Foodmandu and Dolma Impact Fund have signed a memorandum of understanding for a USD 4 million (NPR 46 crore) investment in the firm. The Fund has yet to provide final clearance to this investment.
Foodmandu, Nepal's first and most popular food delivery company, has come a long way since its inception, making a significant impact in the restaurant/food industry and is considered one of the key contributors to the overall development of Nepal's e-commerce sector, serving over 800 restaurants to its 300K+ customer base in Kathmandu, Lalitpur, Kirtipur, Bhaktapur, and Pokhara.
Foodmandu's independent verticals, Foodmandu Fresh and Foodmandu Bar, offer groceries and beverage delivery in addition to meal delivery.Dolma's investment will be the third and largest round of funding for Foodmandu, and there are plans for more Dolma follow-on investments in the future. True North Associates and Team Ventures, two additional private equity firms, have previously invested in the company in the years 2016 and 2020, respectively.
Foodmandu plans to use the Dolma money to work on improving its service to international standards while also introducing some intriguing new verticals and regional expansions. Foodmandu also plans to utilize the funding to expand existing technology and strengthen human resource skills, with the goal of creating and maintaining thousands of employment in Nepal over the next five years.