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Different raises $25mn, aims to scale-up operations including Sri Lanka

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Australian property management company, :Different, with offices in Colombo, Sydney and Melbourne has recently raised $25 million in a Series B round to expand its presence nationally, build its diverse team of property managers, and scale-up its breakthrough technology platform including its engineering center here in Sri Lanka, with a view to reimagine the home ownership experience.

:Different was founded in 2017 by ex-Silicon Valley executives, Mina Radhakrishnan and Ruwin Perera, setting on a journey to make a real difference for property owners, their properties and those who live in them. And it does this through three key service elements; the :Different Owner App, team of experts, and its Property Partners.

In just less than four years, the company has exhibited tremendous growth with numbers in terms of revenue and team almost doubling last year. ‘We owe much of our momentum to the talented people and customer-centric technology that come together in creating highly impactful experiences,’ said Radhakrishnan.

:Different is a Silicon Valley startup with its founders being former senior members of Google’s Global Strategy Team and Uber’s Global Product Team. The company’s CTO Shishir Das is formerly from ThoughtWorks, and VP of Engineering Hasitha Liyanage from Sysco LABS.

With Sri Lanka capturing global attention as one of the most-sought after destinations for talent and skills in producing top-notch technology solutions, :Different instinctively turned to Sri Lanka within just two years of its inception. The company is said to double its stake in the country and expand its team and capabilities in the coming months.



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Transco Travels unveils brand new office

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Transco Travels, an innovative destination management company in Sri Lanka and a subsidiary of Transco Holdings, recently unveiled its new, state-of-the-art office premises, centrally located at 41 Janadhipathi Mawatha, Colombo 01, Sri Lanka. The office was ceremonially opened by Group CEO Dr. Charitha Perera, Transco Travels CEO Dian Jansz, and Director Ms. Sandamini Dikkumbura, in the presence of Transco Travels staff and special invitees.

The new office provides easy access to major transport hubs, corporate offices, and tourism landmarks. In the face of a rise in global travel, it is designed to cater to the increasing demand and deliver a superior customer experience. The office is equipped with modern technology and a welcoming environment for personalized consultations and on-the-spot travel support.

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ICT sector explores unlocking value and funding opportunities through capital market

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Punyamali Saparamadu, Venkadesh Ramraj, Dilshan Wirasekara, Dinesh Saparamadu, and Jiffry Zulfer

The Colombo Stock Exchange (CSE) and U.S. Agency for International Development (USAID) together with SLASSCOM and FITIS, recently hosted a forum titled ‘Unlocking Value via Capital Markets and Funding Options for the IT Sector’. The forum aimed to empower companies in the ICT sector by exploring alternative funding sources and raising awareness about the process of going public in today’s dynamic market environment.

Supported by USAID’s CATALYZE Private Sector Development initiative, this event covered a range of topics aimed at enhancing investor awareness. Highlights included an introduction to capital markets and alternative funding options for IT firms, insights into investor expectations, and the benefits of listing with the Colombo Stock Exchange. Attendees also gained valuable knowledge about the regulatory landscape, compliance requirements for going public, and success stories shared by industry leaders.

Dinesh Saparamadu, Founder and Chairman of hSenid Group of Companies, and Jiffry Zulfer, Founder and CEO of Digital Mobility Solutions Lanka (Pvt) Ltd (PickMe), which recently raised LKR 1.6 billion through its stock exchange listing, shared their perspectives on navigating the listing process. PickMe’s successful listing underscores the significant potential for growth and investment in Sri Lanka’s ICT sector.

Speaking on behalf of the CSE, Dilshan Wirasekara, Chairman, CSE noted, “The top five companies globally by market capitalization are IT-focused, highlighting the vast potential of this sector. In Sri Lanka, the IT industry ranks as the third-largest export contributor, generating $1.5 billion in 2023 and employing over 150,000 skilled professionals. Growing over 300% in the past decade, it’s a key driver of economic progress and digital transformation. By tapping into capital markets, IT companies can secure vital investment, supporting further growth and contributing to national prosperity.”

“The United States through USAID understands how crucial the ICT sector is to Sri Lanka’s economic growth and prosperity,” said USAID Acting Mission Director Justin DiVenanzo in a statement. “That is why USAID is working with the CSE to help the sector gain access to funding through capital markets. We know the sector not only drives innovation and job creation but also provides numerous employment opportunities for women.”

During the event, Venkadesh Ramraj, Assistant Vice President, Investment Banking at CT CLSA, delivered a comprehensive presentation titled “Understanding Capital Markets, Funding Options for IT/ICT Companies and Benefits of Listing on the CSE.”

The forum concluded with an interactive panel discussion and Q&A session. The panel featured Dinesh Saparamadu; Jiffry Zulfer; Venkadesh Ramraj; and Dilshan Wirasekara. This session, moderated by Ms. Punyamali Saparamadu, Senior Vice President – Commercial at the CSE, provided an opportunity for participants to seek clarifications and engage directly with the experts.

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CSE continues bullish run in anticipation of stable government

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By Hiran H. Senewiratne

The CSE indicated a bullish run yesterday in anticipation of a stable government after the parliamentary election. Further, the banking sector was very optimistic that the external debt restructuring exercise would be completed soon.

Consequently, most banks’ quarterly results were quite satisfactory and this was reflected in the CSE over the last few weeks.

Amid those developments both indices moved upwards. The broader ASPI closed up 0.56 percent, or 73.61 points, at 13,198; while the more liquid S&P SL20 Index closed up 1.23 percent, or 48.60 points, at 3,986.

Turnover was Rs 3.7 billion with seven crossings. Most of these came from interest in banking sector stocks (Rs1.6 billion).

Those crossings were reported in DFCC Bank, which crossed 1 million shares to the tune of Rs 86.9 million; its shares traded at Rs 85, Commercial Bank 500,000 shares crossed for Rs 61.5 million; its shares traded at Rs 123, Lanka IOC 400,000 shares crossed for Rs 44.6 million; its shares traded at Rs 111.50, Sampath Bank 260,000 shares crossed for 43.9 millio; its shares traded at Rs 96, Meltacope 400,000 shares crossed for Rs 43.1 million; its shares sold at Rs 108, Commercial Bank (Non- Voting) 260,000 shares crossed for Rs 25 million; its shares sold at Rs 90 and Singer Singer (Sri Lanka) 1 million shares crossed for Rs 21.5 million; its shares fetched Rs. 21.50.

In the retail market top performing companies that contributed to turnover were; Browns Investments Rs 482 million, Sampath Bank Rs 404 million DFCC Rs 242 million, Commercial Bank Rs 199 million, NTB Rs 148 million and JKH Rs 146 million. During the day 156.7 million share volumes changed hands in 20023 transactions.

Other sectors that saw high activity were food, beverage and tobacco (Rs874mn), capital goods (Rs418mn), and diversified financials (Rs261mn).

Top contributors to the ASPI were, Sampath Bank (up at 95.50), Commercial Bank (up at 122.50), DFCC Bank (up at 87.80), NTB (up at 150.25), and Browns Investments (up at 6.50).

Yesterday, the rupee opened stronger at Rs 292.15/18 to the US dollar from Rs 292.20/30 to the US dollar the previous day, dealers said, while bond trading was subdued as voting began.

“Market is very quiet due to the election, dealers said. Of the actively quoted bonds:

A bond maturing on 15.03.2028 was quoted at 11.25/35 percent, up from 11.15/35 percent.

A bond maturing on 01.05.2028 was quoted at 11.35/45 percent.

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