$1.2 BILLION Invasion: The Shocking Move That'll Change Indonesia's Tech Scene Forever

SINGAPORE (Reuters) - Indonesian sovereign wealth fund INA and Singapore-based venture capital firm Granite Asia said on Monday they will jointly invest up to $1.2 billion in Indonesia's technology sector, in a move that could spark a new era of growth and innovation in the region.

The investment, which is expected to be rolled out over the next few years, will focus on supporting local startups and scale-ups in Indonesia, with a particular emphasis on companies working in areas such as e-commerce, fintech, and healthtech.

According to a statement released by INA and Granite Asia, the joint investment will be used to support the development of Indonesia's digital infrastructure, as well as to provide funding for innovative companies that are working to address some of the country's most pressing challenges.

The move is seen as a significant vote of confidence in Indonesia's tech sector, which has been growing rapidly in recent years. The country is home to a number of successful startups, including ride-hailing company Go-Van and e-commerce firm Tokopedia.

The investment is also expected to create new opportunities for Indonesian companies to expand their reach and operations, both domestically and internationally. With a combined population of over 270 million people, Indonesia represents a significant market for companies looking to grow their presence in Southeast Asia.

For Granite Asia, the investment represents a significant expansion of the firm's operations in Indonesia. The company has a track record of investing in successful startups in the region, and the joint investment with INA is seen as a strategic move to tap into Indonesia's growing tech sector.

INA, which was established in 2020 to invest in strategic sectors of the Indonesian economy, has already made a number of significant investments in the country. The sovereign wealth fund has a mandate to invest in areas such as infrastructure, natural resources, and technology.

The joint investment is subject to regulatory approvals and is expected to be finalized in the coming months. Further details of the investment, including the specific companies that will be supported, are expected to be announced in due course.