NIBL Ace Capital Ltd. has announced to invest in Sastodeal, a prominent eCommerce platform in Nepal. The deal is likely to prop up the online marketplace to being a profitable company and make way to issue its IPO.
Both companies recently struck an investment deal. CEO of NIBL Ace Capital, Shivanth Bahadur Pandé, and founder of Sastodeal, Amun Thapa, signed the deal at a ceremony.
After formalizing the deal, both the leaders of their enterprise expressed their delight at their cooperation and prospects.
NIBL Ace Capital CEO Pandé said, “Like India and other markets in the world, e-commerce has a big potential to disrupt markets and Sastodeal with its 10 years of history has shown its capability to become that player. It has withstood many challenges and as a pioneering brand has built the eCommerce industry in Nepal. Recently, Sastodeal has entered into various agreements with e-commerce counter parties internationally which we believe with help bolster its product offerings and sales. We are delighted to partner as an investor in boosting Sastodeal’s mission.”
Similarly, Sastodeal founder Thapa said, “We are extremely happy to announce this partnership and onboard a reputed institution as NIBL Ace. NIBL’s network across Nepal, their expertise in banking, payments, technology, and capital infusion will greatly strengthen Sastodeal.”
Sastodeal aspires to become a household brand, aided by NIBL Capital and others’ investment
Thapa also shared that the company carries a mission to become a household brand in Nepal and beyond. It has the investment of Dolma Impact Fund, Ramesh Corp, ICTC Group, and IME Group.
Founder and CEO of Dolma Impact Fund, Tim Gocher said: “NIBL Ace’s investment not only highlights the exciting prospects of Sastodeal, but also the strength of the Nepali investment ecosystem to support growth in local champions. We welcome NIBL Ace alongside existing shareholders and the impressive management team at Sastodeal.”
Sastodeal is a leading online marketplace with over 10 million users. Besides a veritable presence in Nepal, it also boasts strategic partners in Flipkart and Myntra.
It today has over 10 million unique users, cross-border strategic partners like Flipkart and Myntra, and hundreds of brands and vendors. Check out: Also read: Top 5 Online Shopping Sites in Nepal
The company also cooperates with UNCDF to promote 3500 MSMEs in Nepal. along with various initiatives to promote digital inclusion.
Do you shop at Sastodeal? If you do, then you can share your experience in the comments below.
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