Australia’s Tech Firm to Invest in the Real Estate Sector of Sri Lanka
Different Technologies Pty Ltd, an Australian-based property management technology firm, recently announced that it is investing in its operating unit in Sri Lanka and will double its headcount. Different utilises a tech platform which can be used to facilitate and automate the payment of rent, organise tenants, demands for maintenance, and house inspections for landlords who rent for $100 a month privately. It also offers property owners with a rent guarantee, fronting the bill if tenants are making their payments five days late.
Different was funded in a $1.3 million seed round from both local and Silicon Valley investors, in its mission to disrupt the $4-5 billion Australian rental property management space. Husband and wife duo Mina Radhakrishnan and Ruwin Perera are behind the start-up, both Sri Lankan veterans of the tech and private equity space. A local based in Melbourne, Perera’s career was highly remarkable: he is also an ex-Googler, working with Xero, the Boston Consulting Group (BCG), and Softbank.
“They have recruited 14 highly talented Sri Lankans up to date, and by the end of this year, they hope it will be between 21-30 recruitments,” reported the new Country Head Rukmankan Sivaloganathan.
Trade development between Sri Lanka and Australia is an indication of the two countries’ increasing bilateral relations. The two nations have also signed the Trade and Investment Framework Agreement between Australia and Sri Lanka which offers a practical forum for the two governments to tackle trade problems. By making Sri Lanka their base for operations, foreign investors could take advantage of this chance to expand their business operations.
OSL Take:
The investment in Sri Lanka by one of Australia’s largest tech giants in the property sector will increase Private Equity FDI to Sri Lanka and further boost investor confidence in the Asian Pacific region. The island continues to maintain its name in the top ten destinations to outsource business operations. All this will result in further expansion in business/investment opportunities in Sri Lanka’s economy.
| Article Code : | VBS/AT/14102019/Z_1 |