Aavishkaar makes second investment in Sri Lanka; backs Grasshoppers - Business News | Daily Mirror
Summary
Grasshoppers plans to use this latest funding to set up an islandwide distribution network that would provide the local communities participating in the business model with income opportunities, Aavishkaar said in a statement. We have seen disruptive innovations in the logistics sector by tech-enabled players in other markets and are very bullish on the success of Grasshoppers in Sri Lanka, said Aavishkaar partner Sanchayan Chakraborty. Grasshoppers has developed a proprietary technology stack that facilitates interactions within its logistics supply chain and provides features like traceability of goods through its network to its clients. We hope this tool enables more people to join the e-commerce revolution as we have taken away a major barrier for start-ups, that of timely delivery of the product, said Herath, who is also Grasshoppers CEO. Aavishkaar Frontier Fund was launched in 2013 and had earlier backed US- and Indonesia-based seafood firm North Atlantic Inc. and Bangladesh-based payment solutions provider CloudWell Ltd. (dealstreetasia.com)