Mandiri Capital CEO strong candidate to lead Indonesia’s newest state-owned VC

BNI Modal Ventura, Indonesia’s newest state-owned VC firm, has lined up a well-known venture capitalist as the top candidate to lead its investment team, Tech in Asia has learned.

Eddi Danusaputro has served as CEO of Mandiri Capital Indonesia, the VC arm of state-owned lender Bank Mandiri, since its inception in 2016. He has steered the firm through notable deals, including early-stage investments in finance-focused startups such as Investree and Ayoconnect, as well as clinching exits from Cashlez (via IPO) and Moka (acquired by Gojek).

Prior to his stint at Mandiri Capital, Danusaputro spent over eight years as managing director at Makara Capital, a Singapore-based investment firm.

Image credit: Timmy Loen

Bank BNI, Indonesia’s fourth-largest lender, has considered other candidates for the top post, according to multiple sources familiar with the development. But  given Danusaputro’s experience in the VC industry,  he emerged as one of the favorites for the job.

Other candidates include a “highly influential” person with links to the government, one of the sources said.

Tech in Asia contacted Danusaputro for comment, but he did not respond to our queries. A BNI spokesperson also did not address the matter, but said that it was in the process of filling in different parts in the organisation.

A move to BNI Modal Ventura would make Danusaputro the latest high-profile venture capitalist to switch from one Indonesian state-owned corportate VC (CVC) to another.

In 2018, Aldi Adrian Hartanto left his role as head of investments at Mandiri Capital to take an executive post at MDI Ventures, the VC arm of state-owned Telkom Indonesia. In 2019, Nicko Widjaja stepped down as chief executive of MDI to lead the newly established BRI Ventures, another state-owned bank CVC.

As reported by local media earlier this year, BNI announced that it is setting up a VC arm to “create values of synergy.” The listed firm has allocated 500 billion rupiah (around US$34 million) for its VC unit.

See also: How BRI went from late adopter to frontrunner in Indonesia’s tech scene

With the move, BNI becomes the fifth state-owned firm to have established a VC unit, following Telkom Indonesia, Bank Mandiri, Bank BRI, and Telkomsel.

Along with state-owned CVCs, BNI Modal Ventura will also invest in the recently launched Merah Putih Fund, a VC fund backed by state-owned enterprises (SOEs).

The fund aims to raise a total of US$300 million for investment in soonicorns.