Chirayu National Hospital

Established in 2007, Chirayu National Hospital is a licensed 100-bed facility situated on the northern outskirts of Kathmandu. Chirayu is dedicated to delivering personalised healthcare services with infrastructure on par with the country’s best facilities. Providing both outpatient and inpatient services, the hospital specialises in key departments such as Nephrology, Urology, Orthopaedics, Gastroenterology, and Cardiology.

Since Dolma’s investment, Chirayu National Hospital has undergone transformational changes, signalling a period of growth and excellence. Notably, the appointment of Mr. Sudhir Bhal as the Hospital Management and Operations consultant, facilitated by IFC’s Technical Assistance, is a strategic move aimed at enhancing operational efficiency during the ongoing expansion. Anil Silwal’s role as the EHS officer, guided by DIF’s ESG team, underscores the hospital’s commitment to environmental and social responsibility. The engagement of a NABH consultant reflects a dedication to meeting international accreditation standards, ensuring continuous improvement and patient safety. With an increased focus on offline and local community marketing, the hospital has experienced visible growth in sales, strengthening its ties with the community. The establishment of a Diabetes Centre within the hospital reinforces Chirayu’s commitment to specialised care. Concurrently, as the hospital expands to double its existing 55-bed capacity, these positive changes mark a significant step forward in Chirayu National Hospital’s journey toward enhanced healthcare delivery and community engagement.

Dugar Spices & Food Products Pvt. Ltd

Dugar Spices & Food Products Pvt Ltd (DSF), established in 1999, is a leading manufacturing company in
Nepal and a key player in the Century Group, which spans sectors like Manufacturing, Service, Hospitality, Trading, and Financial Services. DSF has a dominant market position, particularly in the snacks segment where it leads without any close competitors, and it also holds a significant share in the spices segment, underscoring its strong presence in the Fast-Moving Consumer Goods (FMCG) sector.

With an extensive product portfolio featuring over 453 items across 10 categories, DSF exports to 18 countries, demonstrating its strong international presence. Major product segments include spices, snacks, breakfast cereals, pickles, tea, and other edible FMCG products. DSF’s commitment to quality is validated by certifications such as ISO, NS, Halal, FDA, and Quality Austria.

DSF’s growth is driven by strategic expansion and operational excellence. The company exports to countries including the United States, Canada, Australia, the Middle East, Japan, Finland, Russia, and Korea. It operates with approximately 450 factory workers and 160 operational staff from its head office and factory in Biratnagar and a corporate/liaison office in Kathmandu. DSF’s extensive distribution network, with around 250 distributors, ensures its products are available at over 100,000 retailers across Nepal. The company is focused on expanding its export market, with discussions underway with potential collaborators in the Middle East and Europe. To support this growth, DSF is expanding its infrastructure with new production lines and increased working space to meet growing demand and enhance revenue. Dolma Fund Management has invested $4 million in DSF and has plans to support the company’s growth strategies, indicating strong investor confidence and providing additional resources for growth and development.

The FMCG sector in Nepal has shown a 20% Compound Annual Growth Rate (CAGR) in recent years, a trend expected to continue. In fiscal year 2022, Nepal imported USD 58 million worth of breakfast cereals, snacks, and spices. Food imports from India alone accounted for approximately USD 1 billion in fiscal year 2021, while total food imports amounted to USD 2.43 billion. This highlights a significant opportunity for import substitution in this sector.


Foodmandu transforms the culinary experience through its user-friendly online platform, enabling customers to conveniently order a variety of delights from a diverse range of restaurants and vendors. Accessible via their mobile application or website, the platform offers a seamless exploration of menus and facilitates easy order placement. With a dedicated team of over 200 delivery professionals, Foodmandu ensures swift and reliable delivery to customers’ chosen locations, enhancing the overall dining and shopping experience.

Following Dolma’s initial investment of USD 1.957 million in March 2023, approved by the Department of Industries (DOI) and Nepal Rastra Bank (NRB), Foodmandu has undergone significant improvements. In response to customer needs and to stay competitive, Foodmandu eliminated the minimum order value of Rs. 500 and did away with the corresponding policy. Additionally, the company revamped its delivery fees policy, enhancing convenience for users. The second tranche of Dolma’s investment, structured as preferred equity, is slated for deployment early next year. These strategic changes showcase Foodmandu’s commitment to customer satisfaction and market competitiveness, fueled by the support and strategic partnership with Dolma.

National Path Labs and Research Center

National Path Labs and Research Center (NPL), established in 2012, provides quality pathology testing services at affordable prices across Nepal. The company operates two “Category A” labs and six “Category B” labs, with the categories determined by the government based on size and operational scale. Among these, NPL runs the largest lab in Lumbini province, one of Nepal’s seven provinces.

NPL’s extensive network spans 12 cities, making it the largest chain of pathology labs in Nepal, with two Class A labs, six Class B labs, and six collection centers. The company has received NABL accreditation, underscoring its commitment to high standards. Recently, Dolma Fund Management invested $4 million in NPL and has plans to further improve the company, indicating strong investor confidence and providing additional resources for growth and development. NPL is actively seeking capital to expand its operations into new areas, particularly aiming to launch a door-to-door sample collection platform. Kathmandu, with a rapid urbanization rate of 20%, is a key target for this expansion.

The market potential for NPL is significant, driven by increasing healthcare awareness and the prevalence of diseases such as cardiovascular issues, cancer, and tuberculosis, which account for 40% of mortality in Nepal. There has been a notable rise in regular biochemistry tests for conditions like cholesterol and sugar. The pathology diagnostic industry in Nepal is fragmented, with over 100 standalone labs and only a few operating as diagnostic chains. This sector grew by 32% based on data from top diagnostic labs. Healthcare expenditure in Nepal has increased to 5.17% of GDP from 4% in 2006, reflecting a growing focus on health services. Additionally, government health insurance now covers 7.1 million individuals, and there is a growing awareness of private health insurance.

NPL’s strategic focus on expansion and service diversification positions it well to capitalize on these market trends and meet the increasing demand for quality pathology services in Nepal.

Setikhola Hydropower Pvt. Ltd

Setikhola Hydropower Pvt. Ltd. (SHL) was formed to develop a 22MW ROR hydropower project in Nepal’s Kaski District. SHL is a run-of-river hydropower project located 15 kilometres from Pokhara in Kaski District. This hydro cluster also includes approximately 20 additional hydropower projects with a combined installed capacity of nearly 1000 MW. The project is expected to generate a total of 133.432 GWh per year, with 90.55 GWh generated during the wet season and 42.87 GWh generated during the dry season. It has a dependable flow of 42 percent of 39.91 m3/sec and a net and gross head of 68 and 63.9 metres, respectively. SHL will be connected to the national grid via a loop-in-loop-out mechanism for power evacuation.

With Dolma’s investment in Seti Khola, significant transformations in ESG aspects are evident. Seti Khola has adopted a robust Environmental and Social Management System (ESMS) that guides its E&S activities and commitments. The establishment of an E&S Risk Management Committee, chaired by a board representative, ensures oversight of E&S implementation, risk monitoring, and mitigation. A dynamic ESG team is actively mobilised on-site to implement ESAP requirements and conduct ongoing E&S monitoring. The engagement of an E&S Advisor from Alpage Consulting France underscores Seti Khola’s dedication to continuous E&S improvement. Notably, the active involvement of a Community Liaison Officer in Stakeholder Engagement activities and Grievance Handling highlights a strong commitment to community relations. The management team at Seti Khola has deepened its understanding of E&S risks and is actively supportive of implementing necessary measures to mitigate these risks.

Upaya City Cargo

Upaya is leading the charge in revolutionizing Nepal’s logistics landscape with its pioneering full-stack solutions, spanning inter and intra-city transport, along with efficient fulfillment and warehousing services, all driven by cutting-edge technology. With a comprehensive suite of offerings covering the entire logistics spectrum, from transportation and storage to last-mile delivery, Upaya is addressing the diverse needs of businesses and consumers alike.

The company’s success is built on several pillars. A vast network of reliable driver-partners ensures extensive delivery coverage across Nepal, supported by robust infrastructure that efficiently consolidates supply and demand. Advanced technology platforms streamline logistics and distribution processes seamlessly, while a commitment to collaboration fosters sustainability within the industry.

Having served over 25,000 B2B customers and facilitated more than 1 million deliveries, Upaya’s technological prowess extends from pickup to final delivery, catering to vehicles of all sizes through a market aggregation platform. Key infrastructure investments include strategically located facilities such as the Upaya Station, a Truckers hub, a Digital Transport Nagar, and an expansive fulfillment center, ensuring timely delivery nationwide.

Against the backdrop of Nepal’s fragmented logistics industry, Upaya is seizing a significant market opportunity. With logistics costs accounting for a substantial portion of GDP and a total addressable market of $3 billion, there is a pressing need for innovative solutions. Upaya is well-positioned to capitalize on this, leveraging its technology-driven approach and commitment to sustainability.

Moreover, Dolma’s impactful investment of USD 1.6 million in December 2021 has been profound. This injection of capital has not only enabled Upaya to expand its services but also forge strategic partnerships with major corporations in Nepal, such as Fonepay, Asian Paints, Worldlink, and Unilever. Within Dolma’s ecosystem, Upaya has flourished, leveraging strategic insights to navigate challenges, seize opportunities, and emerge as a beacon of market leadership.

The emergence of Upaya City Cargo further underscores this commitment to innovation. With a transformative digital platform catering to diverse delivery needs, Upaya City Cargo has experienced significant revenue growth and secured partnerships with major corporations. Offering a wide array of services and boasting a robust network of driver and rider partners, Upaya City Cargo is poised to become a nationwide logistics leader, enhancing cargo transport efficiency and convenience across Nepal.

Worldlink Communications Ltd

WorldLink Communications Ltd. is Nepal’s largest fixed broadband (FBB)/ Fibre to the Home (FTTH) provider, offering last-mile internet access across the country via a hybrid optical fibre and wireless broadband network. It operates one of the finest and the largest fibre backbone and access networks across the country, providing services like high-speed internet along with HD IPTV services. It was formed in 1995 and has come a long way venturing into FTTH in 2017. The company claims 43% of internet bandwidth consumption in the country.

Worldlink has a presence in 70 out of 76 districts and 256 out of the 753 local bodies in Nepal. The company has laid a total of 49,633 band km of fibre to date. Coverage is supported by 7 regional offices and 256 branch offices. Worldlink serves 700,000 retail households viding incl. SMEs and 27,000 enterprises. Its household base is outside the Kathmandu valley. This round of investment was joined by British International Investment (Bll, an existing shareholder) bringing the total round to USD 15.3 MN – the largest single private equity round in Nepal to date.