June 18: Dolma Impact Fund (DIF) has announced that it is investing Rs 180 million in Upaya City Cargo Pvt Ltd from its second impact fund.
Upaya is an online marketplace for intra-city logistics that connects individuals and businesses with 4-wheeler pickup driver-partners and 2-wheeler rider-partners within Kathmandu Valley, Butwal, Bhairahawa & Pokhara.
DIF is the first international private equity fund and impact fund dedicated to Nepal.
DIF is making its investment in Upaya City Cargo from its Dolma Impact Fund II. After committing $36.6 million in various projects from its previous Dolma Impact Fund I, it has recently raised nearly $40 million for its second impact fund to make investments in Nepal
Dutch lender FMO, CDC Group, the UK’s development finance institution and impact investor, Swedfund and the International Finance Corporation (IFC) have backed the Dolma Impact Fund II.
Issuing a statement, Dolma Impact Fund said that the investment, subject to successful due diligence and final internal approval from the Fund, will help the company to expand its operation in other cities across Nepal with logistics solutions for on-demand delivery of bulk goods as well as e-commerce & agriculture sectors.
“Through this investment, Upaya and Dolma aim to create an impactful partnership in the Nepali logistics sector,” the statement added.