Recently, India Angel Network (IAN) cofounded VentureEngine business plan contest to showcase upcoming startups in Sri Lanka. The contest witnessed 70 plans, out of which 9 companies were chosen as finalists and interestingly, all 9 have been funded by Lankan investors with IAN participating in 5 of these companies.
1. 247 techies
An online remote support company focusing on US micro SMBs and consumers.
The BPO industry in Lanka currently employs 14,000 people and forecasted to get to 100,000+ people by 2015. Lanka BPO Academy is the only player focused on BPO training currently in the country
3) Wild Trails
Tourism industry in Lanka is booming after the war. Huge untapped opportunity in the $70/room night segment and the startup is focused on building low cost “experience focused” lodges.
4) Wedding Wish List
The startup is focused on wedding registry in Sri Lanka.
5) WhatsUp Lanka
A ‘TimeOut’ sort of service for Lanka, the startup’s alpha version will be ready by August.
8) Nithya Handlooms
9) House of Lonali
There is as much as Rs. 100 million in venture capital available to be divided up amongst the eight ideas progressing to the contest’s finale, according to organizers.
An interesting development and we certainly hope that this propels a better business partnership between startups across the two countries and increases maturity of the overall investing ecosystem.