Himalayan Food raises Nu 4.5mn through crowdfunding

Business Feature

Himalayan Food is the second enterprise to successfully raise Nu 4.5mn through Royal Bhutan Securities Exchange’s  (RSEB)crowdfunding platform in two months.

Himalayan Food produces varieties of agri-based snacks by adding value to raw materials collected from locally grown fruits and vegetables which are certainly nutritious and healthful.

Himalayan Food currently produces potato crispy with unique Bhutanese style flavoring and also produces premium products such as apple crispy, dry apple and banana crispy.

Himalayan Food was listed in Bhutan crowdfunding portal after two weeks of comprehensive discussion, emendation and anatomization with a review team from the RSEB.

Around 126 investors have invested in the company through crowdfunding portal and the investors will hold 30% of the total stake of the company.

The business was started in 2017 with an amount of Nu 7.3mn and now the company is worth of Nu 18mn.

Initially, they also availed PSL loan of Nu 4mn from Bhutan National Bank and raised Nu 2.5mn from angel investors.

The idea of business was conceptualized when two aspiring entrepreneurs were at college and their business idea got selected.

Bikash Gurung and Tshering Dorj run the business in partnership. Both of them did Bachelors in Business from Gedu College and graduated in 2017.

Promoter Bikash Gurung said that Himalayan Food aims to diversify few more premium products that is fruit based vacuum freeze fries and nut products.

Given the demand, Himalayan Food aspires to be one of the largest FMCG (Fast Moving Consumers Good) companies in Bhutan.

Raw-materials are all collected from the Bhutanese farmers to manufacture the Himalayan snacks.

He said that they have highly skilled technicians and chemist to maintain superior quality with better packaging and the products are marketed throughout Bhutan.

Himalayan food aims to produce the best quality snacks with international standard packaging. 

“We will work with Bhutanese farmers for access of the raw-materials and hence, we shall create a constant market for the Bhutanese farmers,” said Bikash Gurung.

Himalayan Food has created market for 50 to 60 farmers and with the up scaling of project aims to create market for more than 300 farmers.

They have 10 employees and plans to create another 20 to 25 vacancies.

The Chief Executive Officer of RSEB, Dorji Phuntsho said that two promoters have successfully raised funds.

He said that RSEB now has a lot of experience in crowdfunding and now they know what kind of company should come forward to use the platform and what kind of company should pitch business ideas and how they should pitch.

The CEO also mentioned that now the entrepreneurs have bigger responsibility towards their shareholders and they have to prove themselves.

 “Maybe within next year they would be able to award the benefits,” said the CEO.

Of the three promoters registered with RSEB, two of them successfully raised funds while one of them, Freelancer Bhutan withdrew from the platform. Freelancer Bhutan is going to change its business model come up with a different model. 

Dechen Dolkar from Thimphu

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