KATHMANDU, DECEMBER 5
NIBL Ace Capital Ltd, a leading investment bank in Nepal, today announced that Shivanth Bahadur Pandé, chief executive officer of NIBL Ace, and Amun Thapa, founder of Sastodeal, have signed a definitive investment agreement.
This investment from NIBL Ace will pave the way for Sastodeal to become a profitable entity and take on a path to IPO.
Pandé said, "Like India and other markets in the world, e-commerce has a big potential to disrupt markets and Sastodeal with its 10 years of history has shown its capability to become that player. It has withstood many challenges and as a pioneering brand has built the ecommerce industry in Nepal. Recently Sastodeal has entered into various agreements with e-commerce counter parties internationally which we believe with help bolster its product offerings and sales. We are delighted to partner as an investor in boosting Sastodeal's mission."
Thapa said, "We are extremely happy to announce this partnership and onboard a reputed institution as NIBL Ace. NIBL's network across Nepal, their expertise in banking, payments and technology, and capital infusion will greatly strengthen Sastodeal.
Along with our other marquee investors - Dolma Impact Fund, Ramesh Corp, ICTC Group and IME Group, and now NIBL Ace, Sastodeal is on a mission to become a household brand in Nepal and cross-border."
Tim Gocher, founder and CEO of Dolma Impact Fund, said: "NIBL Ace's investment not only highlights the exciting prospects of Sastodeal, but also the strength of the Nepali investment ecosystem to support growth in local champions. We welcome NIBL Ace alongside existing shareholders and the impressive management team at Sastodeal."
Sastodeal today has over 10 million unique users, cross-border strategic partners like Flipkart and Myntra, and boasts millions of customers and hundreds of brands and vendors. The company has also partnered with UNCDF to empower over 3,500 MSMEs across Nepal in the mission to bridge the digital divide. Since COV- ID-19, Sastodeal has also partnered with Nepal government's Food and Management Division.
A version of this article appears in the print on December 6, 2022, of The Himalayan Times.
