19th June 2020, Kathmandu
Sastodeal is one of the leading e-commerce companies in Nepal. Sastodeal.com, along with other existing shareholders, raised $1 million from the Dolma Impact Fund as part of an ongoing fundraising session.
Founded in 2011, Sastodeal.com works with the vision to make Nepal the best example of the local customer experience. The online platform currently has millions of customers and thousands of suppliers/partners all over Nepal.
As the country is under lockdown due to the COVID-19 pandemic, online shopping seems to be the only safe option.
Amun Thapa, CEO of Sastodeal, said the number of new customers increased over the period.
The investment growth will be used to achieve Sastodeal’s primary goal – to generate annual sales of one billion rupees over the next 18 months, the statement said.
Thapa said, “As the country is going under lockdown, the service should be limited to customers in the Kathmandu Valley. Therefore, this investment will help us reach consumers and businesses in and out of Kathmandu. In accordance with government policies, we have worked within the government to provide customers with the materials needed in lockdown.”
As the collapse eases, demand is even greater than before as new customers know more about shopping online.
“The situation will get worse in the coming days. At least two million people live there in the capital and we need to make sure they get their essentials.”
Thapa also said that concerns are growing about areas outside of Kathmandu, which are not accessible via online platforms.
Furthermore, Sastodeal plans to enter into a broad partnership with an external company in the coming days.
Dolma Impact Fund – First International Private Equity Fund to Invest in Nepal
Dolma Impact Fund is the leading international private equity fund in Nepal. The fund includes areas such as product classification, finding new talent, core activities, strengthening suppliers, and expanding services to other parts of Nepal.
The fund is already a shareholder of Sastodeal. With this significantly fresh investment of $1 million, it could be a game-changer for the Nepalese e-commerce industry.
CEO of Dolma Impact Fund, Tim Gocher spoke highly of the online platform and highlighted its vital role during the 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,” said Gocher.
He also expresses his delight in this investment alongside local partners.
Sastodeal is further seeking out for various local and international investors before closing this fundraising round in a few months.
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