Leading conglomerate IME enters into e-commerce with investments on Sastodeal.
IME Group is a private company established in 2001 AD by Chandra Prasad Dhakal. Its businesses span banking, remittance, IT, tourism, automobiles, and et al. With this latest venture, they will embark on another milestone of e-commerce.
Meanwhile, Sastodeal is a prominent e-commerce platform in Nepal. The site has a range of products from clothing, electronics, smartphones and tablets, foods, etc. The company has also collaborated with Flipkart and Myntra to offer the purchase of cross-border products via a single platform. This partnership with Indian e-commerce giants has given it the upper hand among the native competitors at home and a boost for further growth.
What Have They Said About The Investment?
After penning the deal on April 22, representatives from both enterprises have admired each other. Hemraj Dhakal, co-founder of IME Group said their eagerness to tie the deal was down to Sastodeal’s growing brand identity and performance over the years. He stated that Sastodeal’s long-term strategies are another hallmark for them to striker the partnership.
Hem Raj Dhakal, Cofounder and Managing Director of IME Group stated that the decision to invest was made considering the view of Sastodeal’s brand identity, the company’s remarkable business performance, overall growth, and its future prospects.
The co-founder added, “IME Group have witnessed Sastodeal grow from a humble startup to become a household name in Nepal. We have made this decision to invest in the company because of their exceptional team, the brand, the company’s historic performance, the overall industry growth, and the potential in the future. We also see that going forward, Sastodeal can bring great synergies to IME portfolio companies such as digital wallet, FMCG, remittance, automotive, logistics, banking, entertainment, hospitality, and others. The investment in Sastodeal also serves IME’s motive to promote socio – entrepreneurship and support the growth of microenterprise as Sastodeal provides the platform for thousands of SMEs to grow their business from across the country. We look to actively participate in Sastodeal’s growth as an investor and also a board member in the company.”
Similarly, the founder of Sastodeal Amun Thapa expressed his own amusement over IME’s entry into their platform. He said that he visions for mutual growth of both the companies and wishes to exchange each other’s infrastructures and create synergy for better productivity.
The Sastodeal founder further added, “We are very excited to onboard IME Group and execute our growth plans together. IME Group has infrastructure and brand presence in all parts of the country; especially in Tier II & III markets. We have plans to leverage each other’s infrastructure, technology, and portfolio to provide superior services to millions of our customers and thousands of businesses in Nepal. We are very confident that this investment and synergy will have a lasting positive impact on the ecosystem and the nation. I believe IME’s investment in Sastodeal will also encourage other businesses in Nepal and abroad to consider e-commerce as a lucrative investment opportunity.”
Sastodeal’s strategies of broader expansion had it strike a partnership with Flipkart, a Walmart-owned Indian e-commerce platform. It has also collaborated with Myntra, another Indian e-commerce for fashion and lifestyle products. This has allowed consumers from both countries to purchase authentic products from each country.
Likewise, Sastodeal has also got technical and financial backing from many other firms namely: Dolma Impact Fund (Investing firm), ICTC group (a business group), and Televentures (a prominent IT investing company).
The latest partnership with IME Group will only fuel Sastodeal’s ambitious goals in the future. With a broader range of investments and cross-border partnerships with foreign e-commerce platforms, Sastodeal’s fortune will continue to grow over the years.
What do you think of this latest partnership between Sastodeal and the leading business group IME? How do you think will it impact Sastodeal’f strategies for continued investments and growth? Let us know your feedback in the comments section below.