Sri Lanka's Fintech and Startup Boom: PayMedia Expands to India Amidst Thriving Ecosystem
April 15, 2025
According to Deputy Minister Eranga Weeraratne, Sri Lanka's digital industry is projected to grow to $5 billion and its digital financial economy to $15 billion by 2030.
The country has seen the creation of 10,000 jobs through its burgeoning startup scene, highlighting inclusive growth across various provinces.
PayMedia, founded by Kanishka Weeramunda, is expanding its fintech solutions to India after establishing a strong presence in Sri Lanka and the Maldives.
Sri Lanka's startup ecosystem is thriving, with 900 registered startups generating significant job growth and showcasing a strong desire for innovation.
The startup culture in Sri Lanka has evolved dramatically since 2010, with a notable increase in homegrown tech startups.
Tulu Health has launched an AI agent platform aimed at improving patient care, with a goal to reach over 10 million patients in the next three years.
Navyug Global Ventures has invested Rs 160 million in Shrinithi Capital to enhance financial access for underserved regions in the EV and commercial vehicle finance sectors.
UST has opened its fourth office in Bengaluru, continuing to expand its workforce and operations in India.
Jendo Innovations, founded by Keerthi Kodithiwakku, has developed an AI-based vascular health assessment device and is seeking FDA approval to launch in India.
Davaindia has launched an e-commerce platform in Pune for affordable generic medicines, promising 60-minute delivery and tech-enabled ordering.
Bluechip Technologies, led by Uditha Bandara, is focusing on AI solutions across various sectors, creating local employment while serving international markets.
Centre for Teacher Accreditation (CENTA) has raised Rs 20 crore in Series A1 funding to expand its teacher certification and upskilling platform internationally.
Summary based on 2 sources
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