Circles.Life raises Series C; plans to expand into 5 countries including Taiwan and Australia
SINGAPORE (Feb 14): Local mobile virtual network provider Circles.Life announced Thursday it has closed a Series C round of financing, and unveiled plans to start operations in Taiwan and Australia this year.
The company did not disclose the amount raised in this Series C round. The round of financing was led by Sequoia Capital India, with other investors including family offices in Indonesia.
Circles.Life claims that it has secured a 5% market share in Singapore since its launch in 2016, and will look to replicate its model in other markets.
Circles.Life is looking to launch in five countries in the next 18 months. The company is expecting to begin operations in Taiwan by 2Q19, and in Australia by 3Q19.
The operator says it will be tying up with its current partner networks in those countries to launch their operations.
The company is looking to invest more than $50 million for each market launch. It is also committing $25 million into investing in Circles-X, its proprietary management software platform.
Meanwhile, in Singapore, Circles.Life is launching a new upgrade of its 20 GB for $20 plan. Customers can now buy a $20 unlimited data as an option on top of their base plan. This will be available to existing and new users, subject to a fair usage cap.
The operator is also launching a new insurance plan called Circles PhoneProtect device insurance, which covers screen cracks, liquid damages and door-to-door replacements for $7 a month. Circles.Life is partnering HL Assurance to launch this new product.
