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

Rs 160 million + diesel discrepancy at Lakvijaya power plant prompts probe

Published

14 hours ago

2026/09/30

Sahan Weerasooriya

The Lakvijaya power plant in Norochcholai.

By Ifham Nizam

A Rs.160 million-plus diesel discrepancy at the Lakvijaya power plant in Norochcholai has triggered an internal investigation, raising questions over the handling of public funds and the controls governing fuel purchased for electricity generation.

The discrepancy surfaced during an internal audit of diesel supplied to the plant from the Kolonnawa and Sapugaskanda fuel terminals, according to senior officials familiar with the inquiry.

The audit has identified five transactions—two in December 2025 and three in January 2026—in which diesel recorded as delivered to the plant allegedly could not be fully accounted for in its physical stocks.

The investigation is now examining whether these were isolated discrepancies or part of a longer-running practice.

One transaction under scrutiny relates to January 16, when records reportedly showed that 10 diesel bowsers had arrived at the plant. Investigators subsequently found indications that the fuel stock corresponded to only nine bowsers.

A storekeeper responsible for the relevant fuel operation has reportedly been temporarily removed from those duties pending the investigation.

A senior official said investigators were reviewing historical records amid indications that similar discrepancies may have occurred over a longer period. If established, the financial exposure could therefore exceed the Rs.160 million currently identified.

The investigation is comparing fuel-terminal dispatch records, tanker movements, plant-entry records, receiving documents and physical stocks to establish exactly how much fuel was dispatched, received and accounted for.

That audit trail will also be critical in determining who authorised, received and certified the disputed consignments, and whether established controls were followed.

Relevant documents were reportedly transferred from Norochcholai to the company’s Colombo head office on September 26 for further examination, with electricity-sector security personnel assisting in the transfer.

The internal audit has also reportedly uncovered expired chemical stocks worth several hundred thousand rupees in the plant’s stores. Investigators are examining whether further inventory-management irregularities occurred.

The matter was also reportedly taken to the Puttalam Police Special Crimes Investigation Unit on September 26.

When contacted by Puttalam-based journalist Hiran Priyankara Jayasinghe for The Island Financial Review, Lakvijaya Power Plant Manager Nalaka Kumara confirmed that an investigation was under way but declined to provide further details.

The financial issue is direct: if the plant paid for diesel it did not receive, public-sector funds were spent without the electricity sector receiving the corresponding fuel.

Business

Sri Lanka Food Processors Association holds 29th Annual General Meeting

Published

14 hours ago

2026/09/30

Sahan Weerasooriya

The Sri Lanka Food Processors Association (SLFPA) successfully convened its 29th Annual General Meeting (AGM) on September 23, 2026, at the Water’s Edge Hotel, Battaramulla. Bringing together key industry stakeholders and member organizations, the event served as a platform to review milestone achievements from the 2025/2026 term and outline strategic priorities for the nation’s food and beverage processing sector.

At the AGM, the new Executive Committee for 2027/2028 was appointed, comprising: Honorary President Aruna Senanayake C.W. Mackie PLC Imme. Past President Thusith Wijesinghe Trans Continental Packaging & Commodities (Pvt) Ltd.

President Elect Nadishan Guruge Meadlee Trading Co. (Pvt) Ltd.

1st Vice President Damitha Perera Forbes & Walkers Commodity Brockers (Pvt) Ltd.

2nd Vice President Rasika Seneviratne Diesel & Motor Engineering PLC 3rd Vice President Deepal De Alwis Neochem International (Pvt) Ltd.

Honorary Secretary Amila Weerasinghe Nestle Lanka Limited.

Asst. SecretaryDineth Alahakoon Country Style Foods (Pvt) Ltd.

Honorary Treasurer Sameera Jayathilaka Westmann Engineering Company (Pvt) Ltd.

Asst. Treasurer Niroshan Dalpethado C D De Fonseka & Sons (Pvt) Limited. In addition to the above office bearers, the following ten Executive Committee Members were appointed:

Sanjeewa De Silva Unilever Sri Lanka Limited Sheran De Alwis MA’S Tropical Food Processing (Pvt) Limited

Thusitha Ekanayake Anods Cocoa (Pvt) Ltd.

Vijitha Govinna Plenty Foods (Pvt) Limited Ms. Praharshi Wickramasekara International Commodity Exports (Pvt) Ltd.

Sanjeewa Niroshan SGS Lanka (Pvt) Ltd. Kushan Amarasinghe Finagle Lanka (Pvt) Ltd.

Rangajeewa Hettiarrachchi Fonterra Brands Lanka (Pvt) Ltd.

Harindra Abeyrathna Vision Technologies International (Pvt) Ltd. Thilina Weerasekara Ceylon Cold Stores PLC

The event was proudly supported by key industry partners, with SGS Lanka (Pvt) Ltd serving as the Platinum Sponsor. Unilever Sri Lanka Ltd. and Nestlé Lanka Ltd. joined as Gold Sponsors, Ceylon Agro Industries – Prima as the Silver Sponsor, while Lanka Exhibition & Conference Services (LECS) and Hero Nature Products (Pvt) Ltd., supported as Bronze Sponsors.

The proceedings concluded with a vote of thanks delivered by Hony. Secretary Deepal De Alwis, followed by cocktails and a fellowship networking session, providing an opportunity for members to connect and strengthen industry ties.

Business

Uber brings the ‘business class of back seats’ to Sri Lanka with Uber Black

Published

14 hours ago

2026/09/30

Sahan Weerasooriya

New premium ride option expands Uber’s portfolio from affordable Moto and Tuk rides to premium on-demand travel

Uber announced the launch of Uber Black in Sri Lanka, bringing its premium ride experience to the country for the first time. Designed as the “business class of back seats,” Uber Black combines premium vehicles and highly-rated drivers for riders looking for greater comfort, quality and a more elevated travel experience.

The launch comes as demand for premium products and experiences grows across Sri Lanka, with consumers seeking greater choice and quality in their everyday experiences. Uber Black brings this choice to on-demand mobility, whether for an airport journey, an important business meeting, a special occasion or simply when riders want to travel in greater comfort.