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.”
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