KATHMANDU: Upaya, a leading logistics company enabled by technology, has announced the investment closure of Rs 6o million from Nepal Infrastructures Investment Fund Ltd (NIIF), a permanent capital venture jointly promoted by Global Equity Fund (GEF), Prime Life Insurance and Himalayan Everest Insurance, and managed by GEF.
In 2021, Upaya successfully closed funding worth Rs 180 million from Dolma Impact Fund II and the fund was used for the expansion of the company along with the introduction of various logistics solutions across the country. Upaya has been successful in integrating all aspects of logistics involving market aggregation operation and end-to-end delivery operation (First Mile, Mid Mile and Last Mile). Currently, Upaya has already established a network of five branches, 10 Regional hubs and more than 100 last-mile delivery locations all across the country.
The funding from NIIF will be used for business expansion and growth of Upaya 2.0, and it will help the company to move towards the path of profitability, said Suman Rayamajhi, Managing Director of Upaya. "Upaya is committed to making investments in two key areas — Infra-structure and Technology — to uplift and collaborate the entire logistics sector of Nepal involving driver/rider partners, franchise partners, business partners and alliance partners," he added.
Manish Thapa, Managing Director of Global Equity Fund, Investment Manager for NIIF, said, “With this investment, NIIF is confident that Upaya will continue to revolutionise the logistics industry and drive growth in the coming years through its use of advanced technology and innovative approaches to solving common challenges.”
The Series B closing target of Upaya is Rs 400 million for the successful completion of Upaya 2.0 and the company expects to close its funding target by end of 2023.
Upaya is a leading logistics company enabled by technology to deliver quality logistics solutions with a commitment to transforming the way things move in Nepal. The company was founded in 2018 and has experienced rapid growth in recent years.
Currently, Upaya has been providing logistics services across four verticals targeted towards the needs of different types of businesses and individuals in Nepal.
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The funding from NIIF will be used for business expansion and growth of Upaya 2.0, and it will help the company to move towards the path of profitability, said Suman Rayamajhi, Managing Director of Upaya. "Upaya is committed to making investments in two key areas — Infra-structure and Technology — to uplift and collaborate the entire logistics sector of Nepal involving driver/rider partners, franchise partners, business partners and alliance partners," he added.
Manish Thapa, Managing Director of Global Equity Fund, Investment Manager for NIIF, said, “With this investment, NIIF is confident that Upaya will continue to revolutionise the logistics industry and drive growth in the coming years through its use of advanced technology and innovative approaches to solving common challenges.”
The Series B closing target of Upaya is Rs 400 million for the successful completion of Upaya 2.0 and the company expects to close its funding target by end of 2023.
Upaya is a leading logistics company enabled by technology to deliver quality logistics solutions with a commitment to transforming the way things move in Nepal. The company was founded in 2018 and has experienced rapid growth in recent years.
Currently, Upaya has been providing logistics services across four verticals targeted towards the needs of different types of businesses and individuals in Nepal.
READ ALSO:
Published Date: January 11, 2023, 12:00 am
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