Sri Lanka's Fintech and Startup Boom: PayMedia Expands to India Amidst Thriving Ecosystem

April 15, 2025
Sri Lanka's Fintech and Startup Boom: PayMedia Expands to India Amidst Thriving Ecosystem
  • 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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