Saturday, Feb 22, 2020
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Warburg Pincus to fuel digital telco Circles.Life’s expansion plan

Circles. life Warburg Pincus
Circles.Life will enter markets in Asia-Pacific and the Middle East

Singapore-headquartered digital telecom operator Circles.Life has announced that it has raised undisclosed funding from global private equity firm Warburg Pincus in a fresh round.

The funding raised by Circles.Life from Warburg Pincus will help the company further grow its business and also expand in new markets, potentially in Asia-Pacific and the Middle East. Currently, the company has operations in Singapore, Taiwan, and Australia.

Circles.Life plans to leverage Warburg Pincus’ expertise and networks of resources to attract global business leaders and partners to its team and grow effectively.

According to co-founder Abhishek Gupta, Circles.Life also plans to launch more “non-telco-related” digital services to increase customer engagement.

Saurabh Agarwal, managing director at Warburg Pincus told the media, “We see a tremendous growth opportunity for Circles.Life, particularly within the rapidly digitising mobile market in the Asia-Pacific. The industry has not adapted quickly enough to provide a seamless experience to its customers in this new age, creating a large white space for technology-enabled challengers.”

Investors that have previously invested in Circles.Life include Sequoia Capital India, Singapore’s Economic Development Board investment arm EDBI and Silicon Valley’s Founders Fund.

According to reports published earlier, Circles.Life said it would spend more than $250 million to expand its business in five prominent markets by the end of 2020.

Currently, Circles. Life has a market share of 5 percent in Singapore, and reportedly, the company has an annualised growth rate of over 200 percent. The company also revealed that its average revenues per user (ARPUs) have consistently been 10 percent higher when compared to the rest of the market.

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