Sri Lanka Guardian Capital invests in Singapore tech firm
ECONOMYNEXT – Guardian Capital Partners has invested in a Singaporean technology firm run by Sri Lankan entrepreneurs that has developed a mobile payment application.
The company, the fund management arm of the Carson Cumberbatch group, holds 438 million rupees in cash which it is looking to deploy if attractive deals are available, according to December 2015 interim accounts filed with the stock exchange.
“We have been seeing lot of activity in the IT vertical concentrated around early stage start up companies,” a note to the accounts said.
The company said it has made a commitment to invest 10 million rupees in Kashmi Singapore Pte Ltd., based in Singapore.
Kashmi has developed and runs a Peer to Peer mobile payment solution with embedded social media functionality which enables cash transfers between individuals and vendors through a mobile app.
The company is promoted by a group of young Sri Lankan entrepreneurs, operating out of Singapore and Sri Lanka.
Guardian Capital Partners said Kashmi will initially launch the product in Singapore and then it hopes to expand into other ASEAN countries like Malaysia and Indonesia.