Colombo, Sri Lanka (Image Courtesy: 123RF)
Dear reader,
Sri Lanka’s startup scene has undergone a remarkable transformation since the end of the Civil War in 2009, evolving from a nascent ecosystem into a burgeoning hub of innovation and entrepreneurship. Chalinda Abeykoon has been instrumental in this growth, spearheading initiatives like Spiralation, the first government-funded incubator, and Crowd Island, an equity crowdfunding platform. These efforts have paved the way for a culture of entrepreneurship, encouraging Sri Lankans to venture beyond traditional career paths.
Abeykoon’s journey reflects the resilience and resourcefulness of Sri Lankan entrepreneurs, who have navigated decades of civil war and political uncertainties. His work with the Lankan Angel Network and nVentures, a venture capital fund based in Singapore, has attracted significant investment to the region, empowering local startups to thrive.
The strategic advantages of operating from Singapore, coupled with leveraging Sri Lanka’s local talent, have positioned nVentures to make impactful investments across South Asia. Key sectors like agriculture, fintech, and education hold immense potential, with startups addressing regional and global challenges.
Sri Lanka’s startup ecosystem is now characterised by a strong sense of community and collaboration, supported by the diaspora and international investors.
The future looks promising, with an increasing number of Sri Lankan entrepreneurs poised to make their mark on the global stage, driving economic growth and innovation.
Sainul
Editor.
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NEWS & VIEWS
Indian startups gut valuations ahead of IPO push
The more conservative stance of companies, such as Ola Electric and FirstCry that are set for public listings, reflects the shift in startup valuations as companies adapt to public market scrutiny.
Malaysia’s Khazanah completes acquisitions of MAVCAP, Penjana Kapital
The sovereign wealth fund said it will begin establishing a National Fund-of-Funds (NFOF) with an initial allocation of $216 million to invest in innovative and high-growth startups via venture capital and private equity funds.
M-DAQ acquires Malaysia’s Easy Pay Transfers for ASEAN expansion
This deal will bolster M-DAQ’s local payment capabilities in Malaysia, creating synergy with its existing B2B solutions for FX and cross-border payments; M-DAQ now has a presence in 7 countries and territories and serves 39K clients worldwide.
Vietnam’s VinFast expands to the Middle East
The opening of its first Middle East showroom in Oman marks a significant milestone in its expansion into the Middle East market; The showroom offers sales for VinFast’s smart electric vehicles, including the VF 6, VF 7, VF 8, and VF 9.
Beep secures US$3.3M to expand interoperable EV charging network in Thailand, Malaysia
The investors include Granite Asia, Farquhar VC, SUTD Venture Holdings, and Wing Vasiksiri; Beep owns and operates Voltality, an integrated ecosystem of charging stations, payment services, and vehicles.
Thailand’s APX Logistics nets funding from SBI Ven Capital for Vietnam expansion
The logistics-tech startup, which expanded into Malaysia, Singapore, and Europe in 2024, is gearing up to extend its digital less-than-truckload network into Vietnam by 2025.
UAE firm invests in Singapore’s cross-border payments startup Aleta Planet
The investor is National Pulse; Aleta Planet will expand its footprint and accelerate its B2B payments expansion efforts in the UAE, Middle East, and Africa; The startup plans to establish a JV with National Pulse to focus on B2B cross-border transactions.
Hong Kong’s Pichi Finance raises US$2.5M in seed funding
UOB Venture Management, Signum Capital, and Mantle Network are the lead investors; Pichi Finance is a trustless points trading protocol offering price discovery to tokens pre and post-TGE.
VinFast starts delivering the mini SUV VF 3 in Vietnam
The EV maker said this early delivery significantly contributes to achieving the target of delivering at least 20,000 VF 3 cars this year; In 2024, the company aims to deliver at least 20,000 VF 3 in Vietnam.
Microsoft now lists OpenAI as a competitor in AI and search
In Microsoft’s annual 10K, OpenAI joined a long list of competitors in AI, alongside Anthropic, Amazon, and Meta; OpenAI was also listed alongside Google as a competitor to Microsoft in search, thanks to OpenAI’s new SearchGPT feature announced last week.
Indonesia’s J&T Express launches parcel delivery service in Saudi Arabia
The prosperity of the global digital economy and new business models, such as e-commerce, have accelerated the circulation of goods globally. This has led to unprecedented growth in the personal parcel delivery business in the Middle East.
FEATURES & INTERVIEWS
nVentures’s Chalinda on the rise of Sri Lanka’s entrepreneurship
Sri Lanka’s entrepreneurs are extremely resilient and resourceful, shaped by decades of civil war and political uncertainties, says Chalinda.
Why SEA lags India in quick commerce race
The key to Indian quick commerce firms’ success is that the players have expanded beyond groceries and FMCG to offer a wider range of product categories; Quick commerce has become a top-of-mind option for grocery shopping and daily needs in India.
Climate champions in the making: Meet Southeast Asia’s 30 rising stars in cleantech
Startups in this space focus on renewable energy, waste management, water conservation, sustainable agriculture, and carbon credits.
As spending becomes realistic, SEA e-commerce is now driven by consumers’ choices instead of supplies
According to Anchanto CEO Vaibhav Dabhade, the supply-led growth era of e-commerce is “very much finished” today.
Echelon X: Responsible AI in Southeast Asia: How do we go about it?
The Echelon X panel discussion highlighted the ethical and societal implications of artificial intelligence (AI) adoption in the region.
Are startups neglecting the future middle-class population in Philippines?
Big brands are winning the upscale and the super mass markets, but we are yet to service the young population that is quickly turning middle class, says Foxmont Capital.
‘Not all is doom and gloom’: Experts on the potential of AI to steal jobs in SEA
AI isn’t a job destroyer; people need to be more accepting of digital and intelligent technologies and optimise them to perform better in their roles.
Book excerpt: How Durreen Shahnaz finds the inspiration behind her impact investment firm IIX
Durreen Shahnaz chronicles the story behind the founding of impact investment firm IIX and the events that inspired her to start the firm.
How BluMaiden uses AI to transform small-molecule drug discovery
BluMaiden solutions probe the vastness of chemical space within the human body, using AI-guided computational genetics and chemistry.
Meta says India is the largest market for Meta AI usage
WhatsApp’s massive 500 million users in India have supercharged Meta’s AI ambitions; CFO Susan Li said during Meta’s second-quarter earnings call that people have used Meta AI for billions of queries since its launch.
Over 100 VCs pledge support for Kamala Harris
VCsForKamala aims to push back against the notion that Silicon Valley has largely embraced former President Donald Trump. On the other hand, Elon Musk, Marc Andreessen, Ben Horowitz and David Sacks have endorsed Trump over the past few weeks.
THOUGHT LEADERSHIP
Will flexitime become the norm in Southeast Asia?
In light of Singapore’s new flexitime guidelines, it’s time to rethink the traditional nine-to-five work model and embrace agile hiring practices.
The essential guide to shares for startups: Ordinary vs preference
This article explains the differences between ordinary and preference shares to help startups decide which to offer during capital-raising.
The future of medtech in Singapore: Innovation amid regulatory challenges
The future of medtech in Singapore is bright, but only if we continue to innovate and adapt to the regulatory landscape.
From hype to habit: Building a startup hyper-focused on retention
Startup founders should see a sale not as an endpoint but as the first step in satisfying, retaining, and growing each customer.
Decoding PR: The essential tool for tech startup success
Every startup needs PR, and starting early is crucial because PR is a marathon, not a sprint; be prepared before you need it.
Embracing clean beauty: A path to conscious consumerism and sustainability
Clean beauty, as a subset of sustainability, focuses on using safe products for both the body and the environment.
FROM THE ARCHIVES
‘The era of easy money is over’: VCs speak of funding winter and exit landscape in Southeast Asia
While the funding winter will continue into H1 2024, SEA remains a bright spot due to its favourable demographics and supply chains shifting to the region.
‘From a cybersecurity perspective, the Asian market still uses legacy tools’
e27 talked to Daniel Bernard, CMO, SentinelOne, which recently launched a US$100M global cybersecurity fund, S Ventures Fund.
Beyond the uber of X: Reimagining on-demand
All across the world and indeed Southeast Asia, consumers are already experiencing the benefits of the next stage of on-demand: information.
Edutech is surging, but here are the 3 issues it is facing
Edutech startup Knovo’s take on three issues that must be addressed to ensure learners can fully benefit from the digitisation of education.
How startups and VCs can propel Indonesia’s energy transition
As Indonesia continues on its rapid path to modernisation, demand for the internet will steadily increase, and so too will its energy needs.
Are large Vietnamese tech enterprises ‘indifferent’ when competing with ChatGPT?
Vietnamese startups have been creating comparable chatbot platforms quite actively ever since ChatGPT was created.
Unlocking angel investing: 6 key steps for making your first investment
In this article, I hope to share several steps that you should consider before cutting that first cheque as an angel.
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Image Credit: 123RF.
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