E-commerce portal Sastodeal has raised USD 1 million from the Dolma Impact Fund and other existing shareholders as part of an ongoing fundraising round. Issuing a press statement, the company said that the investment will be used towards reaching Sastodeal’s milestone target of achieving Rs 1 Billion in annual revenue within the next 18 months.  “This will include an expansion of product categories, talent acquisition, core operations, vendor empowerment, and an expansion to other regions in Nepal,” reads the statement.

With the spread of coronavirus, Sastodeal claims that online shopping has been rising as new customers are getting familiar with online shopping. We worked as part of a government taskforce, along with other e-commerce providers, to deliver essentials during lockdown,” the statement quoted Amun Thapa, CEO of Sastodeal as saying. “Now that the lockdown has eased, the demand has increased more than ever as new customers are now familiar with online shopping.”

Dolma Impact Fund, the first international private equity fund investing in Nepal, is already has investment in Sastodeal.

“This is a high growth industry which performed a vital task during lockdown. This new investment reflects our belief in the Sastodeal team and our continued investment in Nepal’s technology sector, alongside our healthcare and renewable energy investments. We are delighted to lead this round of financing alongside local partners,” says Tim Gocher, CEO, Dolma Impact Fund.