Nepal’s food delivery provider Foodmandu Pvt. Ltd. has raised an undisclosed amount in a Series B funding round from Team Ventures. In a separate development, ValueLabs, a global technology services provider, has acquired one of the most iconic design houses in India, Indi Design Private Limited.
Nepal’s Foodmandu raises Series B funding
Nepal’s food delivery provider Foodmandu Pvt. Ltd. has raised an undisclosed amount in a Series B funding round from Team Ventures, a private investment fund based in Nepal, according to an announcement.
Founded by IT professional Manohar Adhikari in 2010, Foodmandu is one of the pioneers and leading food delivery companies in Nepal.
The company has previously raised Series A funding from investment firm True North Associates (TNA) in 2016 and has grown 10x since then, it said in a statement.
Foodmandu claims to deliver food from over 500 restaurants across 3 cities of Kathmandu Valley through a pool of 200 riders.
With this investment, Team Ventures will hold around 20 per cent stake in Foodmandu through a mix of new shares and partial buy-out of TNA’s holding.
“We are happy to have this opportunity to invest in a homegrown, new-economy business like Foodmandu and be a part of its future growth,” said Tenzin Gonsar, Founder & CEO of Team Ventures.
ValueLabs acquires Indi Design
ValueLabs, a global technology services provider, has acquired one of the most iconic design houses in India, Indi Design Private Limited, according to an announcement.
Financial details of the transaction were not disclosed.
Founded in 2009 by Sudhir Sharma, Indi Design is involved in management consulting, organisational design and the design of products, services, environments and digital experiences.
It has offices in Shanghai, Sao Paulo, Hanoi and Riyadh and its customers include Bajaj Auto, ICICI Bank, Bajaj Finserv, and Varroc.
ValueLabs is a global technology company focused on product development, data technology and digital services. The company provides end-to-end solutions in the fields of customer experience, data & analytics, product development, and automation.