Business

Futurist Dr. Clarence Tan and LAN president Padmaja Ruparel speak at LAN Investors Night

Published

3 years ago

2023/07/10

a panel discussion held at the LAN Investors Night. Participating (from left to right) were the moderator, Hatch Works Venture Partner Lakshan De Silva, as well as Serial Investor/Futurist Dr. Clarence Tan, IAN President Padmaja Ruparel, and ACUITY Group Chief Strategy Officer Yaveen Jayasekera.

The Lankan Angel Network (LAN), the country’s largest network of angel investors, recently held an Investors Night, where members and other potential investors were updated on what’s happening locally, and globally, in the startup ecosystem.

Held in association with LAN’s ecosystem partner Ford Foundation, the LAN Investors Night was also the setting for the announcement that the Rs. 100 Mln Angel Fund, launched by LAN in 2021, has been fully deployed. The Fund made investments in eight startups, namely MintPay, Chakra Suthra, Spectrify, Billable, QuickHelp, Ruwini Jayarathne Jewelry, True by Tina and Magicbit. Following the full deployment of the Angel Fund, and in line with global trends, LAN is planning to soon launch its follow-on fund, which will be most helpful in accelerating the growth of its startups.

Additionally, this event featured Keynote Speakers Dr. Clarence Tan, a renowned futurist and former Head of AsiaPac at Singularity, and Ms. Padmaja Ruparel, Co-Founder/President of the Indian Angel Network (IAN) and Founding Partner of the US$ 55 Mln IAN Fund; who spoke on the importance of angel investing and having different types of investments available, as well as the need for follow-on funding.

Speaking on his experience as an Angel Investor, Dr. Tan noted that the first question he asked when evaluating potential investments was why the founders were doing it. For example, is it solely to make money? If so, they could move on if a bigger project came along. So, his investments were focused on talented people with the right purpose. He also signalled venture investing would gravitate towards exponential organizations, since concepts like AI could not be adequately serviced by more traditional, linear thinking processes.

The next speaker, Ms. Ruparel, spoke on the beginnings of IAN, and how it initially had an 18 to 20 per cent failure rate, which was an acceptable figure on par with global trends. But more troubling was that, during the early days, an additional 30 per cent of investments had to wind down due to a lack of follow-on funding, which the IAN Fund was set up to address. This Fund, backed by a high profile team of industry stalwarts, was also a valuable resource during COVID. It had the ability to help several clients in its portfolio, who were on the verge of failing, to pivot while also going to the lengths of helping some secure new customers to ensure they made it through COVID.

Further, Ms. Ruparel shared her early experiences with the local startup ecosystem. Currently, Sri Lanka is the third largest in South Asia, with over 800 startups and 100 Angel Investors participating. She added that the current challenge for Sri Lanka is addressing a shortfall in follow-on funding, since capital is primarily raised from Angel Investors at present. She also advised that delays in delivering suitable follow-on funding could result in investors opting out, as they needed to see value creation on capital, and successful exits, to stay interested. As such, unlocking a wider and more diverse funding pool was imperative.

During the unprecedented economic hardships experienced by Sri Lankans in 2022 and 2023, LAN was a driving force in further building the local startup ecosystem, which was ably achieved by LAN’s Immediate Past Chairperson Ms. Chandi Dharmaratne.

According to LAN’s current Chairperson, Prajeeth Balasubramaniam; “Ecosystem building was always a part of LAN since its inception. But, due to a lack of funding in the country, LAN will over the next two years place a greater emphasis on building the investor ecosystem in a sustainable way for this asset class. This will now allow LAN to better serve its members by giving them more investor related information, including access to visibility of deal flow, regional trends, etc. In line with this, LAN is actively planning to launch a follow-on fund that aligns with our commitment to Environmental, Social, and Governance (ESG) principles.”

Balasubramaniam added that this fund aims to accelerate the expansion of the startup asset class in Sri Lanka, contributing to the country’s economic resurgence. “By supporting the growth of the startup entrepreneurship asset class, we anticipate a positive impact on various aspects such as job creation, increased tax revenue, enhanced research and development (R&D), and more. We firmly believe that this growth will not only drive economic progress but also align with our ESG values, fostering sustainable and responsible business practices. Through our strategic investment and support, we aim to create a thriving ecosystem that promotes innovation, social well-being, and environmental stewardship. We are excited about the potential of this initiative to contribute to Sri Lanka’s economic development.”

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Business

Low-floor buses launched to boost accessible public transport for differently-abled

Published

7 hours ago

2026/04/26

Thilina Walpola

A new low-floor bus service that gives priority to persons with disabilities and special needs was launched last Tuesday (21) from the Makumbura Multimodal Center (MMC).

The service was inaugurated under the patronage of Minister of Transport, Highways and Urban Development, Bimal Rathnayake.

Accordingly, ten specially designed low-floor buses have been introduced into the transport service today. These buses are specially designed so that wheelchair users, visually impaired passengers and also expectant women can board the bus with ease, the Transport Ministry said.

Each bus has 30 passenger seats and separate seating areas have been allocated for passengers using wheelchairs.

The pilot project operates on routes from Makumbura to Colombo Fort and from Makumbura to Kadawatha. These routes also cover major hospitals including the Colombo National Hospital and the Maharagama Apeksha Hospital.

Speaking at the event, Subject Minister Bimal Rathnayake stated that while these buses prioritize the differently-abled community, they will also provide a comfortable and reliable transport service for all passengers.

He also noted that 122 low-floor buses are planned to be introduced into service before the end of this year, and that in the future the service will be expanded to areas such as Kandy, Batticaloa, Matara and Jaffna.

Business

Nestlé Lanka Announces Change in Leadership

Published

7 hours ago

2026/04/26

Thilina Walpola

Nestlé Lanka Limited has announced the appointment of Manav Sahni as its Chairman and Managing Director effective 01 May 2026. He will be succeeding Bernie Stefan, who will be transitioning to a new global role within the Nestlé Group. Bernie Stefan led Nestlé’s Sri Lankan operations through a particularly challenging time since 2023 – and has successfully guided the company through a strategic turnaround, positioning it on a axis for sustainable growth.

Speaking on his tenure at Nestlé Lanka, Bernie commented “Leading Nestlé Lanka has been a deeply meaningful chapter in my Nestlé journey. I am grateful to have worked alongside an amazing and resilient team that continues to make a difference for Sri Lankans across the country. On a personal note, it was an amazing opportunity to live on this beautiful island and experience firsthand the openness, warmth and kindness of its people, which has been the highlight of my Nestlé career to date. As Nestlé Lanka marks 120 years of enriching Sri Lankan lives, it is especially humbling to reflect on the role we have played in building on this legacy – positively touching individuals and families, strengthening community partnerships, and advancing our sustainability commitments. I am thankful to my colleagues, partners and stakeholders for their collaboration and trust, and to the wider business community, including through my role as a Board Member of the Ceylon Chamber of Commerce, for the opportunity to reinforce Nestlé’s commitment to responsible corporate citizenship. I leave very confident in the strength of the team and the journey that lies ahead.”

Manav Sahni brings with him over 18 years of experience in the FMCG & Telecom sector. Prior to taking on the role as Chairman and Managing Director of Nestlé Lanka Limited, he has been heading Nestlé’s Dairy business for the South Asia Region, where he expertly managed a highly diverse portfolio, driving sustainable business transformation.

“I am thrilled to take on the role of Chairman and Managing Director of Nestlé Lanka at such a pivotal moment in its journey. Nestlé has been part of Sri Lankan households for generations, and I am excited to work with the team to continue delighting consumers with tasty and nutritious products, while strengthening the positive impact we create through our brands and initiatives.”

Business

Majestic Cineplex Returns Bigger Better and More Immersive

Published

7 hours ago

2026/04/26

Thilina Walpola

Ceylon Theatres will unveil the newly revamped Majestic Cineplex on the 29th of April 2026, beginning a new chapter for one of Sri Lanka’s best known cinema destinations. Located at Majestic City Colombo, Majestic Cineplex returns with major technology upgrades, enhanced comfort, and a range of premium viewing options, reinforcing Ceylon Theatres’ long standing reputation for raising the bar in cinema entertainment experiences in Sri Lanka. Accordingly, the upgraded Cineplex will be completely open to the public from 29th April 2026 onwards.

For generations of moviegoers, Majestic Cineplex has been a landmark venue in Colombo, and its latest transformation brings together the nostalgia of a familiar name with the excitement of a modern cinema experience. Leading the new screen line up is Majestic Platinum, which introduces Sri Lanka’s first and only digital LED cinema screen. Designed to deliver sharper visuals, deeper contrast, richer colour, and outstanding clarity, the auditorium features a 3D 4K Tricorne LED Cinema Screen together with Dolby Atmos surround sound. Majestic Platinum offers 226 seats, including 18 VIP recliner seats for those chasing a premium cinema experience.

The cineplex also features three additional theatres, each designed to offer a high quality movie experience. Majestic Superior includes Barco 2K projection, 3D capability, and 7.1 surround sound, with seating for 150 patrons. Majestic Ultra features the same advanced projection and audio systems with 149 seats. Majestic Gold offers a more private luxury setting with Barco 2K projection, 3D capability, DTSX surround sound, and 30 leather recliner seats, ideal for those looking for the most premium and exclusive experience.

Patrons can also enjoy an upgraded café experience with freshly prepared and ready to eat food available for purchase at the counter, along with convenience of being served to your seat. The new café experience, together with the upgraded theatres make for a more relaxed, enjoyable, and fulfilling experience for everyone.

Discussing the relaunch, Ganga Rathuvithana, General Manager Operations at Ceylon Theatres said, “Majestic Cineplex has always been a special part of Colombo’s cinema culture, and we are proud to welcome audiences back with an experience that reflects the future of movie entertainment. We have always believed in investing in the best available technology, from introducing Sri Lanka’s first 3D cinema to now launching the country’s first digital LED cinema screen. Our revamped Majestic Cineplex is designed to give movie lovers something truly special.”