Responding To Storm Of Startup Layoffs, Telkom Makes Sure To Be More Careful In Disbursing Investment Funds

President Director of Telkom Ririek Adriansyah. (Photo: Doc. Telkom Indonesia)

JAKARTA - PT Telekomunikasi Indonesia (Persero) Tbk or Telkom spoke about the number of start-ups or startups that are restructuring their businesses, including reducing the number of employees. Telkom President Director Ririek Adriansyah said Telkom would be more careful in investing in start-up companies.

"Indeed, if we look at the fact that in the last few months there has been substance in startups worldwide. That way we will continue to invest in these startups, of course we will be more careful," he said at a virtual press conference, Friday, May 27.

Ririek explained that in investing in startups, Telkom is not only looking for profit. But also looking for synergy opportunities that will be obtained between the startup and the Telkom Group, namely Telkom and all of its subsidiaries.

"That way, even if there are ups and downs in stock prices, we believe we can still monetize through existing synergies," he explained.

Likewise, Telkom's Strategic Portfolio Director, Budi Setyawan Wijaya, said that Telkom's investments in startups will be carried out very selectively.

"We will do (investment) very selectively. Where the corridor is not only looking at the valuation side but also the synergy," he said.

In terms of multiple values, said Budi, in 2021 Telkom's investment in startups is considered quite profitable with realized gains reaching Rp140 billion.

"In addition, the synergy value is also quite large, where in the first quarter of 2022 the synergy value from Telkom startups in Telkomsel and MDI Ventures is more than Rp500 billion," he said.