Business
Rising startups keen to tap stock market for external funding

Board members of The Startup Council-Standing (L to R) Chandula Abeywickrama(Founder & Chairman – Lanka Impact-Investment Network). Achala Samaradivakara (Co-Founder & Managing Director – Good Market) Imal Kulathotage (CEO – nCinga) ,Yasura Samarakoon (Manager – Business and Trade Promotion, The Ceylon Chamber of Commerce).Seated (L – R) Prajeeth Balasubramaniam (Managing Partner -BoV Capital- chairman- Startup Council). Shalin Balasuriya, (Co-founder -Spa Ceylon), Brindha Selvadurai-Gnanam (Co Founder –Hatch),Mangala Karunaratne -(Founder & CEO – Calcey Technologies)
by Sanath Nanayakkare
Rising startups in Sri Lanka are keen to tap the stock market for external funding for product development, product launches and scale up and expand their their businesses in new markets, The Island Financial Review learned at a forum held by the Council For Startups, established by the The Ceylon Chamber of Commerce.
The Council provides entrepreneurs with exclusive opportunities and access to international markets
Prajeeth Balasubramaniam Founder, Lankan Angel Network/Managing Partner, BoV Capital who is also the chairman of the Council speaking to The Island Financial Review said,” Today people who have money pour that into the stock market because interest rates have come down. People who used to make higher interest rates are not making that and they are putting that into the stock market because they feel they can get better returns. Similarly if they can channel some of that money through the banking sector or other sources into startups it would be good. The CSE is regulated and the private sector is not going to put money into startups. If the government regulates startup projects and their funding structures then banks and private investors will feel that the risks are minimized and then they will join in to reap the rewards by investing in them”.
“Spring Singapore is a government startups initiative. Singapore state investor Temasek Holdings has put a lot of money into that. If we can create a similar situation people will be convinced that they won’t end up in trouble by investing in startups,” he said.
Imal Kalutotage, CEO of nCinga said,”nCinga was highly fortunate to expand regionally with the support the Ceylon Chamber and its global partners. Via the Chamber, its global partners and members, we were able to attract customers for accelerated growth and investors who also helped us with exit in December 2019. We now have a national body to help provide invaluable market access for startups and am happy to be a part of this to help other entrepreneurs grow”.
The Ceylon Chamber of Commerce recently established the Council for for Startups to address the key needs and challenges of SMEs and startups through allocation of a range of easily accessible opportunities, including access to local and international markets for various partnerships.
Inaugurated in September 2020, the Council for Startups primarily aims to foster a thriving ecosystem of entrepreneurship, which facilitates economic growth and empowerment of startups and SMEs in Sri Lanka.
Offering a highly influential and knowledgeable advantage, the CCC provides the cumulative support of 600 members to promote business opportunities for startups. These alliances (20 Global Chambers, 38Trade/Product and Service Associations and 21 Bilateral Business Councils) position the Chamber in an ideal position to promote business opportunities.
The Council recognizes the benefits of sustaining ripe economic conditions and marketing opportunities for startups and further aims to use its resources and partnerships with high commissions, foreign Chambers of Commerce for startups, and consulting firms in order to create a secure infrastructure that drives optimal business performance.
Business
Dulux colours Architect 2023 exhibition with vibrant and engaging presence

Dulux -Sri Lanka’s, a leading manufacturer of paints and coatings – is celebrating the successful close of its participation at Architect 2023, also taking home an award for the ‘Best Trade Stall with Innovative Use of Colour’.
Organised by the Sri Lanka Institute of Architects -and now in its 41st year- this year’s edition of the Architect 2023 annual trade fair took place from February 24-26 at the BMICH, and witnessed greater participation from leading companies and entrepreneurs actively involved in the various construction and architecture sectors; both locally and internationally, a company news release said.
“Dulux established a strong presence at the event with a spectacular exhibit themed Colour Futures ’23, featuring its 2023 Colour of the Year: Wild Wonder. Visitors to the stand were able to explore the four colour palettes, Lush, Buzz, Raw and Flow, inspired by the nature-influenced theme, with Dulux colour experts on hand providing unique trade insight, and also advising visitors on how best the shades can be implemented into their own work and living spaces,” it said.
“The popular mascot, “Dulux Dog” was also present to playfully engage with exhibition attendees and brighten up the vibrant Dulux stall even further. The Dulux exhibit proved widely popular among attendees to Architect 2023, due to its powerful display of colour in both interior & Exterior spaces. “
“Architect 2023 was a great opportunity for Dulux to learn from fellow trade professionals, and also to introduce visitors to the latest trends and insights from the global paints and coatings landscape,” said Upendra Gunawardhana, Head of Marketing at AkzoNobel Paints Sri Lanka. “We’ve maintained a strong long-standing relationship with the SLIA, and have every intention of being back again next year as well.”
Business
ACCA reaffirms ComBank as Best among Sri Lankan banks for Sustainable Reporting

The Commercial Bank of Ceylon was declared the best among all Sri Lankan banks in sustainability reporting at the Sri Lanka Sustainability Reporting Awards for 2022 presented by the Association of Chartered Certified Accountants (ACCA) Sri Lanka.
As the winner in the ‘Banking’ category Commercial Bank was recognised for being one of the most transparent, accountable, and responsible entities in the country. The award was presented for the Bank’s 2021 Annual Report titled ‘Beyond a shape, beyond a colour’ which among other aspects, explores the Bank’s evolving operating context in which social and environmental concerns are brought to the centre of its corporate agenda.
Prepared in line with the International <IR> framework, this Annual Report also presents the Bank’s social and environmental impacts as per the Global Reporting Initiative (GRI) standards: Core option. Additionally, it reports on the Bank’s contribution towards the UNDP Sustainable Development Goals.
The Report also features a dedicated section on ‘Business model for sustainable value creation’ and discloses information on loans screened through the Bank’s Social and Environmental Management System (SEMS), paper reduction and recycling initiatives, increased usage of renewable energy, and switching to energy-efficient appliances under the section on ‘Natural Capital.’ Indicators of value derived in this category include reduced energy consumption in gigajoules, number of facilities subjected to SEMS screening, number of new solar panel installation locations, number of internet banking and mobile banking users, and solar power generated as a percentage of energy consumption.
Commercial Bank’s high standards in comprehensive reporting area result of the Bank’s commitment to being a responsible financial entity and shaping its work ethics around sustainable business practices, the Bank said. Last year too, Commercial Bank topped the ACCA awards in the Banking category, in addition to winning the overall award for the Best Sustainability Report of 2020.
Notably, Commercial Bank’s 2021 Annual Report also won four awards including a Gold for ‘Interior Design,’ and a Bronze for ‘Interactive Annual Report’ at the 2022 edition of the MerComm ARC Awards which is the world’s largest annual report competition.
The Bank’s sustainability initiatives include lending to support sustainable and green operations, migrating customers to paperless banking, improving efficiency in the use of energy, water and other resources in its own operations and supporting community initiatives that help conserve habitats and the environment. Its support to a mangrove restoration project in Koggala and marine turtle conservation initiative in Panama are examples of its commitment to environmental conservation.
The Bank pioneered a mandatory social and environmental screening process for its project lending activities and was the first bank in Sri Lanka to venture into Green Financing. It also revolutionised digital banking by introducing features in its ‘Flash’ mobile application to measure and offset customer impact on the environment.
Business
Ex-Pack Corrugated Cartons PLC prioritizes psychological wellbeing in view of Women’s Day

In view of the marking the International Women’s Day, Ex-Pack Corrugated Cartons PLC held an insightful event at their state-of-the-art factory premises in Kelaniya, highlighting the importance of psychological wellbeing and how Ex-Pack is taking up measures in ensuring an enabling environment for its 300 strong workforce, based on its wider DEI policies.
Various global studies have shown that women are impacted at much higher rates than men when it comes to mental illnesses. The session celebrated their achievements and life stories, and shared some eye-opening tips, facts, know how’s, to-dos, and various other influential factors including the dire need to change our perspectives on women’s roles, health and wellness. This also touched upon the emotional and social aspects of wellbeing too.
This year’s theme is centered on #EmbraceEquity, and Ex-Pack is no stranger when it comes to pursuing gender equality in an industry that has been traditionally dominated by male. As one of leading corrugated cartons manufacturer in Sri Lanka delivering end-to-end packaging solutions to both local and international clientele, and a subsidiary of Aberdeen Holdings (Pvt) Ltd, Ex-Pack actively encourages more female participation.
‘With this year’s theme being #EmbraceEquity, we take great pride in being an ambassador and role model in our industry. We go beyond just equal opportunities to pro-actively collaborate with everyone, to ensure that our talented women have every possible resource at their disposal and are given all the required support to succeed both professionally and personally,’ said M. Zulficar Ghouse, Managing Director- Ex-Pack Corrugated Cartons PLC
Ex-Pack has long been engaged with providing equal career opportunities, and both men and women
are respected, rewarded and compensated equally. The company also has an open-door policy for all employees. Women empowerment stems directly from the top leadership, recognizing that women and their strengths are crucial to both the company and the overall economy.
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