DIALOG AXIATA PLC, a Sri Lankan connectivity provider, has selected new media platform, Roar, insurance broker, InsureMe and integrated healthcare platform MyDoctor.lk as its first phase of investments.
The Digital Innovation Fund managed by BOV Capital, marks a definitive shift to foster startups and build further on the business capabilities of digital technology and talent within the country.
The 2.3-billion rupees Digital Innovation Fund was debuted by the Malaysian Prime Minister in December 2017, and invests in growth stage Sri Lankan digital startups, with investments ranging between 50 million rupees and 200 million rupees. 20 per cent of the total fund has also been set aside for investments in early stage or seed startups, particularly those looking for less than 40 million rupees.
The initial screening by BOV Capital considers several factors including revenues, user traction and scalability and includes a comprehensive study of the business model. Subsequently, the startups are approved by the Investment Committee of the Digital Innovation Fund, for further evaluation prior to awarding the funding.
One of the investee companies, Roar, is a South Asian new media platform that creates high quality content in five languages, namely English, Sinhala, Tamil, Hindi and Bangla and is gaining online traction for its eight different sites drawing over three million unique readers and over thirty four million video views each month. Ranked among the top 50 websites for Sri Lanka and Bangladesh, it contributes over 500 articles per month covering current affairs, business, lifestyle, technology, arts, and culture.
Commenting on what’s next for Roar Media, Mustafa Kassim, CEO of this New Media Platform said, “Roar has grown immensely across the South Asian continent over the last 24 months, and now, with backing from Dialog Axiata and BOV Capital, we can accelerate this growth even further. We can leverage these networks across South Asia to help us reach many more users and drive sales to the next level.”
InsureMe is a dynamic and innovative insurance broking company backed by a team of professionals with unmatched experience in the insurance industry, offering a transparent and unbiased professional service comparison encompassing a wide range of convenient insurance solutions direct from key insurers in the country.
Speaking about InsureMe’s plans to change the landscape of insurance, Vipula Dharmapala, Director/CEO said, “We are delighted to partner with Dialog Axiata and BOV Capital through the Digital Innovation Fund, and are confident that this partnership will take the Sri Lankan insurance industry to a new level.”