Nepali food delivery app Foodmandu has raised new funds in the Series B financing round to support its expansion.
The financial details of the round were not divulged. It was led by local private investment fund Team Ventures.
Go deeper with GlobalData
As agreed, Team Ventures acquired a 20% stake in Foodmandu through a combination of new shares and purchasing a portion of True North Associates’ (TNA) stake in the delivery platform.
TNA is an existing shareholder of Foodmandu.
Commenting on the investment, Team Ventures founder and CEO was quoted by DealStreetAsia as saying: “We are happy to have this opportunity to invest in a homegrown, new-economy business like Foodmandu and be a part of its future growth.”
Foodmandu plans to use the new proceeds to fund its expansion and open operations in more cities in Nepal, reported Tech in Asia.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataTNA investment manager Nidhaan Shrestha was quoted by the publication as saying: “Partial exit from Foodmandu sends a strong signal to the bubbling alternative investments ecosystem in Nepal that these investments work.”
Currently, Foodmandu delivers across three cities in Kathmandu Valley and operates a pool of 200 delivery executives.
Established in 2010, Foodmandu is partnered with hundreds of restaurants. The platform delivers vegetables, beverages and cakes from wholesalers and markets.
Foodmandu accepts orders through the website, mobile app or over the phone.
According to the publications, the app has registered a tenfold growth in the last four years.
