Daraj Singapore is investing Rs 1.65 billion in Nepal, working on computer software and online advertising.
Daraj Singapore is set to invest Rs 1.65 billion in Nepal’s information and communication technology sector. Drawer Singapore Pvt. The investment has been approved under the name of Lin (Singapore) to run computer software development, web designing and online advertising industry in Nepal. This will be a major foreign investment for Nepal’s information technology sector.
He has even started bringing in approved investments. Nepal Rastra Bank has stated that Rs. 700 million has been brought to Nepal out of the approved foreign investment.
Daraj Singapore had received approval from the Department of Industry to invest Rs 1.65 billion last fiscal year.
Daraj Singapore, which received a letter from the Department of Industry on January 22, had applied for an investment of Rs 1.15 billion in Nepal Rastra Bank on January 30.
Rashtra Bank Daraj Singapore Pvt. Ltd. (Singapore) in the name of Rs. The capital of this industry is mentioned to be 1.85 billion.
NRB Assistant Spokesperson Narayan Pokhrel said that Daraj Singapore had approved the investment on that date and 700 million had been accounted for.
“It has been approved to bring in Rs 1.15 billion on December 12, 2077,” said Pokharel. “Out of that, Rs 700 million has already been brought.”
Daraj Singapore aims to operate ‘Computer Software Development, Web Designing and Online Advertising Industry’ in Nepal under the service industry.
While approving the investment, the name of the company is mentioned as Daraj Kemu and the investment has been approved in Kathmandu Metropolitan City Ward No. 4 with the address of the company.
Investment sanctioned under ‘SPA’
Singapore Daraj has mentioned SPA i.e. ‘Share Purchase Agreement’ while approving the investment from the Department of Industry.
Gyanendra Parajuli, information officer of the industry department, said that investing under SPA means buying shares of a company here. “Looking at the nature of their investment approval, it seems that they have bought shares of a company in Nepal,” Parajuli said. “They must have bought shares of a company here.”
While approving the investment from the Department of Industry, the name of the company has been mentioned as Daraj Kemu, which operates Daraj eCommerce platform in Nepal, and investor Daraj Singapore.
Daraj Kemu is operating Daraj eCommerce website in Nepal. In 2018, Alibaba Group is taking over the drawer and operating e-commerce platforms in Nepal, Pakistan, Bangladesh, Sri Lanka and Myanmar.
The department has approved to increase the existing capital of the industry from Rs 200 million to Rs 1.85 billion and as per the decision, additional foreign investment of Rs 1.65 billion has been approved.
As there is 100 percent foreign investment in the industry investing in Nepal and the share cost has been maintained by investing Rs. 700 million, approval has been given to invest the remaining Rs. 1.15 billion, according to the NRB statement.
While approving the investment from the department, the address of the company will be Kathmandu Metropolitan City Ward No. 4, while in Nepal Rastra Bank the address of the company operation will be Ward No. 2.