Tag: Investment

Indonesia – Apple has reportedly secured local content certificates from Indonesia’s industry ministry for 20 products, including the iPhone 16. However, the company still requires approvals from other ministries before it can begin sales.

According to a recent Reuters report, ministry spokesperson Febri Hendri Antoni Arief stated that Apple has been granted local content certificates for 11 phone models and 9 tablets after meeting the necessary requirements. He added that the company still needs approvals from the communications and digital ministry, as well as the trade ministry, before it can sell its products in Indonesia.

The issuance of these certificates follows Reuters’ report last month that Apple has invested over $300m in Indonesia. Minister Agus Gumiwang Kartasasmita stated that the investment includes a software research and development centre near Jakarta and manufacturing plants for product components, including AirPods.

The minister also described the months-long negotiations with Apple as “tricky.”

“There’s a principle of justness that we’re trying to uphold. As much as it can add value to the red and white,” Agus said at a press conference, as quoted by Reuters.

Agus has not yet provided a timeline for when Apple will receive approval to sell the iPhone 16 in the country.

Apple, along with Indonesia’s communications and trade ministries, did not immediately respond to Reuters’ requests for comment. 

This agreement is a key step for Apple and Indonesia, easing tensions after last year’s iPhone ban over local content rules. It was previously reported that Apple proposed increasing its investment tenfold to $100 million—up from $10 million—to persuade Indonesia to lift the ban.

Australia – Salesforce has announced a landmark investment of $2.5 billion in Australia over the next five years, reinforcing its commitment to AI innovation, workforce development, and sustainability initiatives. The announcement was made at Agentforce World Tour Sydney, Salesforce’s largest local event to date, which has attracted over 10,000 customers, partners, employees, and stakeholders.

This significant investment aligns with Australia’s vision to harness artificial intelligence for economic growth and technological leadership. By expanding its AI capabilities and supporting local industries, Salesforce aims to contribute to a more prosperous future for all Australians.

Salesforce has been a key player in Australia’s digital economy since establishing its presence in the country in 2004. With over 2,400 employees and a vast ecosystem of partners, the company continues to drive AI advancements that enhance productivity and customer experiences.

The company’s venture capital arm, Salesforce Ventures, has already invested over $6 billion in more than 630 companies worldwide, with Australian investments surpassing $12 billion in market capitalization. Notable AI investments include Airwallex, GO1, Culture Amp, Reejig, and Q-Ctrl.

Frank Fillmann, EVP & general manager at Salesforce Australia and New Zealand, said, “Australian business leaders are challenged by low productivity growth, a tight labour market and higher than ever customer expectations. Empowering their employees with Agentforce and limitless digital labour is the breakthrough they need.”

As part of its mission to prepare Australian businesses for the AI revolution, Salesforce has appointed Anne Templeman-Jones as the first Australian member of its Global Advisory Board. Her expertise will help guide business leaders in adopting AI-driven strategies.

To further support skills development, Salesforce will launch a series of Agentforce Learning Days and Hackathons in Sydney, Melbourne, and Brisbane. These events will help employees from over 270 companies build and deploy AI agents, ensuring they stay competitive in the evolving digital economy.

Salesforce is also backing workforce diversity initiatives, such as the Deloitte Digital Career Compass program and the FW Jobs Academy. These programs aim to equip women and diverse communities with in-demand Salesforce AI skills, contributing to the Australian government’s goal of creating 1.2 million tech jobs by 2030.

Beyond AI and workforce training, Salesforce continues to champion sustainability efforts in Australia. By fostering collaboration with government agencies, universities, vocational education providers, and non-profits, the company is playing a pivotal role in shaping a sustainable digital future.

With 21 years of experience in Australia, Salesforce’s continued investment underscores its dedication to helping the nation become a global leader in AI-driven economic growth. Through strategic investments and partnerships, the company is set to empower businesses and individuals to thrive in the era of artificial intelligence.

The new follows the recent partnership between Salesforce and Google where Agentforce will be able to use Google’s Gemini models, allowing agents to work with images, audio, and video, handle more complex tasks using Gemini’s multi-modal capabilities and two-million-token context windows, and act using real-time insights and answers grounded in Google Search with Vertex AI.

Hong Kong – Sun Life and the Basketball Association of Hong Kong, China (BAHKC) have signed a three-year, HK$10 million partnership to support athletes, promote basketball, and enhance community engagement.

As part of the initiative, Sun Life will provide medical and accident insurance for Hong Kong basketball team members and fund a scholarship program for U18 and U22 players pursuing higher education. Additionally, a youth internship program will be introduced to help players prepare for post-retirement career opportunities. 

The partnership also includes title sponsorship of the Hong Kong Open Division Men’s and Women’s Basketball League, a self-financing competition with a promotion and relegation system designed to enhance the competitiveness of local basketball.

Beyond competitive play, the initiative further aims to expand grassroots participation through community engagement. Sun Life will continue its partnership with Beyond Sport to run free youth basketball workshops and social impact programs, including revitalising basketball courts and providing training opportunities. The company will also sponsor the National Day Cup Basketball Tournament, encouraging university-level competition and regional exchanges to further develop the sport in Hong Kong.

Benny Chow, team leader of the Youth Team of the Basketball Team of Hong Kong, China, said, “We will work with Sun Life to deepen the promotion of community basketball and connect it with more professional and comprehensive systematic training. We aim to bring new energy into the local basketball, discover and nurture new talent, and attract more young people to join basketball and even develop basketball careers.” 

Siu-wong Chan, executive vice president and honorary president of the Basketball Association of Hong Kong, China, added, “Sun Life has been promoting healthy living in different ways and is committed to bringing the community together through sports. Our shared vision for basketball development aligns perfectly. This collaboration will bring new energy to local basketball by not only providing substantial resources to support its growth but also by having Sun Life’s team actively participate in the league. This encourages the public to embrace an active and positive lifestyle.”

Sun Life’s partnership with BAHKC aims to build a sustainable basketball ecosystem in Hong Kong while promoting active lifestyles. The collaboration supports both professional and grassroots development, reinforcing basketball’s role in community engagement.

Sun Life recognises basketball’s role in promoting physical and mental well-being while fostering community engagement. Since 2014, it has supported the NBA’s Toronto Raptors, becoming the team’s first jersey patch sponsor in 2017. In 2023, Sun Life expanded its commitment with a multi-year sponsorship of Canada Basketball, serving as the official jersey sponsor and health and wellness partner for the national teams.

Clement Lam, chief executive officer of Sun Life Hong Kong Limited, stated, “Sun Life’s mission is to help clients achieve lifetime financial security and live healthier lives. Our global headquarter in Canada has been supporting basketball development since 2014 and has actively expanded to many regions in Asia in recent years. This partnership with the Basketball Association of Hong Kong, China, will focus on both commercialization and professionalization, leveraging innovation and diverse collaboration to enhance the local basketball ecosystem, fulfilling our corporate mission.”

Mark Tian, chief agency strategy and growth officer of Sun Life Hong Kong Limited, commented, “Sun Life values the holistic development of our financial advisors and encourages the team to contribute to the community by actively participating in sports and community activities. Therefore, we have formed a basketball team and will sign up to participate in the Hong Kong Open Division Men’s and Women’s Basketball League sponsored by Sun Life to promote healthy living through action.” 

He added, “We hope that through this cooperation, we can showcase Sun Life’s long tradition, dynamic business development, and sustainable future and further embody Sun Life’s team spirit of One Team, One Goal, Win As One.”

Indonesia – Cheetos, the iconic snack brand from Frito-Lay, has returned to the Indonesian market, marking a major milestone following PepsiCo Indonesia’s new $200m (Rp3.27t) manufacturing facility in Cikarang.

Gabrielle Angriani, director of public policy, government affairs & corporate communications at PepsiCo, announced in a LinkedIn post that the company has successfully opened its first factory in Indonesia and commenced Cheetos production at the Cikarang facility as of January 2025.

“We are thrilled to bring smiles back to the Indonesian people. To ensure the highest quality and taste, we are committed to using only the best ingredients,” she added.

Photos from: Gabrielle Angriani (LinkedIn)

In the same post, Angriani also expressed her gratitude to the government of Indonesia for helping PepsiCo in making the new $200m investment happen.

Cheetos Indonesia also announced its comeback on social media with a series of posts on Instagram.

Cheetos’ return to Indonesia marks the end of its four-year hiatus, which began after a licensing agreement ended in 2021.

According to Jakarta Daily, Cheetos, Lay’s, and Doritos were pulled from the market in August 2021 when their former producer, PT Indofood CBP Sukses Makmur Tbk (ICBP), ceased production following the expiration of its licensing deal with Frito-Lay Netherlands Holding B.V.

The termination reportedly stemmed from a commercial dispute. Before it, Indofood produced the snacks through its joint venture with Fritolay, PT Indofood Fritolay Makmur (IFL). In February 2021, ICBP acquired Frito-Lay’s remaining 49% stake in IFL for Rp494 billion, dissolving the partnership. The expired agreement prohibited Fritolay and its affiliates from producing the brands locally.

In 2023, Reuters reported that PepsiCo had begun constructing a snack factory in West Java, marking its return to Indonesia following the 2021 split. The facility, part of PepsiCo’s $200 million investment commitment over 10 years, is slated to begin snack production by 2025.

Canada – StackAdapt has secured a $235m growth capital investment led by Teachers’ Venture Growth (TVG), the late-stage venture and growth arm of Ontario Teachers’ Pension Plan, with participation from Intrepid Growth Partners and four other investors.

Founded in 2014 by Vitaly Pecherskiy, Yang Han, and Ildar Shar, StackAdapt built a next-generation programmatic advertising platform focused on solving customer challenges, leveraging AI and automation, and delivering a fast, seamless self-serve experience.

With this funding, StackAdapt will strengthen its presence in programmatic advertising while expanding into marketing technology. Headquartered in Toronto with a global team of over 1,300, StackAdapt supports modern marketers across 19 markets worldwide.

Vitaly Pecherskiy, co-founder and CEO at StackAdapt, said, “The challenges marketing teams face are vast and evolving rapidly. Much of the pressure to drive growth rests on their shoulders as they work to reinvent operations and discover new ways to reach customers effectively, profitably, and predictably.” 

“To help them stay ahead of the curve, we are relentlessly focused on building the most advanced, intelligent, and automated platform to make their success inevitable. We are excited to partner with TVG and the other great investors in this round to drive growth and innovation within StackAdapt, continuing on our mission to transform how marketers use technology to create value within their companies,” Pecherskiy added. 

This round follows Summit Partners’ $300M investment in 2022, bringing StackAdapt’s total funding to over $500M. The investment comes as the company expands its research and development, enhances its technology capabilities, and grows its global presence.

J.P. Morgan served as lead placement agent, with RBC Capital Markets as co-placement agent for the raise.

“We are proud to support StackAdapt, a leading Canadian technology company, on its trajectory to becoming the global leader in AI-driven, end-to-end advertising,” said Rick Prostko, senior managing director at TVG. 

He continued, “The company has been able to demonstrate consistent growth and profitability while building the future of advertising and marketing technology. We have been impressed by their exceptional team, visionary leadership, and relentless focus on delivering customer value.”

“Intrepid is thrilled to make StackAdapt its first investment. Vitaly, Yang, and their team have built a remarkable company that highlights the tremendous potential of AI,” Mark Machin, managing partner and founder of Intrepid, added. 

India – Microsoft has announced a US$3b investment in India over two years to enhance cloud and AI infrastructure, skilling, and establish new datacenters, driving AI innovation in the country.

During his visit to India, Microsoft Chairman and CEO Satya Nadella announced plans to expand the company’s cloud and AI infrastructure across its datacenter campuses. With three datacenter regions already operational and a fourth set to launch by 2026, the investment aims to build a scalable AI ecosystem to support India’s growing AI start-ups and research community.

The new datacenters will also feature zero-water cooling, reinforcing Microsoft’s commitment to sustainable AI growth. Additionally, long-term renewable energy contracts with Amplus and ReNew support the company’s goal of becoming carbon-negative by 2030.

Nadella said, “India is rapidly becoming a leader in AI innovation, unlocking new opportunities across the country. The investments in infrastructure and skilling we are announcing today reaffirm our commitment to making India AI-first and will help ensure people and organisations across the country benefit broadly.”

Puneet Chandok, president of Microsoft India and South Asia, further explained, “In the last 12 months Microsoft has been a copilot to making AI a reality in India, taking it from boardrooms to classrooms, commerce to communities, and finance to farmers. Today’s announcement strengthens our belief in India’s potential and our resolve to equip the country with the resources and future-ready skills needed to excel in the global marketplace. We will continue to use AI to unlock possibilities for the next few decades and ensure communities across the country have access to the compute they need to prosper in the AI era.”

Moreover, Microsoft plans to bolster India’s long-term competitiveness by equipping 10 million people with AI skills over the next five years through the second edition of its ADVANTA(I)GE India program. As part of Microsoft’s Global Skills for Social Impact charter, the program will deliver training in collaboration with government, nonprofit, and corporate partners, as well as local communities.

Shri Jayant Chaudhary, Minister of State (Independent Charge), Ministry of Skill Development and Entrepreneurship, said, “India’s vibrant youth and tech talent are key to shaping the future of AI. Through the ‘AI for India’ mission, we aim to empower citizens with cutting-edge AI skills, driving innovation, creating jobs, and bridging the digital divide. Collaborations with global leaders like Microsoft and similar companies are pivotal in this transformation. By equipping our workforce, especially women and youth, with advanced skills, we are building an AI-ready India, poised for digital leadership and sustainable economic growth.”

To strengthen its commitment to India’s AI ecosystem, Microsoft Research (MSR) Lab also launched an AI Innovation Network. This initiative will drive new collaborations, particularly with digital-native companies, to accelerate the translation of AI research into practical business solutions.

In line with this, Microsoft signed an AI MoU with SaaSBoomi, an Indian B2B startup community. The partnership aims to fuel the growth of India’s AI and SaaS ecosystem, positioning the country as a global product powerhouse and contributing to its trillion-dollar economy.

By combining SaaSBoomi’s network with Microsoft’s technology, the collaboration seeks to support over 5,000 startups and 10,000 entrepreneurs, upskill 150,000 employees, and drive regional development in more than 20 tier II cities. Over the next five years, the initiative aims to create 200,000 new jobs, attract $1.5b in venture capital, and nurture 50 unicorns and soonicorns, advancing innovation, sustainability, and tech infrastructure across India.

Microsoft underscores that its investments in accelerating AI innovation are crucial to supporting Prime Minister Narendra Modi’s vision of transforming India into a developed nation (Viksit Bharat) by 2047.

India – Kimberly-Clark is set to strengthen its presence in India by scaling up operations and boosting investment at its Bengaluru-based Global Digital Technology Center (GDTC), with a strategic focus on advanced innovations and digital transformation.

Kimberly-Clark revealed that over the next three years, its GDTC will expand its AI/ML capabilities and digital solutions to enhance operational efficiency and customer engagement, further supporting its global ‘Powering Care’ strategy and commitment to consumer-centricity.

The Bengaluru GDTC is driving Kimberly-Clark’s tech advancements while contributing to India’s innovation ecosystem by partnering with startups, universities, and industry leaders to develop cutting-edge solutions.

“Our Bengaluru GDTC is a testament to Kimberly-Clark’s deep-rooted commitment to innovation and the immense breadth of Indian talent,” said Zack Hicks, chief digital and technology officer at Kimberly-Clark. 

“In just five years, the centre has evolved into a key growth engine for our digital strategies, delivering AI-powered commercial and supply chain solutions and pioneering advancements in modern manufacturing. Looking ahead, we remain focused on further investing in India, leveraging the country’s outstanding talent and technological expertise to shape the future of Kimberly-Clark and pioneer industry-leading innovation in our core categories,” Hicks explained. 

Founded in 2018 with a $2.5 million investment, the Bengaluru GDTC has grown eightfold in five years, focusing on digital capabilities like AI, ML, data analytics, and cloud transformation. The center leverages AI/ML to optimise sales predictions, refine e-commerce pricing, and automate processes like order entry. In 2024, Gen AI platforms boosted employee productivity by 25%, while AI-driven sales analytics improved execution by 10% in regions including Europe, the Middle East, and Africa. These innovations enhance efficiency, reduce costs, and improve accuracy.

The GDTC recently hosted its third Digital Hackathon, ‘UNLOKC 2024,’ bringing together Kimberly-Clark employees and tech partners to create digital solutions for business opportunities in supply chain, marketing, and finance.

As Kimberly-Clark’s largest tech hub, the Bengaluru GDTC will remain a key driver of global growth and innovation, attracting top talent and expanding its capabilities to shape the company’s future and its tech ecosystem.

United States – Convertr, a global lead management operating system trusted by enterprises, marketing agencies, and publishers, have announced that it will invest US$12m in a bid to redefine the future of data-driven marketing, empowering companies to take control of their data and drive consistent, actionable insights.

Said investment will fuel Convertr’s ambitious vision, expansion and product development including new AI-powered features and enhanced integrations.

As part of the investment, the company has also tapped AI industry veteran Spyros Karageorgis, joining as chief financial officer from Eigen Technologies, and Jason Gladu as chief strategy officer who held previous roles with Spiceworks and Ziff Davis in the US.

Moreover, as part of this strategic growth, Convertr plans to launch a wide range of features in its enterprise platform next year, many of which will focus on AI. Among these, a key addition is AI Fraud Detection, designed to eliminate fraudulent data from lead flow and provide clients with unmatched data accuracy.

This enhancement will bolster data integrity for Convertr’s global clients, which include industry leaders such as Oracle, AWS, Dentsu Aegis, and Stripe, and see headcount increase by 44% over the next two years with recruitment in AI, security, sales, and engineering.

Emma Bowkett, CEO at Convertr, said, “It’s time the industry woke up and realised bad data is not an inevitability. For years, companies have accepted it as a fact of life, but that doesn’t have to be the case. Convertr gives marketers the control they need to ensure their data is reliable, actionable, and ready to drive results. We are building a new standard in data quality – one where every lead adds value instead of clutter.”

She added, “Marketeers no longer want just a system of record. Instead, they want a system of intelligence. Our platform has been developed from the ground up to enable our clients to be the arbitrator of truth in a future that depends on validating and enriching the merit of data, not just intent.”

The investment also looks to address broader challenges faced by B2B businesses in managing and migrating data in an era where marketing teams struggle to overcome systemic overload. With over 14,000 marketing technology solutions available in 2024, inefficiencies are rife. Compounding these issues, 65% of marketing leaders report difficulties in deriving meaningful insights from operational data, while 74% highlight compliance as a growing burden.

Meanwhile, Danny Hannah, chief technology officer at Convertr, commented, “Convertr is at the forefront of redefining how data flows between data providers and marketers, setting new standards for quality, automation, and transparency. With this latest investment, we’re excited to fuel our themes of intelligence and connectivity, ensuring our platform continues to drive greater efficiency and new levels of innovation to marketing teams around the globe.”

Bowkett further added, “We are proud that our platform is seen by our clients and partners as a critical part of their lead management infrastructure. With an investment of this magnitude, we will accelerate our reach with even more enterprises, agencies, and publishers.”

India – Building on the recent announcement of its new Chennai campus, WPP has unveiled plans to deepen its investment in India by scaling up its Global Delivery Centre (GDC) operations. The specialist hub, supporting WPP teams worldwide, will be headquartered in India, reinforcing the country’s strategic importance.

WPP is expanding its GDC team in India, one of its fastest-growing markets and a hub of innovation and creativity. Leveraging its 11,000-strong workforce in the country, the GDC builds on existing expertise to further strengthen WPP’s presence in the region.

The GDC employs 10,000 people globally and is key to WPP’s business transformation strategy. It offers advanced capabilities like cloud modernisation, hyper-personalisation, composable commerce, VR, XR, generative AI, and product engineering, complementing WPP’s expertise in media, content, CX, commerce, technology, data, and design.

Leading this growth is Prashant Mehta, appointed as managing director of the GDC, tasked with driving its global expansion, with India housing the majority of its talent.

Mehta, a seasoned expert in digital transformation, joins WPP from Accenture, where he served as global managing director of global assets at Accenture Song, leading its generative AI-driven asset strategy, delivery, and adoption. Previously, he held roles as global chief product and delivery officer at Dentsu Creative & Experience and group vice president at Publicis Sapient.

Speaking on his appointment, Mehta said, “It is an honour to be leading the WPP GDC, which has been built to evolve with the changing demands of our clients while delivering the highest standards of excellence. I look forward to working with our integrated teams as we harness AI and creativity to transform how we deliver growth for our clients.”

Meanwhile, Mark Read, CEO of WPP, shared, “Our Global Delivery Centre enables agency teams and their clients to tap into specialist expertise and new capabilities. It is underpinned by WPP Open, our AI-driven operating system for marketing transformation, fuelling growth and connecting the dots across our business. I welcome Prashant to WPP and look forward to working with him to develop our offering.”

CVL Srinivas, WPP’s country manager for India, added, “As we look to drive further growth and transformation in and from India, we are excited to welcome Prashant Mehta onboard. The expertise of our team in India makes it the prime location to power our clients’ needs with a scaled world-class GDC.”

Singapore – Amazon has announced that it has invested more than S$2 billion across its retail and cloud businesses in Singapore in 2023. This includes both capital expenditure such as improvements to existing infrastructures, including fulfilment centers, delivery stations, and data centers, and operating expenditure towards technology, safety, expansion of programs for customers, delivery partners, small and medium businesses and employee compensation.

The company’s investment in Singapore supported more than 4,000 indirect jobs in areas like construction, logistics, and other professional services according to third-party consultancy firm Keystone Strategy. 

In addition, according to a survey conducted by Amazon, Singapore businesses selling on Amazon have created more than 6,000 jobs to support their Amazon-related business activities. In total, Amazon supported more than 10,000 indirect jobs in Singapore in 2023 alone.

Since the launch of Amazon Prime Now in 2017 (now renamed Amazon Fresh) and Amazon.sg in 2019, Amazon has continued to invest in its operations to offer a faster and more convenient shopping experience for Singapore customers. Amazon’s investments have enabled the company to avail same-day and next-day delivery for eligible products to customers in Singapore.

Moreover, through Amazon Global Selling, Singapore selling partners can export their products to customers around the world on Amazon. Amazon continuously invests in tools, services and programs to improve its selling partners’ experience and help them grow their businesses with Amazon. 

Other endeavours Amazon had helped in include Amazon Web Services supporting Singapore’s digital transformation ambition, commitment to support the communities where it operates, as well as investing and innovating in sustainability across its businesses in Singapore.

Peter Li, director of China & Singapore and International Store at Amazon, said, “Since the start of our operations in Singapore in 2010 and the launch of Amazon.sg in 2019, we’ve been able to invest and grow our presence in the country with the support of our customers and selling partner.”

He added, “We’re humbled to see our investments unlock growth opportunities for businesses in Singapore and are proud to continue to support Singapore’s economy and digitisation.”