Singapore-based digital telco Circles.Life announced in a press release that it has received an undisclosed amount of “substantial” investment from Warburg Pincus, the global private equity firm.
Prior to that, the contract-free telco services had also raised funding from Sequoia, EDBI, and Founders Fund.
According to a report by Tech In Asia, the funding round had put the company “closer to unicorn status.”
The newly added funding will be used by the firm to push growth and expansion into new markets. Currently, the company is operating in Singapore, Taiwan, and Australia.
In an interview with e27, co-founder Abhishek Gupta had also expressed plans of expanding into Indonesia in the future.
“We see a tremendous growth opportunity for Circles. Life, within the rapidly digitising mobile market in the Asia Pacific. The industry has not adapted quickly enough to provide a seamless experience to its customers in this new age, creating a large white space for technology-enabled challengers. We are excited about our partnership with Circles and expect the company to capture a significant share of the highly valuable digital-savvy customers across multiple markets,” said Saurabh Agarwal, Managing Director at Warburg Pincus.
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Since its 2016 funding, Circles.Life has managed to secure over five per cent market share and successfully entered foreign markets such as Taiwan and Australia, making it the “only digital telco in the Asia Pacific with significant operations in multiple markets”, according to the company.
Circles.Life has also diversified its offerings recently by partnering with Singapore-based ticketing company Sistic, expanding from telco to ticket-booking.
“With its backing, we are well-positioned to further accelerate our growth and transform the fast-growing industry through providing not only the best-in-class digital mobile services but also personalised lifestyle experiences to better cater to our customers,” added Gupta.
Warburg Pincus primarily invests in telco and tech companies worldwide, including investments in Gojek, Trax, MoMo, Converge, Bharti Airtel, Ziggo, Inexio, and United Internet.
The firm began investing in Asia over 25 years ago and has become one of the most active investors in the region.
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Image Credit: Circles.Life
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