KATHMANDU, June 23: Sastodeal.com, an e-commerce company, has raised $1 million from Dolma Impact Fund alongside other existing shareholders as part of an ongoing fundraising program.
Issuing a statement, the e-commerce company said that the growth investment will be used for searching Sastodeal’s milestone target of achieving Rs 1 billion in annual revenues within the next 18 months.
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Dolma Impact Fund, the first international private equity fund investing in Nepal, is already a shareholder in Sastodeal.
Founded in 2011, Sastodeal.com was growing at near-about 300 percent before Covid-19 hit Nepal while it saw new customer numbers spike during the lockdown, according to the statement.
“We worked as part of a government taskforce, along with other e-commerce providers, to deliver essentials during the lockdown,” the statement quoted its CEO Amun Thapa as saying. “Now that the lockdown is being eased, there is more demand than ever as new customers are now familiar with online shopping.”
