Nepal | July 11, 2020

Dolma Impact Fund invests $1 million in Sastodeal

THT Online
Share Now:

KATHMANDU: With e-commerce booming, Dolma Impact Fund has made an additional investment of one million dollars in Sastodeal.com.

Founded in 2011, Sastodeal, a leading local e-commerce company 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 one billion in annual revenues within the next 18 months.

One of Nepal’s biggest and most popular online shopping platforms, the company was growing at near-about 300 percent before COVID-19 hit Nepal. During the lockdown, Sastodeal saw new customer numbers spike.

“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,” added Thapa.

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. This investment will enable us bring the benefits of e-commerce to both consumers and businesses to a much wider audience,” added Thapa.

CEO of Dolma Impact Fund, Tim Gocher, “This is a high growth industry which performed a vital task during lockdown. This new investment reflects our belief in the Sastodeal team and our continued investment in Nepal’s technology sector, alongside our healthcare and renewable energy investments. We are delighted to lead this round of financing alongside local partners.”

“Ecommerce is surely an attractive space for investments in India and countries around the globe and we are also witnessing similar trends in Nepal,” says Thapa.

Sastodeal also has plans to reveal a big partnership with an outside firm in the upcoming days. CCO Amitesh Roy said, “The partnership will be a game-changer for Nepal and we hope the announcement will get the entire nation excited.”

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.


Follow The Himalayan Times on Twitter and Facebook

Recommended Stories:

More from The Himalayan Times:

Slick United ease to another win at struggling Villa

BIRMINGHAM: Manchester United kept up their impressive chase for a top-four spot with a comfortable 3-0 win at relegation-threatened Aston Villa in the Premier League on Thursday. The victory means United, who are now unbeaten in 17 matches in all competitions, became the first team s Read More...

Ward chair’s hand suspected in fertiliser black marketing

RAUTAHAT, JULY 9 While fertiliser crunch has affected farmers in Rautahat badly, complaints of black-marketing have also increased of late. As per a finding, fertiliser bought in the name of Srijansil Agriculture Cooperatives Limited, Bagmati Saving and Credit Cooperatives Limited and Unnatish Read More...

Nepal received India’s diplomatic note on the country’s new map last month, says NA panel

KATHMANDU, JULY 9 The Government of India had sent a diplomatic note to Nepal’s Ministry of Foreign Affairs after the Government of Nepal published a new political and administrative map of the country, depicting Limpiyadhura, Lipulekh and Kalapani as the country’s territories. Chair of th Read More...

One-on-one meeting of NCP co-chairs postponed

KATHMANDU, JULY 9 The much anticipated one-onone meeting between co-chairs of the ruling Nepal Communist Party (NCP) Prime Minister KP Sharma Oli and Pushpa Kamal Dahal did not take place today. Deputy Parliamentary Party leader of NCP Subas Chandra Nembang, who is close to PM Oli, told THT th Read More...

Preparations on to prevent possible disaster

BHOJPUR, JULY 9 A multi-party meeting of Bhojpur District Disaster Management Committee held under the chairmanship of Chief District Officer Basanta Raj Puri today decided to be prepared for any eventuality that may occur due to the monsoon. Federal lawmaker Sudan Kiranti was also present at Read More...

Bharatpur Hospital

Bharatpur Hospital providing dialysis service to COVID patients

CHITWAN, JULY 9 Bharatpur Hospital, which is treating coronavirus infected people of Chitwan and its surrounding areas, has also started providing dialysis service to coronavirus-infected kidney patients. Kidney disease specialist at Bharatpur Hospital, Dr Santosh Gurung, said the hospital had Read More...

Infection rate high among returnee migrants

RAJBIRAJ, JULY 9 High rate of COVID-19 infection has been seen among people returning from third countries at present, while the infection rate was high among returnees from India two months ago in Saptari. According to District Public Health Office, of the 154 COVID infected persons being tre Read More...

Landslide sweeps away water pipes in Dhading

DHADING, JULY 9 Locals at Chhumrang Village are facing acute drinking water crisis after landslides swept away drinking water pipes at Rubivalley Rural Municipality, in Dhading. The villagers are compelled to drink collected rainwater as they cannot clear away the mudslip to connect the pipes Read More...