Circles.Life is planning to expand beyond the Singapore market for the first time.
The mobile virtual network operator said at a press conference on Thursday (Feb 14) that it will launch in more than five countries in the next 18 months – starting with Taiwan in the second quarter this year, and Australia in the next.
The digital telco said that S$50 million has been set aside for each launch, and that it has already signed deals with “key networks which have the widest coverage in both countries”. It also said it will be the first fully digital telco in both of these markets.
These plans to expand into international markets follow the closure of Circles.Life’s Series C round of financing led by venture capital firm Sequoia India.
Circles.Life co-founder Rameez Ansar declined to reveal exactly how much was raised, but said that the amount is a “fairly big chunk”.
Co-founder Abhishek Gupta said during the press conference that this was the first time that the “picky” Silicon Valley-based investor was making an investment in a telco.
Circles.Life is also planning to use the funds to expand its range of personalised digital services.
Apart from the S$50 million investment in each country, Circles.Life, which was founded in Singapore in 2016, is also committing another S$25 million to its data science and engineering centre in Bangalore.
New S$20 unlimited data option
On Thursday, Circles.Life also launched a S$20 unlimited data option as an upgrade of its 20GB for S$20 plan, which it says is its “most popular” product.
The new option is available for both new and existing users – those who use the 20GB for S$20 plan will automatically be upgraded.
Circles.Life also launched the new Circles PhoneProtect device insurance plan – in partnership with insurance company HL Assurance – that will cost S$7 a month. This add-on option covers screen cracks, liquid damages, and door-to-door replacements, Circles.Life said.
In October 2017, Circles.Life announced plans to officially launch in Indonesia by 2018 but that has yet to happen. However, it said it had met its goal of achieving three to five per cent market share in Singapore by 2019. According to the company, it now has a 5 per cent share of Singapore’s mobile subscriber market.