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Ten Indian start-ups become unicorns

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(billion-dollar companies) in just 100 days

BY S VENKAT NARAYAN

Our Special Correspondent

NEW DELHI, April 10:

The market value of as many as 10 Indian start-up companies, popularly known as unicorns) has crossed one billion US dollars each during the past one hundred days!

Business to consumer messaging solution Gupshup has raised $100 million in funding from Tiger Global at a valuation of around $1.4 billion. This makes it the sixth unicorn in the past week and tenth since January 1, 2021.

The $100-million marks the first close of a round and is set to be followed by a second close of higher value to be completed soon, Silicon Valley (USA)- and Mumbai-based Gupshup said.

Gupshup intends to use the investment to augment its product, expand in global markets, and also plans to evaluate acquisitions to help it transform business communications across various messaging channels.

Gupshup, which claims 80% revenue growth from pre-pandemic time, closed 2020 with annual revenue run rate of around $150 million. This is Gupshup’s first fundraising in almost a decade as the profitable (Artificial Intelligence (AI)-based messaging platform raised $10 million earlier in 2011 from Charles River Ventures, Helion and Globespan. With the current round, total funds raised by Gupshup stands at $150 million.

Serial entrepreneur Beerud Sheth, co-founder and CEO of Gupshup, said the investment will help them meet rising demand for conversational experiences in business to customer interactions. And they chose to go for it rather than having an operational cash flow need.

“The pandemic has accelerated digital communications by businesses. And messaging platforms have emerged as the new digital storefront,” Sheth said. He previously founded Elance (now called Upwork), a US-based listed enterprise.

Launched in 2004, Gupshup is a pioneer in business messaging and its Application Programming Interface (API) enables over 100,000 developers and businesses, and delivers over six billion messages per month across 30+ messaging channels. Its clients span banking and financial services, travel and hospitality, e-commerce, and other businesses.

Over the years, business messaging has gone beyond just SMS (Short Message Service) with the rise of Internet Protocol (IP)-based messaging channels such as WhatsApp, RCS, and Gupshup’s own Gupshup IP (GIP) messaging.

“Gupshup is uniquely positioned to win in this market with a differentiated product, a clear and sustainable moat, and an experienced team with a proven track record,” John Curtius, partner at Tiger Global Management, said.

This is the firm’s second investment this week after leading an $83 million funding in online investment app Groww on Wednesday.

Ten startup companies have announced reaching unicorn (over $1 billion) in 2021 till date, and six of them have entered the elite league in just the past week.

Gupshup, Groww, Sharechat, PharmEasy, Meesho, and CRED turned unicorns this week. India saw 11 companies making it to the unicorn charts in the year 2020.



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Sri Lanka eyes India grid link as ADB pushes Pan-Asia energy integration

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Priyantha Wijayatunga speaks at the Samarkand Energy Forum of the ADB.

Sri Lanka’s long-discussed electricity grid connection with India is gaining renewed momentum, as the Asian Development Bank (ADB) intensifies efforts to promote cross-border energy integration across the region.

At the ADB Annual Meetings in Samarkand, Senior Director for Energy, Priyantha Wijayatunga, identified the proposed India–Sri Lanka grid interconnection as the most promising avenue to strengthen the island’s power sector. The concept dates back to the 1970s, when Sri Lanka, following the completion of the Mahaweli Development Project, even explored the possibility of exporting electricity. However, rapid economic growth and rising domestic demand shifted the country toward energy imports.

Today, with energy security and cost pressures mounting, the idea has regained urgency. “The time is right,” Wijayatunga said, stressing that political will and financing will be decisive. While undersea transmission cables make the link technically viable, costs remain a major challenge. The ADB, he confirmed, stands ready to support Sri Lanka as a development partner in advancing the project.

Sri Lanka’s prospects are closely tied to a broader regional vision being advanced by the ADB through its Pan-Asia Power Grid Initiative (PAGI). The initiative aims to transform how energy is produced, shared, and consumed across Asia and the Pacific by promoting cross-border electricity trade and grid connectivity.

PAGI is designed not merely as a collection of projects, but as a systems-level integration platform that connects national grids into subregional and eventually continent-wide networks. Its core objectives include bridging energy gaps, enhancing energy security, integrating large-scale renewable energy, and strengthening resilience across interconnected systems.

A key pillar of PAGI is leveraging the region’s resource complementarity. Countries in South Asia, for instance, possess uneven but highly complementary energy resources—hydropower in Nepal and Bhutan, and solar and wind potential in India. By linking grids, countries like Sri Lanka could tap into these diverse energy sources, reducing dependence on costly fossil fuel imports while improving reliability.

ADB estimates suggest that deeper regional power trade in South Asia could yield substantial economic benefits, including lower system costs and more efficient energy distribution. The initiative also envisions mobilizing up to $50 billion in investments by 2035, expanding transmission infrastructure, and improving electricity access for millions.

For Sri Lanka, integration into such a regional grid could be transformative. A connection with India would allow the country to import affordable electricity during shortages, stabilize supply, and support its transition toward cleaner energy. It could also open the door to future participation in a wider South Asian power market.

With feasibility studies and policy discussions already underway, and with ADB backing firmly in place, Sri Lanka’s long-envisioned grid connection with India now appears more achievable than ever.

As the Samarkand meetings underscore the urgency of regional cooperation in an increasingly uncertain energy landscape, Sri Lanka stands at the threshold of a new chapter—one where energy security is strengthened not in isolation, but through connection.

by Sanath Nanayakkare in Samarkand, Uzbekistan

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Oceans in crisis: Sri Lanka hosts ‘Sharks International 2026’ amid stark warnings

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Sri Lanka this week finds itself at the centre of a deepening global ocean crisis, as leading scientists, policymakers and conservationists gather in Colombo for Sharks International 2026—a high-profile summit unfolding against mounting evidence that the world is rapidly losing control of its marine ecosystems.

The conference, now underway at the Bandaranaike Memorial International Conference Hall, marks the first time the prestigious forum has been hosted in Sri Lanka. But beneath the diplomatic language and scientific exchanges lies a far more urgent reality: the collapse of shark and ray populations is no longer a distant environmental concern—it is an unfolding economic and food security emergency.

More than 100 million sharks and rays are being wiped out globally each year, largely due to overfishing and illegal, unreported and unregulated (IUU) fishing. In Sri Lanka, the situation is particularly acute. Of the 105 species recorded in local waters, nearly 70 are now threatened with extinction, a statistic that scientists warn should set off alarm bells far beyond conservation circles.

Deputy Minister of Environment Anton Jayakody did not mince words when addressing the gathering, framing the issue not just as an ecological tragedy but as a looming economic shock.

“This is not just about saving species. It is about protecting the foundation of our fisheries, our food systems, and the livelihoods of thousands of Sri Lankans. If shark and ray populations collapse, the consequences will ripple through the entire marine economy,” he said.

Sharks and rays sit at the top of the ocean food chain. Their disappearance disrupts the delicate balance of marine ecosystems, triggering cascading effects that can decimate commercially valuable fish stocks. For a country like Sri Lanka—where coastal communities depend heavily on fisheries—this is not an abstract threat but a direct challenge to economic stability.

Yet despite years of warnings, critics argue that global action has been dangerously slow, fragmented, and often undermined by competing commercial interests.

By Ifham Nizam

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SriLankan Airlines leads with two category wins in South Asia at PAX Awards

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SriLankan Airlines led with two wins in the Airline Award category for South Asia, securing both Best Overall Passenger Experience and Most Improved Airline at the PAX International Readership Awards 2026 held recently in Hamburg, Germany. The awards celebrate the industry’s best and brightest, with winners determined by votes from PAX’s global readership.

The Best Overall Passenger Experience – South Asia award recognises an airline that delivers an exceptional onboard experience to passengers across multiple service areas, including meal service, inflight entertainment and seating. At SriLankan Airlines, this entails meticulous planning at every stage of the passenger journey, supported by collaboration among multiple teams and continuous monitoring and refinement.

Maria Sathasivam, Manager Product Development of SriLankan Airlines, commented on the achievement, stating, “we are incredibly honoured to receive yet another independent endorsement of the service we deliver. Every interaction matters to us, and we are committed to consistently meeting and exceeding passenger expectations, and it is truly rewarding to see these efforts recognised.”

SriLankan Airlines continues to enhance the end-to-end travel experience, from booking through to arrival. Ongoing digital upgrades, including improvements to the airline’s website and app, are designed to deliver a more intuitive and seamless customer experience, supported by AI-driven features and expanded ancillary offerings. At its hub, the Bandaranaike International Airport in Colombo, the airline has also expanded self-check-in and bag drop facilities for added convenience.

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