Warburg Pincus Invests in Singapore Digital Telco Circles.Life

U.S. private equity firm Warburg Pincus has invested in digital telecommunications company Circles.Life amid the Singapore-based startup's expansion to new markets in Asia, the companies said Tuesday.

The companies described the funding as "substantial," but didn't offer further details.

The funding, together with previous investment from Sequoia India, San Francisco-based Founders Found, and the investment arm of Singapore's Economic Development Board, leaves Circles.Life "well-capitalized to further accelerate its growth and expansion in new markets," the companies said.

Circles.Life, a mobile service operator with a focus on data-only plans, first launched in Singapore in 2016 and last year entered the Taiwan and Australia markets.

"We see a tremendous growth opportunity for Circles.Life, particularly within the rapidly digitizing mobile market in Asia Pacific," said Saurabh Agarwal, managing director at Warburg Pincus. "The industry has not adapted quickly enough to provide a seamless experience to its customers in this new age."

Warburg Pincus has previously invested in several tech companies in Southeast Asia, including Indonesian ride-hailing company Gojek and Singapore-based artificial intelligence firm Trax.

(Feb 2020)