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Sri Lanka’s Niftron raises Rs. 21 million capital from LAN’s Angel Fund

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The Angel Fund has announced a Rs. 10 million investment in Niftron, a blockchain-as-a-service (BaaS) platform that aims to make blockchain simpler and more affordable for businesses at all levels and industries. The Angel Fund was established by the Lanka Angel Network (LAN) with the support of ecosystem development partner Ford Foundation and aims to catalyze the growth of Sri Lanka’s startup ecosystem.

Niftron is one of the first investments made by the Angel Fund since its launch last year. Additionally, Niftron has raised a further Rs. 11 million from Angel Fund investors based out of Singapore, Sri Lanka, UK and USA.

A LAN press release said: Niftron’s platform is especially innovative since it allows anyone to integrate blockchain with their products or projects easily and efficiently to improve trust by providing transparency, security, and ownership. The platform was developed to ensure ease of use, even for those without a complete knowledge of blockchain.

According to Co-Founder and CEO of Niftron, Sharmilan Somasundaram, the company was created to bridge the existing lack of client-side blockchain expertise, which often results in a too long and costly learning curve for companies. Via Niftron’s pay-as-you-go model, companies circumvent additional costs and delays and can integrate easily into any existing or new project/product without changing their own process/flow. Niftron provides all the services that are needed for any type of blockchain project, from secure components for signatures and login, to services to add data, and APIs to access and verify data.

“Based on customer feedback, and analysis, we have found that Niftron reduces blockchain integration and development time by up to 80%, while cost reduction can be as high as 70%. In fact, the whole development with Niftron takes just a few weeks for large enterprise applications to only a few days or less for a small project, which makes business transformation very fast,” said Mr. Somasundaram.

Since its beta release, Niftron has attracted local and international customers, including clients who are developing blockchain-based certificates and document verifications, using the platform for domain name issuing, loyalty points and gift cards, and even nonprofit fundraising and traceability apps. Niftron has also been recognised by X-Hub Tokyo’s Global Startup Accelerator Inbound Programme 2021, Deloitte Japan, as well as Sri Lanka’s Ministry of Technology and Information and Communication Technology Agency (e-Swabhimani Awards).

The Rs. 100 million Angel Fund comprises 100 angel investors, including many high-profile entrepreneurs and corporate leaders, who represent close to 30 industries with proven competencies in over 40 functional domains, along with 20% of its investment from members based out of Canada, Dubai, Hong Kong, Qatar, Singapore, UK, and USA.

LAN Angel Investor, and Founding Partner of Hyperion Ventures, Navid Munas said, “We at Hyperion Ventures are excited at the prospect of working closely with founder-centric companies who are passionate, creative, and dedicated to executing their vision. With the team at Niftron and their BaaS platform, we feel they have the talent and skillset to explore the arena of DeFi and smart contracts which whilst in its infancy now is set to boom into the future. As an industry-agnostic VC, we look forward to the ideas and businesses presented by the next cohort of startups.”

The Angel Fund hosts a quarterly open call for early-stage startups looking for investment. The Investment Committee will be selecting the best startups from the currently-running Cohort 2 on April 28, 2021.

Subsequently, all 100 investors will be meeting virtually on May 4, 2021, to meet the top startups. Cohort 2 includes startups from Fintech, Edtech and, for the first time, Femtech. Applications are currently open for Cohort 3 and will close on April 30, 2021.

Adding to this, LAN Angel Investor, and Director of CeylonAuctions.com, Dr. Rohitha de Silva said, “Scarcity drives value, especially with Blockchain. I’m pleased this journey brought me back home to Sri Lanka. I’m excited to be part of the Angel Fund and looking forward to the next cohort of startups.”

The Rs. 100 million Angel Fund has plans to eventually invest in six to 10 high potential startups in total, gearing them up to scale domestically, and even internationally. It is managed by LAN’s fund management team, which continues to identify and evaluate opportunities for investment across the island, including in traditionally underserved regions. The fund is dedicated to investing in, and mentoring and supporting, early-stage startups across multiple sectors; from making investments at the early stages, to even helping startups identify sources for future funding.



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Once again, AIA ran for their lives – Proud sponsor for the 3rd consecutive year.

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AIA Insurance was humbled to be a part of Run For Their Lives 2023, in raising funds for the Apeksha Cancer Hospital. The charity run aligns with AIA’s brand purpose of helping people live healthier, longer, better lives with focus on the prevention and management of Non-Communicable Diseases in Sri Lanka. The company will continue its commitment to fight NCDs and actively engage in creating awareness on leading NCDs in the country, AIA said in a news release.

“With AIA’s goal of making a positive impact on one billion lives by 2030, participants at RFTL were encouraged to make a pledge for a healthy habit that could help prevent illness and remain healthy in the long run. The participants also took part in a real-time survey that measured their unhealthy habits and recommended healthy lifestyle habits. Participants were also instantly rewarded for taking part in the wellness games and the free BMI sessions organised by one of AIA’s wellness partner Vida Medical Clinic,” it said.

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Exterminators PLC records 48% in capital gains and dividend payout of Rs. 31.5 M one year after listing

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Managing Director of Exterminators PLC Marlon Ferreira and the team

Exterminators PLC, Sri Lanka’s premier pest tech and environmental enhancement technology company, celebrates one year on March 30th, 2023, upon its listing on the ‘Colombo Stock Exchange’. Founded with an initial investment of Rs. 75,000 way back in 1998, today’s market capitalization is over Rs. 470 million and the company also created history by becoming the first pest management company in South Asia and emerging and developing markets to be listed on the stock exchange. During the first nine months of the FY22-23, the revenue increased by 37%, the gross profit by 29%, the operating profit by 29%, the profit before tax by 63% and the net profit by 62%. The GP margin is 73%, the NP margin is 27% and the capital gain is 48% as of March 28, 2023. The company’s dividend payout in 2022 was LKR 31.5 million, which included a cash dividend of LKR 14 million and a scrip dividend amounting to LKR 17.4 million.

Marlon Ferreira, Managing Director of Exterminators PLC said: “We anticipate that the pest management and agricultural sectors will have significant growth in the mid- to long-term in Sri Lanka and the emerging developing markets. The company is expecting to reduce operational and administration costs due to the creation of synergies within divisions, which would have a positive impact on the bottom line and in turn create value for all stakeholders Operating from four locations in Colombo, Kandy, Malabe, and Dambulla, the company has set in place the necessary groundwork to expand to several key cities on the island and has plans to setup the global business expansion project in the first quarter of the financial year 23/24.

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Fcode Labs wins two awards at e-Swabhimani

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Flingo and CarromBot, two products by Fcode Labs (Pvt) Ltd, a leading software development and digital solutions company, were adjudged winners at the e-Swabhimani Awards, an initiative of the Information Communication Technology Agency of Sri Lanka aimed at recognizing excellence in digital applications. This gala event was held recently in Colombo for the 11th consecutive time. CarromBot, an AI-based robot that can play a carrom game on its own, was awarded as a Winner in the Digital Entertainment category. The robot identifies the correct piece to shoot, the power, and the angle to shoot.

Flingo, a mobile application where you can draw art and chat in real time with your friends and loved ones, won a Merit award at the ceremony. Flingo provides a sophisticated set of drawing features and a smooth user experience for the users. Fcode Labs (Pvt) Ltd is a company based in Sri Lanka and Singapore that focuses on Digital Transformation, Digital Product engineering, AI, and Blockchain services.

Founded in 2018, it now comprises 60-members that work on developing high-quality Software products. Further details of the company can be accessed on their website www.fcodelabs.com. This is not the first time that Fcode Labs has won e-Swabhimani awards. The company was awarded in 2018 and 2019 for their innovative products. Recently it was also recognized as the 35th best workplace to work in Asia (Small to medium category) by Great Place to Work.

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