Nepal-based alternative investment firm Team Ventures announced that it has scored a partial exit from Foodmandu, the largest food delivery company in the country.
Team Ventures sold a minority stake in the firm to Himalayan Capital Limited, a wholly owned subsidiary of Himalayan Bank, for an undisclosed amount, according to the announcement.
The industry-agnostic alternative investment firm acquired a 20% stake in Foodmandu in 2020 through a combination of new shares and purchasing a portion of Nepal-based venture capital firm True North Associates’ stake in the delivery platform.
The partial exit resulted in 2x returns for Team Ventures.
Foodmandu was founded in 2010 by IT professional Manohar Adhikari as a technology-based on-demand online food and beverage delivery company headquartered in Kathmandu.
The platform allows users to order food, beverages, and groceries from restaurants and stores.
The company received Series A funding through True North Associates in 2016 and Series B funding from TEAM Ventures in 2020. In 2023, Dolma Impact Fund II further invested $4 million in Foodmandu’s Series C funding round.
Team Ventures, on the other hand, invests in private and public companies by injecting equity capital and by providing strategic assistance in the management and governance of the investee company.
“Our approach to investment is based on a disciplined due diligence process and rigorous analysis that calculates risk while identifying the catalysts for increased value,” the firm said on its website.
The firm’s equities portfolio also includes electric vehicle firm White Lotus Motors, agri-business value chain company Nepal Warehousing, solar firm Pashupati Renewables, investment fund Kriti Venture Fund, and AI-based healthtech startup Wiseyak Solutions, among others.
Team Ventures is among the few investment companies that focus on Nepal. Dolma Fund Management, another Nepal-focused investor, raised $10 million for its second impact fund from the Japan International Cooperation Agency and brought the vehicle to a final close of nearly $72 million.
Dolma’s second fund continues to invest in the healthcare, technology, and renewable energy sectors in Nepal.https://www.dealstreetasia.com/stories/team-ventures-foodmandu-355831