KATHMANDU, Feb 17: Foodmandu Pvt Ltd has secured a second round fund-raise from Team Ventures, a private investment fund based in Nepal. Issuing a statement on Friday, the officials of the company said that, Team Ventures will have around 20% stake in Foodmandu through a mix of new shares and partial buy-out of TNA's holding.
According to Manohar Adhikari, founder of Foodmandu, the company is encouraged by the confidence bestowed by institutional investors time and again and the newly secured fund will be used primarily towards geographic expansion. Foodmandu currently delivers food from 500 plus restaurants across 3 cities of Kathmandu Valley through a pool of 200 riders. The company also delivers fresh vegetables, beverages and cakes to its patrons from farmers' markets, traders and leading hotels.