Business
Rising startups keen to tap stock market for external funding
Board members of The Startup Council-Standing (L to R) Chandula Abeywickrama(Founder & Chairman – Lanka Impact-Investment Network). Achala Samaradivakara (Co-Founder & Managing Director – Good Market) Imal Kulathotage (CEO – nCinga) ,Yasura Samarakoon (Manager – Business and Trade Promotion, The Ceylon Chamber of Commerce).Seated (L – R) Prajeeth Balasubramaniam (Managing Partner -BoV Capital- chairman- Startup Council). Shalin Balasuriya, (Co-founder -Spa Ceylon), Brindha Selvadurai-Gnanam (Co Founder –Hatch),Mangala Karunaratne -(Founder & CEO – Calcey Technologies)
by Sanath Nanayakkare
Rising startups in Sri Lanka are keen to tap the stock market for external funding for product development, product launches and scale up and expand their their businesses in new markets, The Island Financial Review learned at a forum held by the Council For Startups, established by the The Ceylon Chamber of Commerce.
The Council provides entrepreneurs with exclusive opportunities and access to international markets
Prajeeth Balasubramaniam Founder, Lankan Angel Network/Managing Partner, BoV Capital who is also the chairman of the Council speaking to The Island Financial Review said,” Today people who have money pour that into the stock market because interest rates have come down. People who used to make higher interest rates are not making that and they are putting that into the stock market because they feel they can get better returns. Similarly if they can channel some of that money through the banking sector or other sources into startups it would be good. The CSE is regulated and the private sector is not going to put money into startups. If the government regulates startup projects and their funding structures then banks and private investors will feel that the risks are minimized and then they will join in to reap the rewards by investing in them”.
“Spring Singapore is a government startups initiative. Singapore state investor Temasek Holdings has put a lot of money into that. If we can create a similar situation people will be convinced that they won’t end up in trouble by investing in startups,” he said.
Imal Kalutotage, CEO of nCinga said,”nCinga was highly fortunate to expand regionally with the support the Ceylon Chamber and its global partners. Via the Chamber, its global partners and members, we were able to attract customers for accelerated growth and investors who also helped us with exit in December 2019. We now have a national body to help provide invaluable market access for startups and am happy to be a part of this to help other entrepreneurs grow”.
The Ceylon Chamber of Commerce recently established the Council for for Startups to address the key needs and challenges of SMEs and startups through allocation of a range of easily accessible opportunities, including access to local and international markets for various partnerships.
Inaugurated in September 2020, the Council for Startups primarily aims to foster a thriving ecosystem of entrepreneurship, which facilitates economic growth and empowerment of startups and SMEs in Sri Lanka.
Offering a highly influential and knowledgeable advantage, the CCC provides the cumulative support of 600 members to promote business opportunities for startups. These alliances (20 Global Chambers, 38Trade/Product and Service Associations and 21 Bilateral Business Councils) position the Chamber in an ideal position to promote business opportunities.
The Council recognizes the benefits of sustaining ripe economic conditions and marketing opportunities for startups and further aims to use its resources and partnerships with high commissions, foreign Chambers of Commerce for startups, and consulting firms in order to create a secure infrastructure that drives optimal business performance.
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.”
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