Dolma Impact Fund has made an additional investment of one million dollars in Sastodeal.com.
Founded in 2011, Sastodeal – one of the leading local e-commerce companies in Nepal – has raised $1 million from Dolma Impact Fund alongside other existing shareholders as part of an ongoing fundraising round. The growth investment will be used towards reaching Sastodeal’s milestone target of achieving Rs 1 billion in annual revenues within the next 18 months, according to a press note issued by the company.
One of Nepal’s biggest and most popular online shopping platforms, the company was growing at near-about 300 per cent before Co -19 hit Nepal, the press note reads, adding that during the lockdown, Sastodeal saw new customer numbers spike with e-commerce booming.
“We worked as part of a government taskforce, along with other e-commerce providers, to deliver essentials during lockdown,” said chief executive officer (CEO) Amun Thapa. “Now that the lockdown is easing gradually, we can see there is more demand than ever as new customers are now familiar with online shopping.”
Dolma Impact Fund – the first international private equity fund investing in Nepal – is already a shareholder in Sastodeal. They have now approved a significant fresh investment, alongside some existing local shareholders, to fund the next stage of growth. This will include an expansion of product categories, talent acquisition, core operations, vendor empowerment, and an expansion to other regions in Nepal.
“One thing that was obvious during lockdown was the limitation of catering to customers outside the Kathmandu Valley,” Thapa said, adding that the investment will enable us bring the benefits of e-commerce to both consumers and businesses to a much wider audience.
“This is a high growth industry which performed a vital task during lockdown,” chief executive officer of Dolma Impact Fund Tim Gocher said, adding that the new investment reflects the company’s belief in the Sastodeal team and the company continued investment in Nepal’s technology sector, alongside healthcare and renewable energy investments. “We are delighted to lead this round of financing alongside local partners.”
Dolma Impact Fund is already a shareholder in Sastodeal. They have now approved a significant fresh investment, alongside some existing local shareholders, to fund the next stage of growth. This will include an expansion of product categories, talent acquisition, core operations, vendor empowerment, and an expansion to other regions in Nepal. Sastodeal also has plans to reveal a big partnership with an outside firm in the upcoming days.
“E-commerce is surely an attractive space for investments in India and countries around the globe and we are also witnessing similar trends in Nepal,” Thapa adds.
Sastodeal also has plans to reveal a big partnership with an outside firm in the upcoming days. “The partnership will be a game-changer for Nepal and we hope the announcement will get the entire nation excited,” CCO Amitesh Roy said.
Meanwhile, the company has also stated that Sastodeal is in talks with various local and international investors to close this fundraising round in a few months.
Founded in 2011, Sastodeal – one of the leading local e-commerce companies in Nepal – has raised $1 million from Dolma Impact Fund alongside other existing shareholders as part of an ongoing fundraising round. The growth investment will be used towards reaching Sastodeal’s milestone target of achieving Rs 1 billion in annual revenues within the next 18 months, according to a press note issued by the company.
One of Nepal’s biggest and most popular online shopping platforms, the company was growing at near-about 300 per cent before Co -19 hit Nepal, the press note reads, adding that during the lockdown, Sastodeal saw new customer numbers spike with e-commerce booming.
“We worked as part of a government taskforce, along with other e-commerce providers, to deliver essentials during lockdown,” said chief executive officer (CEO) Amun Thapa. “Now that the lockdown is easing gradually, we can see there is more demand than ever as new customers are now familiar with online shopping.”
Dolma Impact Fund – the first international private equity fund investing in Nepal – is already a shareholder in Sastodeal. They have now approved a significant fresh investment, alongside some existing local shareholders, to fund the next stage of growth. This will include an expansion of product categories, talent acquisition, core operations, vendor empowerment, and an expansion to other regions in Nepal.
“One thing that was obvious during lockdown was the limitation of catering to customers outside the Kathmandu Valley,” Thapa said, adding that the investment will enable us bring the benefits of e-commerce to both consumers and businesses to a much wider audience.
“This is a high growth industry which performed a vital task during lockdown,” chief executive officer of Dolma Impact Fund Tim Gocher said, adding that the new investment reflects the company’s belief in the Sastodeal team and the company continued investment in Nepal’s technology sector, alongside healthcare and renewable energy investments. “We are delighted to lead this round of financing alongside local partners.”
Dolma Impact Fund is already a shareholder in Sastodeal. They have now approved a significant fresh investment, alongside some existing local shareholders, to fund the next stage of growth. This will include an expansion of product categories, talent acquisition, core operations, vendor empowerment, and an expansion to other regions in Nepal. Sastodeal also has plans to reveal a big partnership with an outside firm in the upcoming days.
“E-commerce is surely an attractive space for investments in India and countries around the globe and we are also witnessing similar trends in Nepal,” Thapa adds.
Sastodeal also has plans to reveal a big partnership with an outside firm in the upcoming days. “The partnership will be a game-changer for Nepal and we hope the announcement will get the entire nation excited,” CCO Amitesh Roy said.
Meanwhile, the company has also stated that Sastodeal is in talks with various local and international investors to close this fundraising round in a few months.
No comments:
Post a Comment