• In conversation with Leader Group Chairman Shriyantha Cooray

At the helm of one of Sri Lanka’s most trailblazing ventures, visionary entrepreneur Shriyantha Cooray has defied odds and transcended boundaries to shape a legacy that resonates far beyond the shores of his island nation. 

In an interview with The Sunday Morning Business, he takes us on the extraordinary journey that led to the establishment of his battery manufacturing company.

What inspired you to embark on this remarkable business journey?    

My roots in business run deep, with an ancestral lineage of entrepreneurs that inspired me from an early age. Having spent 16 years in the banking industry, I sought to pursue my passion for entrepreneurship and venture into uncharted waters. 

In 2004, I took a leap of faith and parted ways with the bank to explore the world of motorcycle imports, servicing, and spare parts. This family connection to commerce nurtured my intent to build a legacy as a businessperson rather than a mere employee.

How did you transition from being an importer to a pioneering battery manufacturer?    

Fate seemed to be working in my favour when, in 2015, I encountered Chinese battery suppliers during my journey in the motorcycle industry. While I hadn’t initially planned to venture into battery manufacturing, I seized the unique opportunity that presented itself. 

Recognising that such chances seldom knock twice, I forged a strategic partnership with the Chinese suppliers, leading to the establishment of Sri Lanka’s first motorcycle battery manufacturing unit. With their guidance and unwavering support, we rapidly honed our battery production capabilities and solidified our position as industry pioneers.

The transition from motorcycle imports to battery manufacturing was both challenging and rewarding. At the time, the market was undergoing a shift from the Japanese market to the Indian market, creating a scarcity of motorcycle batteries. Recognising this gap, we started by importing motorcycle parts and batteries to cater to the growing demand. However, what set us apart was not just our products but our customer-centric approach and a strong dealer network.

Building on our success with motorcycle batteries, we realised that our market position would be stronger if we could manufacture batteries locally. This idea prompted my visit to China to meet with our battery supplier, where I extended the proposal of starting a factory in Sri Lanka. 

The unfortunate incident of the factory fire only solidified our determination to manufacture locally. My passion for manufacturing and unwavering commitment to the industry made me seize the opportunity when our Chinese partners offered to provide us with technology and training to set up the first motorcycle battery manufacturing facility in Sri Lanka.

What services and products does your company offer in the battery industry?    

Our journey began with motorcycle batteries, where we soon established a stronghold due to our strong dealer network and dedication to quality. As we expanded our horizons, we ventured into producing a wide array of batteries to cater to various applications. Automotive batteries became an essential addition to our product range, given the ever-increasing demand for automobiles. Recognising the potential of the marine industry in Sri Lanka, we ventured into marine batteries to cater to this niche segment.

Moreover, our commitment to green energy solutions led us to produce UPS and electric bike batteries, addressing the evolving needs of the market. With an eye on the future and environmental consciousness, we are on the verge of entering the solar battery market to contribute to the nation’s renewable energy goals. 

Our aim is to be a one-stop-shop for battery solutions, delivering products that adhere to stringent quality standards and cater to the specific requirements of our diverse clientele.

How did your company navigate through the challenges of the Covid-19 pandemic and subsequent economic crisis?    

The Covid-19 pandemic and the subsequent economic crisis presented unprecedented challenges for businesses worldwide, including ours. When Sri Lanka closed its borders and imposed import restrictions, we were faced with supply chain disruptions, hampering our access to raw materials. However, instead of being deterred, we saw this as an opportunity to strengthen our local manufacturing capabilities and reduce dependency on imports.

By increasing local value additions to 70%, we fortified our supply chain, ensuring that we could continue operations despite external uncertainties. This strategic decision allowed us to maintain production levels and meet customer demands even during the toughest times. 

Additionally, we nurtured strong relationships with our stakeholders, such as suppliers, banks, and customers, building mutual trust and understanding that proved crucial during these challenging times.

What are your future plans and the focus of your technological advancements?    

As technological advancements reshape the battery industry, we are deeply committed to driving innovation and sustainability in our products. Collaborating with renowned institutions like Shanghai University and Motobatt USA, we continuously invest in research and development to create cutting-edge battery designs. Our aim is to produce batteries that not only meet but exceed international standards, positioning us as global leaders in the industry.

One of our most exciting ongoing ventures involves the development of sodium-based batteries. These batteries present immense promise due to their cost-effectiveness and environmental friendliness, making them a compelling alternative to traditional lithium batteries. With Sri Lanka being surrounded by seawater, the prospect of using this resource to produce sodium-based batteries aligns perfectly with our commitment to green solutions.

Furthermore, we are actively exploring battery prototypes that eliminate the need for sulfuric acid, which poses environmental challenges. By leveraging seawater and saltwater as potential alternatives, we aspire to develop batteries that are not only superior in performance but also environmentally sustainable.

How do you plan to overcome market challenges and sustain growth in the face of international competition?    

The battery industry is highly competitive and we recognise the need to stay ahead of the curve to sustain growth and success. As a result, we are dedicated to investing in research and development, ensuring that we remain at the forefront of battery technology. By collaborating with leading scientists and institutions globally, we are in a unique position to anticipate market demands and cater to emerging trends effectively.

Moreover, the international battery market is subject to evolving regulations and government policies that may impact our competitive advantage. While the India-Sri Lanka Free Trade Agreement currently protects our market, we are keenly aware that changes in policies can arise in the future. To mitigate such challenges, we have set our sights on adopting international manufacturing standards. This approach will not only enable us to compete on a global scale but also uphold our commitment to delivering unparalleled quality and customer satisfaction.

At the heart of our strategy lies an unwavering dedication to customer experience. We believe that offering superior products is only part of the equation. By providing exceptional after-sales service and maintaining robust relationships with our customers, we aim to solidify our position as the preferred choice in the market.

Are you exploring international markets for expansion and how do you plan to position yourself globally?    

As we celebrate our market leadership in Sri Lanka and the Maldives, we recognise the potential for international expansion. Capitalising on our excess production capacity, we have established an export division, focusing on penetrating Latin American and African markets. 

Additionally, we envision expanding our presence in India, leveraging our strategic location and competitive advantages. Emphasising technological advancements, robust customer relationships, and competitive pricing, we aim to make a compelling global impact as an exporter of choice in the battery industry.

How do you manage the brain drain challenge and cultivate innovation within your team?    

Brain drain is a significant concern in Sri Lanka, but we have adopted a proactive approach to mitigate its impact on our operations. We prioritise collective intelligence, fostering teamwork, and establishing a culture of continuous learning. 

Rather than relying on individual brilliance, we cultivate an environment where knowledge is shared collaboratively within a cohesive team structure. By collaborating with top scientific minds around the world, we ensure our team stays at the vanguard of technological advancements, nurturing a culture of innovation that empowers us to adapt, evolve, and thrive.