Business
Angel Fund focused on helping its portfolio weather economic storm
Currently, LAN and the Angel Fund is enabling Chakra Suthra, Mintpay and Magicbit to scale both within Sri Lanka and abroad
Sri Lanka’s first Angel Fund completed funding rounds for Chakra Suthra and Mintpay as of its most recent operational quarter. Further, the Fund aided a third startup, Magicbit, in growing its team and setting up a new local office, from which it has shipped to 38 countries so far.
Most important of all, Chakra Suthra, Mintpay and Magicbit. being the most recent additions to the Angel Fund portfolio, have each started to scale as a result of the access to funding, mentoring and international markets developed via the Lankan Angel Network (LAN) and its global partners. This is despite a number of challenges being thrown up by the many shocks Sri Lanka’s economy has faced since March 2022.
According to LAN, and the Angel Fund, Chairperson Chandi Dharmaratne, “LAN is excited to be funding these high potential Sri Lankan startups and we will continue to support and mentor these founders to scale their companies into global platforms. In the midst of the current economic situation in Sri Lanka, it is definitely reassuring to see our entrepreneurs continuing to stay resilient and playing a key role in the resuscitation of the economy.”
An AI-based platform that allows consumers to purchase goods online and pay later in interest-free instalments, Mintpay has grown from being a startup to becoming the preferred Buy Now Pay Later (BNPL) payments partner for leading retailers, entering into strategic partnerships with leading merchants in Sri Lanka including Softlogic, Abans, Ministry of Crab, Cool Planet and Nolimit. Having captured the Fashion and Beauty retail vertical in Sri Lanka, Mintpay, which is now headquartered in Singapore, hopes to extend its services across other industry verticals such as travel and dining. “The traction we’ve gained thus far in Sri Lanka has given us the confidence to accelerate our regional expansion efforts and also tap into new business verticals,” revealed Mintpay’s CEO Urmila Chandrasekeram.
Mintpay’s recent crowning as the winner of Venture Engine’s 2021/2022 cohort has also drawn the attention of many global VCs, which has resulted in significant advance interest in the company’s the next round of funding.
Chakra Suthra, another Angel Fund portfolio company, is a technology startup dedicated to developing innovative solutions to waste problems, with a vision of achieving zero waste for every home and business in Sri Lanka. Chakra Suthra launched the unique concept of Trash2Cash in 2021. This was in the form of an interactive smart machine that allowed customers to deposit plastic bottles, glass bottles, cans and cartons and earn credit with it being redeemable against your bill at partner supermarkets. The collected plastics get upcycled into polyester yarn, recycled garments or into household products in partnership with other recycling partners, while other materials collected also underwent upcycling and/or recycling.
Helped along by the completion of a funding round led by the Angel Fund, the Trash2Cash platform is currently in the early phases of an island-wide roll-out. “We have identified the problems and bottlenecks in Sri Lanka’s recycling industry and have begun addressing these pain points. In doing so, we introduced the one and only recycling platform allowing consumers to monetize their packaging. Our goal is to revolutionize the recycling landscape of Sri Lanka and the region. We believe the timing is right to introduce innovative technology into recycling efforts, and more importantly that the Sri Lankan consumer is now ready for a mindset change,” commented Chakra Suthra’s CEO Himesh Fernando.
Meanwhile, Magicbit became the national winner of SLASSCOM Ingenuity Awards 2022 as “Startup of the Year”. It also took its international successes to the next level by partnering with organizations in Japan, Sudan and Ghana. According to the company’s CEO Migara Amithodhana, “Magicbit was launched during a global pandemic and we are developing the company during a recession. Although the conditions are not 100% favorable, Magicbit is steadily growing as a business focusing more on foreign markets.”
It is also noteworthy that Magicbit started a free IoT Code Club with participation over 100 students in partnership with Techkids.lk.
Established in 2020 by LAN, and supported by ecosystem development partner the Ford Foundation, the Angel Fund aims to catalyze the growth of Sri Lanka’s startup ecosystem.
Evaluating startups on a monthly basis, the Angel Fund is dedicated to backing early-stage startups across multiple sectors. It supports them in various ways, from making investments, to even helping startups identify sources for future funding. It also provides centralized services such as company secretaries, accounting and auditing for all its startups. This ensures all startups meet proper governance standards, which will certainly help their future funding rounds.
Created by LAN, which started this journey by funding and mentoring startups in 2012, the Angel Fund supports high potential startups that can be scaled across the country, and even regionally and globally. LAN is a platform for angel and private investors who invest in high growth early-stage Sri Lankan ventures with the aim of creating an impact by reducing inequality. With over 100 local and global angel investors already attached, the Angel Fund is unprecedented in Sri Lanka due to the fact that 20% of its investments come from members based in Canada, Dubai, Hong Kong, Qatar, UK and USA.
The Angel Fund is currently still open, and prioritizes evaluating opportunities for investments across the island. Interested parties are encouraged to learn more by visiting www.lankanangelnetwork.com/angel-fund or emailing ceo@lankanangelnetwork.com, to discover funding and mentorship opportunities.
Business
Needs of populace hit by Cyclone Ditwah seen as waiting to be addressed
By Hiran H. Senewiratne
The government is yet to address fully the needs of the Cyclone Ditwah affected populace though one year has elapsed. The devastation cost the country more than US $ 4.1 billion, an Australia-based Chartered Engineer of Sri Lankan origin said.
‘Cyclone Ditwah affected more than 2.2 million people in 25 districts, which is considered to be one tenth of the population. However, only 39 percent of the allocated funds have been spent to date, the speaker, a one-time General Secretary of the JVP, now living in Australia Lionel Bopage said.
He made these comments at a Rotary Club Colombo South monthly meeting held at the Kingsbury Hotel, Colombo recently.
Bopage quoted from a Loughborough University research report published in February to the effect that Sri Lanka has under invested in prevention but over invested in recovery.
Bopage added: ‘The largest single economic category affected were not buildings but the agriculture sector which provides livelihoods for the majority of affected persons. Therefore agricultural livelihoods have been hit most.
‘More than 58,000 hectares of paddy lands were flooded in the Eastern districts alone, while 46 reservoirs reached critical spill level or failed outright following the disaster.
‘A rapid education sector assessment found that 1,682 schools were affected and more than 555,000 children were unable to attend schools. Further, 622 water supply schemes had been left non-functional and apart from that 11300 homes were damaged or destroyed. But reconstruction is happening at a very slow pace.
‘Tens of thousands of households in the hill country and in the East are still living in damaged properties and on unstable slopes drawing water from schemes that have not been restored.
‘ A Post Disaster Needs Assessment put the cost of resilience at US$ 3.4 billion but restoration work is happening at a slow pace even with foreign donor assistance.’
Business
WB forecast buoys bourse but weak investor participation slows momentum
By Hiran H. Senewiratne
The CSE yesterday kicked off on a positive note due to a World Bank forecast that Sri Lanka could achieve 4.4 percent economic growth this year but later lost momentum due to weak investor participation.
Amid those developments both indices moved upwards. The All Share Price Index went up by 132 points while S and P SL20 rose by 21.02 points.
Turnover stood at Rs 1.97 billion with three crossings. Those crossings were; Lanka IOC 2.7 million shares crossed to the tune of Rs 470 million; its shares traded at Rs 127, CCS 2.7 million shares crossed to the tune of Rs 315 million; its shares sold at Rs 118 and JKH five million shares crossed for Rs 91.5 million; its shares traded at Rs 18.30.
In the retail market companies that mainly contributed to the turnover were; Commercial Credit and Finance Rs 126 million (1.3 million shares traded), Lanka IOC Rs 98 million (775,000 shares traded), Asiri Surgical Hospitals Rs 77 million (7.6 million shares traded), Commercial Bank Rs 51.3 million (307,000 shares traded), Sampath Bank Rs 46 million (325,000 shares traded), HNB Rs 37 million (98000 shares traded) and Tokyo Cement Rs 31 million (393,000 shares traded). During the day 50 million share volumes changed hands in 14547 transactions.
It is said that the petroleum sector performed well, especially Lanka IOC, while in the banking sector counters, especially Commercial Bank and Sampath Bank performed well. In the manufacturing sector, JKH impressed.
TAL Lanka Hotels announced that it has scheduled an Extraordinary General Meeting on October 29 to obtain shareholder approval for a proposed Rs 1.87 billion rights issue. The proceeds will be utilized for the repayment of bank borrowings, part refurbishment of the Taj Samudra Hotel in Colombo, settlement of vendor liabilities, and general corporate requirements.
Yesterday the rupee was quoted at Rs 330.95/331.05 to the US dollar in the spot market, weaker from Rs 330.85/95 the previous day, while bond yields were quoted broadly steady, dealers said.
Business
Huawei continues to showcase practical AI applications at Sri Lanka AI Week 2026
Sri Lanka AI Week 2026 continued into its second day bringing together government, industry, academia and technology partners to explore practical applications of artificial intelligence. As the AI Technology Partner for the second consecutive year, Huawei showcased 18 use cases spanning government, education, finance, industry, green energy and everyday life, demonstrating how AI can be applied to real-world needs.
Prime Minister Dr. Harini Amarasuriya visited the Huawei exhibition together with officials from the Ministry of Education, Higher Education and Vocational Education, experiencing the Smart Classroom, AI in Education and MindGraph by Beijing Normal University demonstrations. The Smart Classroom demostration highlighted how connected technologies can bring teachers and students in different locations into a shared learning environment, while the AI in Education showcase demonstrated how AI can support teachers, enhance learning and enable more personalised education. The Prime Minister praised the efforts of the Ministry of Education, Higher Education and Vocational Education, Huawei and their partners to demonstrate practical applications of AI in education, noting the role of technology in supporting teachers, expanding learning opportunities, and advancing a more inclusive, equitable and future-ready education system.
Later in the day, Deputy Minister of Digital Economy Eng. Eranga Weeraratne, Deputy Minister of Industry and Entrepreneurship Development Chathuranga Abeysinghe, Secretary to the Ministry of Digital Economy Waruna Sri Dhanapala, and Chinese Ambassador Wei Huaxiang visited the Huawei exhibition and explored the AI Hands-On Classroom AI Empowering Industry, AI in Education and Smart Classroom demonstrations. Deputy Minister Weeraratne praised Huawei’s practical approach to showcasing AI applications, noting their relevance to Sri Lanka’s digital transformation across education, industry and skills development. The engagement also extended across the wider AI ecosystem, with industry professionals, technology partners, academics and other visitors engaging with the demonstrations and expressing appreciation for Huawei’s practical approach to applying AI across different areas of society and the economy.
Daniel Wu, CEO of Huawei Sri Lanka, said that Huawei will continue bringing global experience, technology and ecosystem resources to Sri Lanka, while working side by side with local partners to build local capabilities, develop local talent and create real value for the country. “I believe that by working together, we can make AI not only more intelligent, but also more local, more inclusive, and more meaningful for everyone,” he said.
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