Chief Investment Officer of Mandiri Capital Indonesia.

Currently, MCI boasts a portfolio of over 20 startups from 14 verticals, including lending, business to business (B2B) value chains, and payment enablers.

Since its inception in 2015, MCI has facilitated investments and cultivated partnerships between its portfolio and the Mandiri Group.

Currently MCI have several funds including: Balance Sheet Fund, Merah Putih Fund, and Indonesia Impact Fund.

Notable companies in MCI’s current portfolio include: AgriAku, Amartha, Ayoconnect, Cakap, Greenhope, iSeller, Kecilin, PrivyID, PTEN, Qoala, Sinbad, and Yokke.

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