Team Ventures has pulled out of its investment at Foodmandu. The alternative-investment company has sold a portion of its shares earning double of its original investment at the leading online food delivery company of Nepal. Both entities reached a deal for the investor’s exit at a recent ceremony held in Kathmandu.
Team Ventures had a 20% stake in Foodmandu before selling the minority of it to Himalayan Capital Limited (merchant bank, subsidiary of Himalayan Bank) for an undisclosed amount. The company injected its money in 2020 as part of Series B funding. The Series A funding came from True North Associates in 2016. Likewise, Dolma Impact Fund II invested $4 million in Foodmandu in 2023 in Series C funding.
Foodmandu says that Team Ventures’ cooperation helped the food delivery platform reach new customers in new areas.
Foodmandu was established by IT entrepreneur Manohar Adhikari in 2010. It’s a food and beverage delivery company based in Kathmandu. The online platform lets users order food, beverages, and grocery from restaurants and stores.
Also read: Foodmandu and Upaya City Partners to Meet Delivery Demands
Team Ventures invests in private and public firms and help them with the finances and strategies for their expansion.
“to foster institutional development by injecting equity capital & by providing strategic assistance in the managerial & governance level of the investee company to scale up and expand their business operations. We work to deliver long-term sustainable value to our stakeholders and make a difference in what we do,” Team Ventures says on its website.
Foodmandu’s online order service is available in Kathmandu and Pokhara.
