Foodmandu signs MOU with Dolma Impact Fund for USD 4 million in funding. Foodmandu and Dolma Impact Fund have signed an MoU for an investment of approximately USD 4 million (NPR 46 Cr) in the company. This investment is yet to receive final approval from the Fund.
Foodmandu, Nepal’s first and most popular food delivery company serving from over 800 restaurants to its 300K+ customer base in Kathmandu, Lalitpur, Kirtipur, Bhaktapur, and Pokhara, has come a long way since its inception, making a significant impact in the restaurant/food industry and is considered as one of the key contributors to the overall development of Nepal’s e-commerce sector. Along with food delivery, Foodmandu also provides grocery and beverage delivery services through its separate verticals Foodmandu Fresh and Foodmandu Bar.
The investment from Dolma is going to be the third and biggest round of investment in Foodmandu and there are plans of additional follow-on investments as well from Dolma in the future. Before this, two other private equity companies, True North Associates and Team Ventures had invested in the company in the year 2016 and 2020 respectively.
With the funding from Dolma, Foodmandu intends to focus on developing its service to international standards while adding some exciting new verticals and geographical expansions. Foodmandu also aims to use the funds to advance existing technologies and develop human resource capabilities and aims to create and sustain thousands of jobs in Nepal over the next 5 years.
Earlier, DIF has also signed a Memorandum of Understanding (MoU) with Upaya City Cargo Pvt Ltd to invest up to NPR 180 million in the company.
Via Dolma Impact Fund Facebook