JAKARTA (Reuters) – An Indonesian tech enterprise capital fund backed by the nation’s largest conglomerates will likely be launched inside the subsequent six months, the communications minister mentioned on Thursday.

FILE PHOTO – Indonesia’s Minister of Communication and Data Rudiantara is seen throughout an interview with Reuters at his house in Jakarta, Indonesia February 17, 2018. REUTERS/Cindy Silviana

“We, Indonesian traders, should instantly enter the tech market,” Minister of Communications and Data Rudiantara advised Reuters.

He mentioned the fund, which might be pooled from Indonesian conglomerates, was supported by his ministry, with its construction being mentioned with the nation’s monetary regulators (OJK).

The scale of the fund has not been disclosed.

Rudiantara, who prefers utilizing just one identify, mentioned he mentioned with native conglomerates about how they need to unite and assist “sequence A, B, and C” in addition to “unicorns”, a time period used for start-ups value a minimum of $1 billion.

Conglomerate Sinar Mas Group had beforehand advised Reuters it will put money into a pooled enterprise fund supported by the federal government.

The nation’s start-up sector has witnessed a growth as traders are lured by the youthful demographic within the nation of 250 million folks, who resort to on-line searching for every thing from tickets to digital devices.

“Whereas two nationwide conglomerates resembling Djarum and Astra turned traders in a “unicorn” resembling Go-Jek, it’s not sufficient,” he mentioned.

The nation has 4 “unicorns”, together with ride-hailing firm Go-Jek, journey website Traveloka, and market locations Bukalapak and Tokopedia.

Reporting by Cindy Silviana; writing by Fanny Potkin, Enhancing by Muralikumar Anantharaman and Sherry Jacob-Phillips