Business
Sarvodaya Development Finance, Sri Lanka’s first listed, impact investment company records historic year
Sarvodaya Development Finance PLC (SDF) made history in 2021, by becoming Sri Lanka’s first impact investment company to list on the Colombo Stock Exchange(CSE) and reported its best profits to date, for the financial year 2021-22.
SDF made its debut onto the Main Board of the CSE on November 23rd 2021, by raising Rs 1 billion in equity from its Initial Public Offering (IPO). The IPO was over-subscribed by noon, indicating the high level of investor interest and trust in the Sarvodaya Movement’s financial services arm, despite the prevailing global economic uncertainty.
SDF has a tried and tested mechanism to channel funds into the development of micro, small and medium enterprises, a majority of which are located outside the Western Province. Over 80% of SDF’s branches are located outside the Western Province and SDF also works with 5,400 Sarvodaya Shramadana Societies to channel funds to the end user, provide savings options and other support services, including business training and market development activities, for rural entrepreneurs.
It must be noted that SDF’s lending activities are restrained by the Sarvodaya principles. SDF does not lend towards activities deemed anti-social and/or inhumane. These excluded sectors include butcheries, alcohol related businesses, drugs and gambling etc…
A historic financial performance
The Rs 1 billion in new equity has enhanced SDF’s capital base to Rs 3.1 billion, which is comfortably above the statutory minimum of Rs 2.5 billion. The core capital ratio has improved to 27.37% against the minimum statutory requirement of 7%, and the total risk weighted capital ratio is 28.62% against the minimum statutory ratio of 11%.
The new capital also made it possible for SDF to rapidly expand business activities in the last quarter of the year. Business growth was supported by Central Bank approval to upgrade 21 SDF Customer Service Centres into full-service branches, expanding the branch network to 51.
Fuelled by growth in the lending portfolio, SDF recorded a profit after tax of Rs 215.5 million, which is a 17.5% growth compared to the profit after tax of Rs 183.3 million reported in the previous year. Total lending grew by 25.03% while agriculture sector remained the largest recipient of SDF credit, absorbing 48% of total disbursements during the year, which was Rs 3.91 billion. This is an increase of 87% from the previous year.
“While SDF’s lending has surged following the IPO, it is noteworthy that over 90% of the Company’s total lending is asset-backed lending.
SDF concluded the financial year 2021-22 by demonstrating its true potential to support the country’s economic recovery in this challenging juncture. As the financial services arm of the Sarvodaya Movement, SDF is committed to do everything within its power to create wealth for the nation, and looks forward to supporting the country’s entrepreneurs in the new financial year” said by its Chairman Mr Channa de Silva.
Business
DevPro and WCIC come together to accelerate women’s economic empowerment in Sri Lanka
DevPro and Women’s Chamber of Industry and Commerce (WCIC) signed a formal partnership on Wednesday, 28th January to collaborate in promoting women’s economic empowerment and inclusion in Sri Lanka.
DevPro builds on 30 years of OXFAMs legacy in Sri Lanka and works towards Inclusive Economic Development leveraging expertise in inclusive and climate-resilient market systems and enterprise development and innovation. DevPro’s work is guided by the core values of gender justice, inclusivity and community-led development. Through its recent projects, DevPro has supported over 270 women-led MSMEs, across agriculture, handloom, and tourism-related value chains in five provinces in Sri Lanka through a mix of interventions combining skills development, enterprise strengthening, market linkages, and gender-sensitive community engagement to improve income, resilience, and economic participation.
WCIC is the first women-only trade chamber in the world, dedicated to empowering women entrepreneurs and women-led MSMEs in Sri Lanka through skills-building, business advisory services, networking etc. Among its many initiatives, WCIC’s flagship annual event, “Prathibhabhisheka” – Women’s Entrepreneurs Awards has empowered many women owned and women-led businesses in Sri Lanka to enhance their business resilience and competitiveness through improved governance processes, financial health, market recognition and global expansion.
Through this partnership, both DevPro and WCIC, will leverage their collective expertise, networks and resources to advance women’s economic empowerment and inclusion through projects, capacity building, research and policy advocacy focused on women entrepreneurship development, innovative business models, sustainability certification and credentials, export readiness and market integration and financial literacy and inclusion.
The MoU was signed by Gayani de Alwis, Chairperson of WCIC and Chamindry Saparamadu, Executive Director of DevPro in the presence of senior members of both teams.
Business
FRELLA launches world class wellness products locally with Baurs & Co.
FRELLA, Sri Lankan-born and internationally-respected natural beauty and wellness brand, is setting the stage to expand operations by entering the Sri Lankan retail market. As the country’s only dedicated wellness company operating at an international scale, this move marks a new chapter for a brand with a growing global presence that has already earned the trust of luxury hotels and international customers.
For over seven years, FRELLA has emerged as Sri Lanka’s leading wellness brand, serving clients and partners across more than 15 international markets. The brand’s entry into the Sri Lankan retail market marks a significant milestone, allowing local consumers to access globally respected wellness products developed from the island’s own healing traditions. This retail expansion is supported through a strategic partnership with Baurs, a trusted 170-year-old Swedish multinational company, ensuring sophisticated distribution and access aligned with international retail standards.
FRELLA is rooted in Sri Lanka’s ancient healing traditions and inspired by centuries-old Ayurvedic wisdom. All FRELLA products are specially designed as holistic wellness solutions for the body, skin, hair, and soul, and focuses on providing nourishment, balance, and healthy aging through refined, modern wellness systems.
Business
Writer Business Services enters Sri Lanka to partner with institutions to provide information management and payments solutions
Writer Corporation, one of India’s leading business groups, announced the launch of its subsidiary, Writer Business Services Pvt. Ltd., and the commencement of its operations in Sri Lanka. The expansion reflects Sri Lanka’s strategic importance in Writer’s regional growth plans and its role in supporting a highly regulated digital and financial services market which is currently undergoing digital transformation.
Sri Lanka’s continued focus on strengthening regulatory frameworks, digital platforms, and financial systems is shaping how institutions across banking, government, and enterprise sectors approach their business operations. There is a clear emphasis on secure, compliant, and resilient information and transaction environments that can scale with regulatory and business needs. Writer’s entry into Sri Lanka aligns with this direction, bringing global experience and a partnership-led approach to the market.
As part of its launch, Writer will establish a secure records and information storage facility in Seeduwa, Colombo. Designed to meet global standards for security, compliance, and disaster resilience, the facility will support banks, financial institutions, government bodies, and large enterprises in managing physical and digital information across its lifecycle.
Alongside information management, Writer brings established expertise in integrated payment services to support the modernization of transaction infrastructure across the banking and financial services sector. Its payments capabilities focus on strengthening availability, transaction continuity, and transparency across critical payment channels that underpin institutional reliability and customer confidence.
Writer’s digital payments offerings in Sri Lanka include end-to-end ATM and self-service terminal outsourcing, integrated channel ownership and managed services, field management applications, payment and reconciliation platforms, and remote monitoring with near real-time reporting. These solutions support financial institutions in improving uptime, strengthening governance, and enhancing operational efficiency across payment networks, in line with the continued evolution of electronic and automated payment systems.
Across information management and payments, Writer operates with an integrated portfolio spanning records and information management, business process outsourcing, cloud and digital services, data privacy, cybersecurity and enterprise payments infrastructure. These capabilities support institutions in addressing evolving regulatory requirements, digitization of legacy environments, and rising operational and cyber risks.
Writer’s local presence enables closer collaboration with clients and on-ground delivery, while supporting the development of Centres of Excellence across cybersecurity operations, SOC and NOC services, AI-led solutions, and payments operations and monitoring.
Writer’s Sri Lanka operations will be built, led, and run by Sri Lankan professionals, reflecting a long-term commitment to local talent growth and development.
Commenting on this development, Satyamohan Yanambaka, CEO, Writer Global Services Pvt. Ltd., assured Writer’s long-term commitment to the country’s digital ambitions. He said, “Writer’s entry into Sri Lanka reflects our belief that digital ambition in regulated environments must be supported by trust, sound governance, and strong execution. As institutions scale digital services, the reliability of information and payment systems, channel operations, and governance frameworks becomes increasingly important to public and institutional confidence. Our experience across information management, digital transformation, and enterprise payments enables us to support secure, large-scale financial ecosystems, with a clear commitment to building and leading these capabilities locally.”
Sri Lanka’s Digital Personal Data Protection framework raises expectations around how personal and sensitive information is secured and governed.
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