India Opens the Door: Sri Lankan Startups Enter Pravartak
25 startups begin a fully funded six-week programme at IIT Madras — the latest move in a bilateral relationship that is quietly reshaping South Asian innovation infrastructure
Saint Clair Market Intelligence | February 2026
SLASSCOM has placed 25 Sri Lankan startups into a fully funded, six-week residential programme at IIT Madras Pravartak, one of India’s premier innovation hubs. This is not a standalone initiative — it is the first concrete output of a bilateral relationship built over eighteen months, from an MoU signed in mid-2024 through to PM Modi’s April 2025 state visit and the digital transformation agreements that followed. For international investors watching South Asian deal flow, the programme signals something worth tracking: Sri Lanka is being actively integrated into India’s innovation network, not as a satellite, but as a participant with its own pipeline.
The Programme and What It Covers
The six-week programme, running from 2 February to 14 March 2026, is supported by India’s High Commission in Sri Lanka and delivered through IIT Madras Pravartak — the research park incubator behind some of India’s most successful technology ventures. Twenty-five startups, selected from over 100 applicants, will receive structured training in strategy, product-market fit, scalability, and internationalisation, alongside mentorship and direct access to India’s investor ecosystem. The cohort spans technology, health, energy, AI, automation, and advanced manufacturing. Fully funded, no cost to participants.
The breadth matters. Companies like SpectrifyAI, Volfpack Energy, and MineraNova represent sectors with genuine scalability potential — not pre-revenue experiments, but Sri Lanka’s maturing innovation landscape in action.
Why This Matters Beyond the Headlines
The programme itself is impressive. What is more significant is the chain of agreements and relationships that produced it — because that chain reveals how seriously both governments are treating innovation as a bilateral priority.
The relationship has a clear trail. In mid-2024, SLASSCOM signed an MoU directly with IIT Madras Pravartak, establishing a framework for startup incubation, collaborative research, and cross-border exchange. Shortly after, a SLASSCOM delegation visited Pravartak in person to build the working relationship. Then, in April 2025, PM Modi’s state visit to Sri Lanka produced seven government-level MoUs — one specifically on digital transformation, signed between India’s Ministry of Electronics and IT (MeitY) and Sri Lanka’s Ministry of Digital Economy. That agreement explicitly covered capacity building programmes and collaborative digital initiatives.
Indian High Commissioner Santosh Jha connected these dots publicly, stating that following Modi’s visit, 700 training slots have been created for Sri Lankans across sectors. The SLASSCOM-Pravartak programme occupies 25 of those slots. It is one thread in a deliberately woven pattern.
India’s motivation here is strategic, not philanthropic. By running Sri Lankan startups through Pravartak, India draws them into its networks — its investors, its technology supply chains, its digital infrastructure ecosystem. India has a clear interest in being the regional innovation hub that South Asian startups connect through, rather than losing that gravitational pull to Singapore or elsewhere. Sri Lanka, for its part, gains access to world-class incubation infrastructure and investor relationships that would take years to build independently.
What This Means for Cross-Border Investors
For European or Korean investors evaluating South Asian opportunities, this adds a layer to the Sri Lanka thesis that we covered in January when BOV Capital delivered its cluster of exits. BOV Capital proved that Sri Lankan startups can generate returns. This programme addresses a different but equally important question: can Sri Lanka produce a steady pipeline of investment-ready companies?
The diversity of the cohort suggests yes — but with India as a critical accelerant. Twenty-five companies across AI, energy, health, and manufacturing, selected competitively, indicates deal flow broad enough to sustain consistent investor interest. Startups graduating from Pravartak will carry credibility that matters: vetted by one of India’s leading innovation institutions, mentored by experienced operators, and connected to a deep investor network. That is a meaningful de-risking signal for funds evaluating early-stage South Asian opportunities.
This bears watching. The bilateral infrastructure is in place, the first cohort is active, and the policy commitment from both governments is demonstrably serious. How these 25 startups perform over the next twelve to eighteen months will tell us whether Sri Lanka’s integration into India’s innovation network translates into investable outcomes at scale.
Sources:
SLASSCOM Propels 25 Sri Lankan Startups onto the Global Stage | Ada Derana Biz English: https://bizenglish.adaderana.lk/slasscom-propels-25-sri-lankan-startups-onto-the-global-stage/
SLASSCOM and IIT Madras Pravartak forge strategic partnership to boost startup ecosystem | Daily FT: https://www.ft.lk/business/SLASSCOM-and-IIT-Madras-Pravartak-forge-strategic-partnership-to-boost-startup-ecosystem-in-country/34-763911
SLASSCOM and IIT Madras to boost start-up ecosystem | Daily Mirror: https://www.dailymirror.lk/business-news/SLASSCOM-and-IIT-Madras-to-boost-start-up-ecosystem/273-286473
Sri Lanka’s Ministry of Digital Economy Signs MoU with Indian Counterpart | Ministry of Digital Economy (Sri Lanka): https://mode.gov.lk/blog/uom-india
India backs Sri Lanka’s tech modernization under new deal | CoinGeek: https://coingeek.com/india-backs-sri-lanka-tech-modernization-under-new-deal/
Disclaimer: This article is for informational purposes only and does not constitute investment advice. All decisions should be made based on independent research and consultation with qualified advisors.
About Saint Clair – Advisory & Capital: Saint Clair practises Capital Diplomacy – fostering cross-border investment relationships between Europe and Asia through trust, insight, and strategic facilitation. Since 2016, we have specialised in the Europe-Asia investment corridor.
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