Friday, June 19, 2020

Dolma invests US$ 1 million in Sastodeal

Kathmandu, June 17

Dolma Impact Fund has made additional investment of US$ 1 million in Sastodeal.com, an online shopping platform.

Sastodeal has raised $1 million from Dolma 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 next 18 months, said the company.

Founded in 2011, Sastodeal.com is one of Nepal’s biggest online shopping platforms. The company was growing at near-about 300 per cent 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 of the company 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, the first international private equity fund investing in Nepal, is already a shareholder in Sastodeal.

The new investment will be used in operations, including 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,” said Thapa.

Tim Gocher, CEO of Dolma, added, “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.”

Published in The Rising Nepal daily on 18 June 2020. 

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