International Finance Corporation in a US$ 2.5 million venture capital investment in Sri Lanka’s PickMe - Opportunity Sri Lanka
International Finance Corporation in a US$ 2.5 million venture capital investment in Sri Lanka’s PickMe

International Finance Corporation in a US$ 2.5 million venture capital investment in Sri Lanka’s PickMe

An arm of the World Bank Group, the International Finance Corporation (IFC) has reportedly stated that it is making a US$ 2.5 million venture capital investment in Sri Lanka’s PickMe.
PickMe is a Sri Lankan tech-start up that launched a ride-hailing business in 2015.
PickMe helps customers call anything from an auto rikshaw to a luxury car using its smart phone app.
“We at PickMe have a strong expansion programme in place as we enter new cities and diversify our operations to reach more customers, and serve them better,” Jiffry Zulfer, CEO and founder of PickMe has been quoted as saying in a statement.
Sri Lanka’s venture ecosystem is growing, but funding options are still limited, the IFC has said.
Only 5 percent of the startups that get seed funding manage to raise funds in late rounds.
The IFC has stated that it hoped its entry to the sector would lead to more capital, domestic and international, for the country’s technology startups.
“Sri Lanka possesses many of the building blocks for a thriving digital startup ecosystem, but has been held back by a lack of global expertise and funding,” Amena Arif, IFC Country Manager for Sri Lanka and Maldives has stated.
“Through this partnership, we want to help make travel safer, increase revenues for the company’s driver partners, and support the growth of Sri Lanka’s startup ecosystem.”

OSL take:

According to the IFC portfolio, IFC’s Venture Capital group invests in growth-stage companies that offer innovative technologies or disruptive business models focused on emerging markets. IFC has therefore, invested in many local companies, especially start ups to develop and promote their business portfolios. Other local businesses could also explore reach out to the IFC with their business models and seek its assistance to further develop their businesses. The keenness expressed by IFC to support local businesses on the other hand is indicative of the confidence the Corporation has on local businesses.

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Article Code : VBS/AT/20180608/Z_5

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