Business
HERCapital by Hatch: Pioneering gender smart funding in Sri Lanka
Gender disparity within the entrepreneurial world is a globally prevalent problem, often stemming from the underrepresentation of women in the labour force and leadership positions. This imbalance in diversity is mainly seen in markets with no gender-smart funding, which makes gender a key component in their program.
The lack of gender diversity at the firm level and the unavailability of gender-smart support structures are persistent hurdles faced by women entrepreneurs throughout the region.
Globally, the finance gap between women-led MSMEs (Micro, Small, and Medium Enterprises) and those led by men have shown to be a whopping $ 1.2 trillion. This can be attributed to the significant underrepresentation of women among investment decision-makers at private equity (PE) and venture capital (VC) firms, board representation, and leadership positions.
Moreover, research into the South Asian market has shown that as of 2019, only 45% of firms have a strategy to improve gender diversity in emerging markets, leading to female participation in ownership only being 18%, with only 9.3% of women holding board positions and only 9% of PE and VC funding going into female-led companies; leaving these companies underfunded.
Sri Lanka is no different from the rest of the region, with the lack of an investment ecosystem for female entrepreneurs, leading to only 25% of the country’s entrepreneurs being women, despite women representing majority of the population, accounting for 52%.
Seeing this lack of diversity and the need for a gender-smart funds, Hatch has now introduced HERCapital, Sri Lanka’s first-ever gender-smart funding scheme. The goal of the scheme is to create a better ecosystem for local women entrepreneurs and help increase gender diversity in PE/VC pipelines.
The basis of the scheme will take a strategic approach to investing in entrepreneurs, by taking into consideration gender-based factors throughout the investment process, to advance gender equality and better inform investment decisions.
Such schemes can be seen growing in popularity, with 58.6% of international fund managers choosing to invest through a gender lens. A similar trend was also seen in Asia, with 70% of the active investment vehicles established after 2017, being done through a gender lens.
Hatch’s HERCapital fund aims to pioneer a similar gender-smart funding scheme in Sri Lanka and will empower early-stage startups through a well-structured program that includes mentorship and financial support. The fund will address existing gender inequalities through investment and support more women-led businesses while continuing to champion equal representation within the start-ups funded.
The fund’s gender balance comes from the adoption of practices such as gender analysis, gender due diligence, deal origination, deal structuring, etc, which help promote a more gender-balanced fund.
From the concept to scaling through commercialization, the fund will empower early-stage startups through a well-structured program that includes both mentorship and financial support.
These entrepreneurs will be offered seed funding of USD 25,000 per startup for 5%-20% equity, alongside other benefits such as a 12-week structured program with trainings and workshops, an opportunity to pitch to local and regional VC’s, one-on-one mentoring with dedicated mentors, connections to global accelerator platforms, and free access to Hatch co-working space.
HerCapital is set to have 2 cohorts per year and 10 startups per cohort, with an estimated fund size of USD 1 million, out of which USD 500K will be allocated for seed funding and the other USD 500K for follow-on funding respectively.
The fund will also focus on encouraging disruptive innovations in products, technology, and business models in several areas. These include Agriculture, Education, Health, Energy, Sustainability, IoT, Payment, SaaS, Digital, and MarketPlace.
Based on available market data, HerCapital is expected to increase step-up valuation for companies by 1.64 times, per year in valuation by 5.5%, and profitability by 15%.
The fund has also brought on six industry disruptors to back it as its investment committee, five of whom are women entrepreneurs themselves. They include Sonia Dandona Hirdaramani, Personal Investor (ex-Morgan Stanley), Hayley Evans, CEO of Surge Global, Shehara Jayawardana, the Joint Managing Director of the McLarens Group of Companies, Niloo Jayatilake, the CEO/Director of Softlogic Invest, Zara Mandviwalla Akbarally, Barrister-at-law, and Hatch’s very own Co-founder/Director, Brindha Selvadurai-Gnanam.
Business
Sarvodaya Development Finance joins Global Banking Alliance, set to host annual board meeting in Sri Lanka
Remarking a new milestone in its pledged journey towards sustainable financing and inclusive financing,
Sarvodaya Development Finance PLC (SDF) has secured the full membership in the Global Alliance for Banking on Values (GABV), an international network of banks working to build a more sustainable and inclusive financial system.
Through this membership, Sarvodaya Development Finance PLC aims to strengthen its ability to create social and environmental impacts by expanding access to ethical financial tools, supporting community-led development, and promoting environmentally responsible lending. The alliance provides opportunities to engage with global peers, share practical knowledge, and adopt approaches that have worked in similar contexts around the world. It also allows Sarvodaya Development Finance PLC to align more closely with international standards on sustainable finance, build relationships with mission-aligned investors, and stay informed on evolving policy and regulatory trends. As part of this engagement, Sarvodaya Development Finance PLC will host the Asia Pacific Conference and the GABV Annual Board Meeting in Colombo on October 15–16, 2025, bringing together CEOs from over 12 countries to collaborate on advancing values-based banking across the region.
The 17th Annual Meeting of the Global Alliance for Banking on Values was held in Kampala, Uganda, under the theme “Building Resilient Futures.” The event brought leaders from over 70 member banks across more than 45 countries to the GABV network to discuss how values-based banks can respond to global challenges such as climate change, economic inequality, and digital transformation. Channa De Silva – the Chairman and the Nilantha Jayanetti – the Chief Executive Officer of Sarvodaya Development Finance PLC have represented the Company at this event.
Business
Sanjiv Hulugalle appointed CEO and General Manager of Cinnamon Life at City of Dreams Sri Lanka
A Global Hospitality Visionary Returns Home to Lead Sri Lanka’s Most Ambitious Integrated Resort
Cinnamon Life announces the appointment of Sanjiv Hulugalle as the Chief Executive Officer and General Manager of Cinnamon Life at City of Dreams Sri Lanka, marking a pivotal moment in the evolution of Sri Lanka’s hospitality landscape.
With a career that spans over three decades and 12 countries across five continents, Hulugalle brings to Cinnamon Life an unparalleled legacy in luxury hospitality, real estate development, and transformative leadership. From the Maldives to Canada, China to the UAE, he has been at the helm of some of the world’s most prestigious hospitality and real estate ventures.
Previously the Group President of Hospitality & Real Estate at KOHLER Co., Hulugalle drove innovation and strategic growth across a diverse portfolio. At Auberge Resorts Collection, he led the ambitious repositioning of a $210 million development. His 24-year tenure with Four Seasons saw him lead top-tier teams and deliver award-winning results across the globe.
But this latest chapter is deeply personal.
Having been semi-retired, Hulugalle’s return to Sri Lanka was sparked not by circumstance, but by calling and purpose. “This is not just a role,” says Hulugalle. “It’s a way of giving back to the country that raised me—with its gracious hospitality, boundless warmth, and vibrant soul.”
“Sri Lankan hospitality is naturally gracious and kind,” he reflects. “It’s in our DNA. My mother would’ve wanted me to return and give back.”
Redefining Colombo as a City of Dreams
With Hulugalle at the helm, Cinnamon Life is set to emerge not just as a landmark development in Colombo—but as a destination, that captures the imagination of the world. Under his leadership, City of Dreams will embody the essence of modern Sri Lanka: rooted in culture, rich in character, and radiating with opportunity.
In addition to his work in hospitality, Hulugalle is also an active investor in AI-led technologies, residential real estate, and wellness-driven consumer brands, always seeking to blend strategic foresight with heartfelt service.
The Colombo Stock Exchange (CSE), in collaboration with the Securities and Exchange Commission of Sri Lanka (SEC), hosted an Issuer Forum in Gampaha aimed at supporting small and medium-sized enterprises (SMEs) in exploring avenues for capital raising through listing on the Colombo Stock Exchange.
The forum, titled “Redefining the Trajectory of Your Business”, provided guidance on exploring effective capital-raising avenues, specifically through listing on the Empower and Diri Savi Boards. These boards offer dedicated listing platforms for SMEs, focusing on sectors such as agribusiness, livestock, energy generation, ICT, and tourism-related ventures. Attracting over 70 participants, the forum offered valuable insights that were well received.
The main presentation of the evening, delivered by Mr. Nikila Darmadasa, Senior Management Associate of the Corporate Advisory Division at NDB Investment Bank Limited, educated the participants on the benefits of capital generation and mobilization through listing on the CSE, outlining the processes and advantages for businesses ready to grow beyond traditional financing models.
A panel discussion on “The Journey Towards Listing and Life After Listing” featured Manuri Weerasignhe, Director, Corporate Affairs, SEC; Rajeeva Bandaranaike, CEO, CSE; Nikila Darmadasa, and J.F. Fernandopulle, Managing Director and CEO, Mahaweli Coconut Plantations PLC. The session was moderated by Ms. Punyamali Saparamadu, Senior Vice President, Commercial, CSE. The panel offered practical perspectives on preparing for a listing, regulatory expectations, and the business journey post-listing.
This initiative reflects the continued commitment of the SEC and CSE to broaden access to capital market opportunities for SMEs across Sri Lanka, enabling them to scale sustainably while contributing meaningfully to the national economy.
Navy intercepts craft with packages suspected to be narcotics
Establish a clean local governance system that utilizes budget allocations transparently for rural development – Prime Minister
Warm Weather Advisory issued for Eastern and Uva provinces and Polonnaruwa and Mullaitivu districts.
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