Meet the Silverbacks Rewiring Procurement Across Asia

When Suren Kannangara talks about his biggest challenge, it's not competition or market saturation. The Sri Lankan founder behind Green Tape, a procurement platform that's processed over $100 million in transactions, is confident of penetrating the untapped middle market. Instead, his biggest challenge is raising enough capital on time to fund expansion.

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The Experienced Team Nobody Expected

Green Tape's six co-founders bring something unusual to the startup world: extensive grey hair and deep expertise and exposure in diverse sectors ranging from financial to technology. Chairman Hiran Cabraal spent 30+ years in financial services across Asia at HSBC and PwC. CEO Dirk Guinan drove tenfold revenue growth at Wolters Kluwer FRR. Suren Kannangara co-founded Affno after working at AT&T Bell Labs.

The roster includes Priyan Attygalle , who ran American Express Saudi Arabia for 16 years, and Subram Ramaswamy , a former McKinsey consultant and Vijith Kannangara , Founder and Executive Chairman of Smart Media The Annual Report Company.

Solving for 125 Million SMEs

Green Tape targets 125 million SMEs worldwide still relying on spreadsheets and manual procurement processes. Alliance Finance Co. PLC Deputy Chairman Romani de Silva explains: " We decided to implement the Green Tape e-procurement platform to drive automation,  transparency, cost and time savings."

The results validate the market need. Alliance Finance, Sunshine Holdings, and 50 other enterprises ranging in size and industry segments all report saving considerable time, reducing leakage, reducing errors, and gaining access to supplier marketplaces they didn't know existed while procuring at competitive prices.

Green Tape has identified its targeted clientele in the middle and upper middle market segment, which has diverse needs and expectations than Tier I entities, which gives Green Tape a competitive advantage amongst the globally renowned players.

The Reality Check

Green Tape faces significant headwinds. The platform competes against established players in a crowded market. Scaling internationally requires substantial infrastructure investment while maintaining the pricing model that works in Sri Lanka.

The timing advantage comes from rising operational costs and supply chain transparency demands pushing mid-market companies toward digital solutions, as against the cumbersome manual procurement processes prevalent in the mid-market segment.

Kannangara’s goal is to have unicorn status within five to ten years. The company is raising $2 million to accelerate AI features and regional expansion. With a seamless implementation process, Green Tape can be up and running in just weeks, offering speed advantages over traditional enterprise solutions.

The Unicorn Vision

Since launching in Sri Lanka, Green Tape has hosted over 8,000 tenders and was named a finalist at the Asia Pacific Solution Provider Awards. 4,500+ suppliers serve 50+ enterprise buyers across the region. Eight strategic partners have signed on in Australia, Singapore, Japan, Indonesia, Bangladesh, and the Philippines.

Traction alone doesn’t close the loop. Green Tape has proven demand, a seasoned team, and has early wins across Asia. What it needs now is capital to scale before larger incumbents catch up. The next $2 million could decide whether it stays a regional outlier or becomes the platform powering procurement for the next 125 million SMEs.

Procurement may not be sexy, but it's where billions are won or lost. But can an e-procurement solution deliver unicorn value while servicing the mid-market? Share your thoughts!

Every week, I feature an early-stage tech startup founded by a Sri Lankan. I hope this will create awareness, bring people together and inspire the younger generation.