Upaya successfully closes its Quarterback fundraising cycle

Published On: May 18, 2024 10:07 AM NPT By: Republica  | @RepublicaNepal

KATHMANDU, May 18: Upaya, a tech-enabled logistics company, has announced the successful completion of its latest fundraising round, aptly named "Quarterback," raising Rs 275 million. A private event was held on May 15, 2024, in Kathmandu to mark the completion.

According to a press statement issued by the company, the “Quaterback” round, which was internally coined by the company and privately placed, is inspired from American football. This crucial funding will drive the company firmly onto the path towards profitability. Just as the quarterback's pivotal role in securing touchdowns (goals) in American football, its private investor "quarterbacks" will be instrumental in helping Upaya achieve its profitability goals.

The statement reads, “Since its inception in 2019, Upaya has raised a remarkable Rs 700 million in funding. Nepal's largest private equity firm Dolma Impact Fund, which is supported by investments from FMO, BII, Swedfund, IFC, DFC, and JICA is one of the major investors of Upaya.”

Looking ahead, Upaya is focused on pioneering Nepal's first-of-its-kind 100,000+ sqft. third-party logistics (3PL) warehousing facility. The company is actively pursuing further funding for this groundbreaking project, having secured multiple term-sheets from renowned International Development Financial Institutions. Additionally, Upaya is preparing for its public listing of shares on Nepal Stock Exchange through an IPO in the near future. Upaya is also exploring to expand its operations outside of Nepal to go global, as stated in the statement.

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