Himal Press 
KATHMANDU: Investment firm, TEAM Ventures, has announced its partial exit from food delivery company Foodmandu by selling its equity to Himalayan Capital Limited.
Himalayan Capital Limited is a wholly-owned subsidiary of Himalayan Bank Ltd – one of the leading commercial banks in the country.
Manohar Adhikari, Managing Director of Foodmandu; Parmeshwar Pant, CEO of Himalayan Capital, and Tenzin Sonam Gonsar, CEO of TEAM Ventures, signed a share purchase agreement in Kathmandu on Sunday.
The strategic investment by TEAM Ventures in Foodmandu has yielded remarkable results, culminating in substantial 2x returns for the firm within a remarkably short span of two years, according to a statement issued by the investment firm. The firm’s strategic investment has facilitated Foodmandu’s exponential expansion of its customer and restaurant base, as well as geographic expansion, it added.
Established in 2010, Foodmandu is Nepal’s largest food delivery company. Over the years, it has emerged as an industry leader, boasting an extensive customer base and a vast network of restaurant partners. TEAM Ventures invested in Foodmandu in 2020, participating in the company’s Series B Funding. Foodmandu received further investments of $4 million through Series C funding from Dolma Impact Fund II.
