Kathmandu, March 20th
WorldLink Communications, one of the largest private sector internet service providers, has received a combined Series B investment of Rs. 1.98 billion – Rs. 1.08 billion from British International Investment (BII) and Rs. 900 million from Dolma Impact Fund II ( DIF II).
This investment is one of the largest investments in the internet sector in Nepal to date and the total foreign investment in WorldLink has reached Rs 3.33 billion ($27.2 million). As of October 2019, BII had already invested Rs. 1.35 billion in WorldLink. WorldLink plans to use the investment to accelerate its Internet expansion efforts across the country, particularly in rural areas.
The company currently has more than 750,000 customers and employs around 5,500 people. The investment is intended to create another 1,000 jobs and train employees.
The investment will also help expand skills and training programs and advance health and safety standards.
Dileep Agrawal, Chairman and Managing Director of WorldLink, expressed his commitment to maintaining investor confidence in the company and transforming WorldLink into a global player.
British Ambassador Nicola Pollitt stressed the importance of digital transformation for sustainable economic development in Nepal, saying that investments like this are crucial to support households and businesses across the region.
“I am pleased that BII continues to support WorldLink as they strive to provide improved Internet access nationwide.
Digital transformation is a key enabler for sustainable economic development in Nepal and investments like this are key to supporting households and businesses across the region.”
Abhinav Sinha, Managing Director and Head of Technology and Telecom at BII, emphasized that BII’s second investment will be instrumental in helping WorldLink expand its reach into hard-to-reach areas of Nepal with reliable and affordable internet service.
“This expansion will create more job opportunities and boost growth within the local economy,” Sinha said.
Professor Tim Gocher OBE, Founder and CEO of Dolma Fund Management, manager of DIF II, stated that Nepal’s digital industry is the country’s best chance for a near-term economic leap and this investment will allow more areas to participate in the global to participate in the digital economy, leading to better access to health, education, finance and business-to-business services.
A version of this article will appear in the March 21, 2023 issue of The Himalayan Times.
