Business
Kapruka’s Sub Brand SOLDOUT.LK launching online marketplace for second-hand goods
Kapruka, the pioneering e-commerce platform that has evolved into Sri Lanka’s largest locally owned global e-com platform, announced its plans to launch a ‘used goods marketplace’ as a fully owned new sub-brand – ‘Soldout.lk’. The marketplace will serve as an e-com platform for pre-owned goods, connecting buyers and sellers seamlessly, with added features such as home delivery and order fulfillment. The market stands to significantly benefit the local automobiles and property sales trade industries, which have an active second-hand market.
‘Soldout.lk’ will be developed to be similar to ‘Craigslist’, the globally famous marketplace for trade and second-hand goods. To enhance the effectiveness of the marketplace, Kapruka plans to establish a grassroots-level social dealer network across the island, under the new venture.
Kapruka aims to fund its growth plans through a share issuance from the upcoming IPO, which will include the development and launch of Soldout.lk. The e-com site plans to launch the specialized used goods marketplace which would be one of the first of its kind in Sri Lanka – a timely intervention given the significant increase in public interest towards using purchasing second-hand goods through online resale platforms to meet their needs throughout the pandemic.
Soldout.lk will be initiated as a separate business unit under Kapruka E-commerce (Pvt) Limited which is a fully owned subsidiary of Kapruka Holdings Limited, and would later be carved out to form a separate business. Kapruka will invest a sizable portion of IPO proceeds towards the latest initiative, commencing from 2022.
Commenting on Soldout.lk and the future of Kapruka’s services, Founder and Chairman, Dulith Herath stated, “We are excited to announce our upcoming used goods marketplace, ‘Soldout.lk’, which we hope will transform the second-hand sales in Sri Lanka. The idea of this initiative is to explore why consumers should pay a premium price for something new when anyone could get almost the same just as functional and beautiful. Maybe it’s not directly out of a box, or maybe it’s barely been used, but anyone could get it at an affordable price. Also, there is a sustainability aspect to it where we encourage people row re-use which is good for our planet, while enabling customers to easily fulfill their needs. The platform is part of our long-term investment plan further to the IPO, with the central goal of providing a pathway to easier purchases, and a greater sense of affordability for customers, thereby elevating our ability to create economic value for all stakeholders. Soldout.lk, which will draw inspiration from online trade giant Craigslist, has the potential to transform the online resale market in Sri Lanka, and is something we look forward to greatly.”
Having launched Kapruka back in 2002 as a start-up by founder Dulith Herath, with a capital of less than $1,000, Kapruka has transformed into the largest locally-owned ecommerce company in Sri Lanka. It is now a multi-billion-rupee enterprise, without any external investors, using a non-marketplace e-commerce model with fully integrated delivery, serving a wide variety of both local and expatriate Sri Lankan clientele. The company has since been benchmarked and recognized by global giants such as Amazon.com, IKEA, eBay etc. Being a local e-com ‘master-seller’ in Sri Lanka, Kapruka has also enabled an abundance of aspiring local producers and sellers to vend their products on the site. Kapruka stocks over 135,000 products, has partnerships with 500+ renowned brands and serves over 1.1 Mn expat clients.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
US sports envoys to Lanka to champion youth development
Rahuman questions sudden cancellation of leave of CEB employees
