Asia Digest: Nepal’s Foodmandu raises capital; ValueLabs buys Indi Design

Kathmandu, Nepal. Photo by Laurentiu Morariu on Unsplash

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.