Upaya receives funding from NIIF

KATHMANDU: Upaya, a leading logistics company enabled by technology, is pleased to announce the completion of an investment of NPR 6 crore from Nepal Infrastructures Investment Fund Limited (NIIF), a permanent capital venture jointly promoted and managed by Global Equity Fund (GEF), Prime Life Insurance, and Himalayan Everest Insurance.

Upaya successfully closed funding worth NPR 18 crore from Dolma Impact Fund II in 2021, and the funds were used for the company’s expansion as well as the introduction of various logistics solutions across the country.

Upaya has successfully integrated all aspects of logistics, including market aggregation and end-to-end delivery (First Mile, Mid Mile and Last Mile). Upaya currently has a network of 5 branches, 10 regional hubs, and over 100 last-mile delivery locations across the country.

According to Suman Rayamajhi, Managing Director of Upaya, the NIIF funding will be used for business expansion and growth of Upaya 2.0 and will assist the company in moving toward profitability.

He went on to say that Upaya is committed to investing in two key areas: infrastructure and technology, in order to uplift and collaborate with Nepal’s entire logistics sector, which includes driver/rider partners, franchise partners, business partners, and alliance partners.

“With this investment, NIIF is confident that Upaya will continue to revolutionize the logistics industry and drive growth in the coming years through its use of advanced technology and innovative approaches to common challenges,” said Dr. Manish Thapa, Managing Director of Global Equity Fund and NIIF Investment Manager.

Upaya’s Series B closing target is NPR 40 crores for the successful completion of Upaya 2.0, and the company expects to reach its funding goal by the end of 2023.