BOV Capital Helps Startups with Rs. 2 Billion Fund
Sri Lankan startups now have the chance of growing regionally and globally with the help of a Rs. 2 billion fund from BOV Capital.
BOV Capital was established to help Sri Lankan startups capture regional and global opportunities. This will be the first venture capital fund focused on early stage startups in the country. BOV Capital is a partnership between investors and entrepreneurs Prajeeth Balasubramaniam, Eric Wikramanayake and Rajan Anandan, and is based in Sri Lanka and Singapore.
BOV Capital’s target ticket size will be in the range of Rs. 100 to 200 million. The fund will focus on investing and working closely with Sri Lankan technology startups that can build large regional and global businesses. The Rs. 2 billion fund is from high net-worth Limited Partners in India and Singapore, in addition to the founding partners.
Prajeeth Balasubramaniam said, “Over the past five years we have seen the emergence of an exciting startup ecosystem in Sri Lanka. Sri Lanka’s strong educational system has led to the country producing world class engineers. These skills in computer science and engineering, combined with the global exposure that many of our entrepreneurs have, is leading to the creation of very interesting software product companies and internet companies that have tremendous regional and global potential. BOV Capital intends to invest in the highest potential technology startups from Sri Lanka and help them expand rapidly.”
He added that the company has spoken to H.E President Maithripala Sirisena about the venture capital fund and he was positive about it. “We want to see our startups to move fast, accelerate because if they want to go regionally and globally they have to do this,” he said.
The fund will invest in startups that have strong teams, have proven product market fit, demonstrated some ability to expand outside Sri Lanka and the potential to build large regional or global businesses. The ability to compete globally with unique technology and consumer value propositions will be a very important criteria for all companies that BOV Capital will invest in.
BOV Capital has been supported by Ambit Finvest, one of the leading investment banks in India. Commenting on the launch, Hrishikesh Parandekar, CEO, Structured Finance and Private Wealth, Ambit Finvest, said, “BOV Capital is addressing a large, unmet need in Sri Lanka. The country is now at a point with many exciting technology startups but severely lacks venture capital.
The founding team has extensive experience in investing and developing startups which is critical to investing in high growth technology companies. BOV Capital has received huge interest from investors in India and Singapore who are excited about investing in innovative ‘new economy’ companies from Sri Lanka.”