NIBL Ace Capital Limited has recently signed a deal to invest in Sastodeal, a leading online marketplace in Nepal. The collaboration helps the evolving company to maintain a strong financial strength and also issue its IPO for further growth and expansion.
Shivanth Bahadur Pandé, CEO of NIBL Ace, and Amun Thapa, founder of Sastodeal, signed formalized their cooperation on Wednesday, December 14.
The deal steers Sastodeal to being a profitable enterprise while helping it announce its IPO to the general public soon.
After signing the agreement, NIBL CEO Mr. Pandé said that Sastodeal could go on to disrupt the market with its capabilities. He said, “Like India and other markets across the globe, e-commerce carries a big potential to disrupt markets and Sastodeal with its 10 years of history has shown its capability to become that player.
He further said that Sastodeal has overcome many challenges in the past and being a pioneering brand, it also helped build the eCommerce industry in the country.
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Sastodeal has various partnerships to bolster its business
He also shared that the company has signed numerous agreements with eCommerce counter parties internationally to bolster its products and sales. “We are delighted to partner as an investor in boosting Sastodeal’s mission,” Pandé added.
Likewise, 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.”
NIBL Ace investment in Sastodeal will strengthen the company
Sastodeal founder Mr. Thapa shared similar enthusiasm. He said, “We are extremely happy to announce this partnership and onboard a reputed institution as NIBL Ace. NIBL’s network across Nepal, its expertise in banking, payments, technology, and capital infusion will greatly strengthen Sastodeal.
He also pointed to the company’s potentially enthralling future with its wide range of investors. Dolma Impact Fund, Ramesh Corp, ICGTC Group, and IME Group have all invested in Sastodeal. Spurned by the prospects, the company is seeking to become a household brand in the domestic market and beyond.
Sastodeal was launched in 2011 when Internet penetration was below 2 digits. However, after over a decade, the company boasts 10 million users and foreign strategic partners Flipkart, and Myntra. The company also collaborates with Nepal Government for Food and Management projects.
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