Nepal’s Dream of Growth and Its Hidden Obstacles

Nepal’s entrepreneurial spirit is vibrant and alive. Innovators and visionaries strive to create businesses that not only succeed but also contribute to the nation’s progress. However, the journey from a promising startup to a steadily growing company is fraught with challenges, especially in a unique market like Nepal.¹The appeal of scaling – increasing influence, market share, profitability – is obvious, but it is precisely at the transition stage that specific difficulties often arise.

While the general principles of doing business apply anywhere, Nepal’s unique context creates unique pitfalls for scaling companies.¹This article aims to identify five critical mistakes that ambitious entrepreneurs make and offer actionable strategies to overcome them so that ambitions can be transformed into sustainable success. The ambitions of Nepali entrepreneurs are often faced with a systemic lack of a reliable and predictable support environment. While entrepreneurs are the driving force, external factors such as political instability and bureaucracy do not always facilitate smooth scaling.¹The fragility of the economy, often dependent on remittances rather than productivity and innovation, means that startups can scale on shaky ground, making internal resilience even more important.³

The transition from a startup, often informal and flexible, to a “stable growth company” in Nepal requires more formalized interactions with a complex regulatory and infrastructure environment. Early-stage startups may bypass or have minimal interactions with some of the bureaucratic hurdles.¹However, scaling means greater transparency, expanded operations, and therefore deeper engagement with these systems. This means that strategies that worked for a small startup (e.g., high agility, less formal processes) can become a liability unless they are adapted to scale in the specific context of Nepal. ‘Bulky bureaucracy’¹becomes a more significant obstacle as the company grows and the need for formal interactions increases.

Five Key Mistakes Ambitious Entrepreneurs Make in Nepal (And How to Avoid Them)

Mistake 1: Underestimating the Local Landscape: Ignoring Nepal’s Unique Operational and Regulatory Features

When transitioning from a startup to a growing company, entrepreneurs in Nepal often underestimate the multifaceted complexities of the local operational and regulatory landscape. These complexities include political and regulatory instability, characterized by frequent policy changes, inconsistent application of laws, and the need to implement laws in a timely manner¹ and bureaucratic red tape.¹This unpredictability makes long-term planning, which is the cornerstone of scaling, very difficult.

Infrastructure shortages are a significant obstacle. In the energy sector, despite significant hydropower potential, businesses face power outages, forcing them to rely on costly alternative sources, reducing profitability and limiting opportunities for reinvestment in growth.²Transport infrastructure, particularly outside urban centres, leaves much to be desired: poor roads increase logistics costs and delivery times, negatively impacting supply chains and access to markets.⁵

Digital access is also a major issue. There is a significant digital divide, with notable differences in internet penetration between urban and rural areas, as well as between provinces.⁶While the National Telecommunications Authority (NTA) reports high overall internet penetration (99.38% as of 2024⁸), data from the Nepal Living Standards Survey (NLSS) paint a more complex picture: 39.7% of households have access to the internet, with the figure rising to 79.3% in urban areas (Kathmandu Valley) and just 17.4% in rural areas. Differences between provinces are also stark: 59.8% of households have access in Bagmati, compared to just 14% in Karnali.⁸These data indicate that for companies looking to scale nationally, the digital landscape presents a significant challenge, impacting e-commerce, digital service delivery and internal operations.

Ignoring these factors is a mistake, as startups, often relying on their agility, can successfully overcome these challenges at a small scale. However, when scaling up, the impact of these systemic problems is amplified. A business model that works well in Kathmandu may fail when expanding to regions with poorer infrastructure or less predictable local governance. “Cost of doing business” in Nepal is overestimated due to hidden operational challenges related to infrastructure and bureaucracy. These challenges disproportionately affect scaling small and medium enterprises (SMEs) compared to large, established players or micro enterprises that may remain in the informal sector. As SMEs grow and formalize their operations, they increasingly encounter inefficient systems.¹Unlike large corporations, which may have specialized departments or leverage to overcome these obstacles, or micro-enterprises, which fly under the radar of regulators, scaling SMEs find themselves in a vulnerable position. The need for “expensive diesel generators”³– these are direct, measurable costs that affect profitability and, therefore, the ability to reinvest in growth.

The digital divide is not just an access issue, but a market fragmentation issue for scalable digital businesses. Although the Digital Nepal Framework 2.010aims to drive digital transformation, the reality of uneven internet penetration7 means that a national digital strategy cannot be uniform. Companies scaling digital services must adopt hybrid approaches (e.g. online combined with offline agents, as eSewa did¹¹) or accept limited coverage in certain regions. This makes it difficult to achieve economies of scale in the provision of digital services. The discrepancy between the high internet penetration figures from the NTA⁸and lower household access rates from the NLSS⁷ This in itself points to a possible misunderstanding of the term ‘access’ (individual mobile data versus reliable home broadband) which can be confusing for businesses.

Political instability and corruption¹ – are not just background noise, but active risk factors that can derail scaling plans due to unexpected costs, delays, or policy reversals. Scaling often involves larger investments, longer-term commitments, and more significant regulatory approvals (e.g. for expansion, launching new product lines). Each of these touchpoints becomes a potential vulnerability in a highly corrupt environment.¹and political unpredictability.¹This requires the creation of “political capital” through networks² or taking into account “risk premiums” that may make a company uncompetitive.

Avoidance strategies:

• Deep local analysis (Due Diligence): 

In addition to understanding the situation at the national level, careful research into provincial and local conditions, regulations, and infrastructure constraints is necessary before expanding.

• Building strong local networks: 

Developing relationships with local government, business associations and community leaders to overcome bureaucratic barriers and obtain local information.²

• Adaptive and resilient business models: 

Develop operating models with flexibility to absorb shocks (e.g. alternative energy sources, diversified supply chains, multimodal logistics where possible).

• Strategic use of government programs: 

Despite the challenges, it is important to understand and selectively use initiatives like Digital Nepal⁶or the benefits of special economic zones¹³, if applicable. For example, DNF 2.0 aims to create “future-ready digital foundations”¹⁰, which, if implemented, could alleviate some of the problems with digital infrastructure.

• Phased geographic expansion: 

Rather than a “big bang” nationwide deployment, consider a phased approach, mastering operations in one region before moving to the next, adapting strategies based on lessons learned.

Mistake 2: Capital Quagmire: Flawed Financial Strategies and Navigating a Limited Funding Ecosystem

One of the biggest mistakes when scaling a business in Nepal is poor financial management and underestimating the complexities of the local funding ecosystem. Entrepreneurs often face limited access to diverse sources of capital, relying too much on traditional bank loans. These loans typically come with high interest rates and stringent collateral requirements.²Many entrepreneurs are unable to provide the collateral required by financial institutions.²High cost of borrowing due to high interest rates (according to some data, around 16% for SMEs⁹), significantly increases operating costs and reduces profitability, making it difficult to reinvest in growth or weather economic downturns.¹⁴A study by Karki et al. (2024) confirms that SMEs in Nepal face significant challenges due to high interest rates.¹⁶

The private equity (PE) and venture capital (VC) ecosystem in Nepal is in its infancy.⁴Awareness of and access to such funding sources can be limited for many entrepreneurs. Moreover, PE investments are more likely to go to established businesses rather than early-stage startups that need capital to scale.⁴Failure to understand or effectively manage unit economics makes a business unattractive to the few available investors and increases the risks of debt financing.

With regard to foreign direct investment (FDI), despite policy improvements (e.g. automatic approval route for IT, reduction in minimum capital threshold¹⁹), attracting FDI still faces obstacles such as problems with profit repatriation and bans on investment in certain sectors.¹Dominant system of secured lending² is fundamentally at odds with the nature of many modern scaling startups, especially in the tech sector, which are often asset-light. Scaling startups often invest in intangible assets such as software, brand, and talent rather than expensive physical collateral. Traditional banks in Nepal² are slow to adapt, creating a systemic funding gap. A call for cash flow-based lending²¹is a direct response to this mismatch, forcing many promising startups to either grow slower than their potential or seek riskier informal funding.

Although FDI policy is being liberalized on paper¹⁹, actual investment inflows and their impact on scaling startups (especially outside the IT sector) may be limited by deeper investor confidence issues related to governance and profit repatriation.¹Legislative reforms alone are not enough; a robust operating environment is equally important to attract significant foreign capital for scaling. The success of the “automated online approval system”¹⁹is promising, but needs to be supported and expanded beyond the IT sector to truly diversify funding sources.

The prevalence of remittance-fueled consumption³, to the detriment of productive investment creates a difficult macroeconomic background for the formation of domestic capital for business. If a significant part of the national income (money transfers make up 23% of GDP³) is directed toward consumption or unproductive assets such as real estate, the pool of local capital available for business investment shrinks. This increases the pressure on entrepreneurs to seek scarce formal financing or expensive loans, which prevents them from scaling up effectively. It also means that consumption-oriented businesses may find a ready market, but those that require significant capital for innovation or production face a more challenging environment.

Avoidance strategies:

• Careful financial planning and bootstrapping: 

Focus on strict financial discipline from the start. Bootstrapping effectively for as long as possible to preserve equity and demonstrate success before seeking outside capital.

• Improved unit economics: 

Work intensively to achieve and confirm positive unit economics (LTV > CAC, healthy profit margins –²²). This is critical both for internal sustainability and for attracting any form of investment.

• Study of credit products for SMEs and government programs: 

Explore specialized loan packages from banks like Himalayan Bank²⁰, targeting SMEs. Be aware of government initiatives such as the Start-up Lending Procedure, which offers subsidized loans²⁴, although the availability and effectiveness of such programs require careful evaluation.

• Understanding and preparing for interaction with PE/VC: 

When seeking equity funding, research the expectations of PE/VC funds. Events such as the Nepal Investment Summit¹⁷, or interaction with Nepal Private Equity Association (NPEA)¹⁸can provide valuable information.

• Support for cash flow based lending: 

Support and be aware of calls for a shift from collateral-based lending to cash flow-based lending, as advocated by figures such as Dr. Satyendra Timilsina of Nepal Rastra Bank (NRB).²¹This may gradually open up more opportunities.

• Strategic FDI attraction (for relevant sectors): 

For IT startups, the removal of the minimum capital threshold for FDI through the automatic route is a significant opportunity.¹⁹Understanding the amendments to FITTA to allow investments through funds is also key.¹⁹

Mistake 3: People and Process “Gridlock”: Neglecting Talent Development and Scalable Operations

As a company grows, neglecting to develop talent and create scalable operational processes becomes a critical mistake. Nepal faces a significant shortage of skilled labor6, which is especially acute when scaling complex operations. This problem is exacerbated by the “exodus of young people in search of better opportunities abroad.”², which depletes the talent pool available to growing companies.

Often founders who are deeply involved in their ventures fall into the so-called “founder trap”: they have difficulty releasing control as the company grows, becoming a “bottleneck” by redoing the team’s work and not delegating decision-making, only tasks.²⁶This stifles team growth, slows operations, and can lead to founder burnout. Research shows that 58% of founders are bad at delegating.²⁶

Lack of standard operating procedures (SOPs) is another common problem. Informal processes that worked in small teams become chaotic and ineffective when scaled. The lack of clearly defined SOPs leads to inconsistency, errors, difficulties in training new employees, and the inability to maintain quality control.²⁸Furthermore, poor change management often leads to the failure of digital transformation or scaling initiatives [40 (4.1), 48], which is closely related to personnel management and process adaptation.

The “founder’s trap” in Nepal is likely exacerbated by a shortage of skilled labor. Founders may feel forcedmicro managersnot only out of habit, but also because of a real (or perceived) lack of sufficiently qualified employees to whom they could confidently delegate tasks. If qualified personnel are in short supply⁶, founders may find it harder to trust their team’s ability to complete complex tasks without close supervision. This creates a vicious cycle: a lack of delegation hinders employee development, perpetuating a skills gap and trapping the founder. High youth migration²This means that even if talent is developed, retaining it becomes a major issue, further discouraging founders from investing in delegation.

The absence of SOPs is not just an efficiency issue, but a critical barrier to knowledge transfer and the creation of institutional memory in conditions of high staff turnover (due to the “brain drain”). SOPs codify processes and knowledge.²⁹In an environment where skilled employees can move abroad in search of better opportunities², SOPs become essential to ensure that valuable operational knowledge doesn’t “leave” with them. Without SOPs, every new employee has to be trained from scratch, often by an already overburdened founder or senior staff, making scaling incredibly slow and expensive.

The problem of talent development is inextricably linked to capital constraints (Error 2). Investing in training and offering competitive salaries to retain talent requires financial resources that many scaling companies in Nepal lack. Although it is recommended to “invest in skills development”², this requires initial capital. If businesses are already struggling with high interest rates¹⁵and limited access to financing³⁰, they may skimp on training or be unable to compete with salaries offered overseas, thereby fueling a “brain drain.” This creates a situation where businesses cannot afford to develop the talent they desperately need to scale.

Avoidance strategies:

• Investment in internal training and skills development: 

Proactively invest in training existing staff and new employees to address skills gaps.²Companies like Fusemachines offer AI training programs³¹, which is an example of a model for developing specialized skills.

• Strategic Delegation and Empowerment: 

Founders must consciously evolve their delegation style as the company grows, moving from “collaborating” to delegating projects and eventually entire areas of responsibility.²⁶Focus on results, not just methods, and empower the team to make decisions.

• Implementation of reliable SOPs: 

Develop and implement clear, written SOPs for all key processes.²⁸This ensures consistency, efficiency, simplifies new employee onboarding, quality control, and compliance, which is especially important when scaling.

• Building a culture of continuous improvement and learning: 

Encourage feedback and adapt processes. This is vital in a dynamic scaling environment.

• Using technologies to automate processes: 

Where possible, use technology to automate routine tasks, freeing up human talent for higher value work (e.g. hotel management systems like AaryatmHMS³³ or eZee Absolute ³⁴, automate many hotel operations).

Mistake 4: Shifting Sands of Demand: Erosion of Product-Market Fit and an Unsustainable Economy

One of the critical mistakes entrepreneurs make when scaling is assuming that product-market fit (PMF) is static. What worked for an early-stage startup with a niche audience may not satisfy a broader market as the company grows.³⁵Entrepreneurs may mistakenly believe that their initial PMF is permanent. Failure to evolve the value proposition as markets change, customer needs evolve, and competitors emerge can lead to PMF erosion.

Many startups, in pursuit of growth, may overlook or mismanage their unit economics—the revenue and costs associated with a single unit of product or service (e.g., one customer or one unit sold).²²Scaling with poor unit economics (e.g. customer acquisition cost (CAC) exceeds customer lifetime value (LTV)) simply means scaling losses, which is unsustainable, especially in the capital-constrained environment that characterizes Nepal. As noted, “most Nepali entrepreneurs operate on assumptions and do not try to find data when conducting market research,” which results in creating the wrong products or services.³⁰This is fatal when scaling.

In Nepal’s diverse and geographically fragmented market⁶ achievement nationally scalable product-market fit is much more difficult than in a homogeneous market. Customer needs, purchasing power, digital literacy, and access to infrastructure can differ dramatically between the Kathmandu Valley and rural provinces.⁸A product that has a PMF in urban centers may require significant adaptations (localization, pricing, delivery model) to achieve PMF in other regions. Scaling too quickly without these adaptations leads to wasted resources and failure. This brings us back to Mistake 1 (Underestimating the local landscape).

Pressure to scale quickly, perhaps due to initial hype or limited financial resources (Error 2), can lead entrepreneurs to prematurely announce PMF or ignore negative unit economics. If capital is scarce³⁰, there is enormous pressure to show rapid growth to attract further investment or achieve profitability. This may tempt founders to scale operations even if the underlying PMF is weak or the unit economics are unfavorable.²²This is a “growth at any cost” trap that is particularly dangerous in Nepal, where subsequent funding is not guaranteed.

The “lack of transparency” and unwillingness to cooperate mentioned in³⁰(“People are embarrassed to talk about their ideas and their business model”) can hinder the iterative feedback process that is critical to maintaining PMF. Achieving and maintaining PMF depends on open feedback loops with customers and the marketplace at large.³⁶If entrepreneurs are reluctant to share and discuss information, they may miss critical signals that their product is losing relevance or that their assumptions are wrong. This cultural aspect can hinder the data-driven approach needed to scale sustainably.

Avoidance strategies:

• Continuous market research and customer feedback: 

Interact regularly with customers to understand their changing needs and perceptions. Don’t rely on past assumptions.

• Value Proposition Iteration: 

Be prepared to adapt your product, service and communications based on market feedback and data.³⁶

• Strict monitoring of unit economics:

• Clearly define your “unit” and constantly monitor key metrics: customer acquisition cost (CAC), customer lifetime value (LTV), marginal profit and CAC payback period.²²
• Aim for a healthy LTV/CAC ratio (e.g. 3:1 or higher).²²
• Make sure that “the customer is willing to pay for the product”, “CAC is less than LTV” and “the market is large enough to support the business”.³⁵
• Data-driven decision making: 

Move beyond assumptions. Use sales data, customer behavior analytics, and market research to inform strategic decisions on product development, pricing, and marketing.

• Achieving problem/solution fit before scaling PMF: 

According to Ash Maurya’s model³⁵, make sure there is a problem worth solving and a working solution before you invest heavily in scaling product-market fit.

Mistake 5: Digital Clutter: Mismanaging Technology Adoption and Market Adaptation

In the era of digitalization, poor management of technological change and market adaptation can be a fatal mistake for scaling companies in Nepal. Often, there is a haphazard digital transformation where technologies are implemented without a clear strategic vision, leading to wastage of resources and misalignment of goals⁴⁰,⁵⁹. Almost two-thirds (64%) of digital transformation projects begin without a clear action plan ⁴⁰.

Critically, many digital projects (76% of cases according to [⁴⁰(4.1)]) do not meet customer needs, often due to excessive internal focus. Insufficient localization of digital products, services and marketing to the specific linguistic, cultural and socio-economic context of Nepal is also a serious omission.³⁷This includes user interfaces, payment methods and customer support. Digital Divide⁶ also requires localized approaches.

Entrepreneurs may not be fully utilizing the potential of e-commerce platforms like Daraz [⁴⁰ (1.1), ⁵], or payment gateways such as eSewa⁶and Khalti⁶, to expand market reach, improve operational efficiency and enhance customer experience. Ineffective data management, where data silos hinder progress (62% of cases according to [⁴⁰(4.1)]), and immature data practices for advanced technologies (59% according to [⁴⁰(4.1)]) are also common problems. Finally, the lack of skilled personnel to implement and manage new technologies such as artificial intelligence (AI) remains a significant barrier [⁴⁰ (2.1), ⁶].

An ambitious program “Digital Nepal”⁶ creates both opportunities and potential pitfalls. Entrepreneurs may feel pressure to “digitize quickly” without an adequate strategy or resources, leading to failures that mirror global trends [⁴⁰ (4.1), ⁴⁸]. Government digitalization initiatives can lead to a “follow the crowd” effect. However, if startups implement complex digital tools without a clear problem to solve or without taking into account internal readiness (skills, processes⁴⁶), they risk high costs and low returns. 37% failure rate of digital projects worth millions of dollars⁴⁸is a stark warning. The “phased, context-sensitive” approach mentioned for AI in Nepal⁴⁷, is applicable in a broader sense.

Effective localization in Nepal goes beyond simple translation; it must take into account the significant differences in digital literacy, infrastructure, and trust in digital systems across demographics and regions. General principles of localization are outlined in.³⁷However, Nepal’s specific context includes a wide digital literacy gap.⁸, unstable internet⁸and initial distrust of online transactions (as was the case in the early stages of eSewa’s development³⁸). Therefore, a one-size-fits-all digital product is unlikely to be successful across the country. Strategies like eSewa’s agent network¹¹, were critical to bridging these gaps – a lesson for scaling digital businesses.

The success of local digital players such as eSewa and F1Soft⁵⁰, demonstrates that deep market understanding and iterative adaptation can overcome initial technological or infrastructure limitations. eSewa started with manual processes and gradually digitalized its sellers.¹¹F1Soft has established a dominant position in the fintech sector in Nepal by understanding the local banking needs.51This contrasts with simply importing a foreign technology solution. Their journey shows that technology adoption should be demand-driven and contextualized, rather than supply-driven. This means that successful digital scaling in Nepal often involves building an ecosystem alongside business development.

Avoidance strategies:

• Strategic, phased implementation of technologies: 

Implement technologies gradually, focusing on clear business goals and return on investment (ROI) ([⁴⁰(2.1)] proposes a “phased, context-sensitive AI strategy” for Nepal;⁵³advocate for step-by-step approaches). Start by solving specific problems, rather than implementing technologies for the sake of technologies.

Customer-centric digitalization: 

Ensure all digital initiatives are driven by customer needs and aimed at improving their experience [⁴⁰ (4.1)].

Effective localization:

• Adapt language, content and UI/UX for Nepali users.³⁷Leapfrog Technology founder stresses importance of ‘Nepali-friendly’ services⁵⁵
• Integrate local payment gateways and logistics solutions.
• Understand and accommodate different levels of digital literacy.

Learn from local digital successes (and failures):

• To examine how companies like eSewa have built trust and national presence through agent networks and addressing digital literacy issues.³⁸
• Analyze Daraz’s logistics strategy, combining its own infrastructure with local partnerships⁵⁶, and using AI/ML for personalization.⁵⁶
• Observe how Foodmandu dealt with logistical challenges and attracting customers to Kathmandu.⁵⁷

Investing in data management and analytics: 

Eliminate data silos and develop capabilities to use data for decision making [⁴⁰ (4.1), ⁴⁶].

Addressing the digital skills gap: 

Collaborate with educational institutions or invest in upskilling employees to work with new technologies (e.g. AI training programs from Fusemachines³¹).

Priority of “Mobile-First” strategies: 

Given the high penetration of mobile communications (mobile broadband – 66%, 4G – 71.43%⁹), ensure ease of use of services on mobile devices.⁵⁵

Table: Key Scaling Mistakes in Nepal and How to Avoid Them

Conclusion: Paving a Sustainable Path to Growth in Nepal

The path to scaling a business in Nepal is uniquely complex, requiring entrepreneurs to not only have business acumen but also a deep understanding of the local context. Five key mistakes—underestimating the local operational and regulatory landscape, getting caught in a “capital quagmire,” creating a “people and process gridlock,” ignoring “demand shifting sands,” and mismanaging “digital chaos”—are interconnected challenges that can derail even the most ambitious plans.

Success in scaling in Nepal depends on a dual focus: building robust internal capabilities (strong teams, efficient processes, sound finances, adaptable products) and developing keen sensitivity and adaptability to the Nepalese external environment (regulatory, infrastructural, cultural, economic). The common thread running through the strategies for avoiding all five mistakes is the need for enhanced “managerial absorptive capacity” – the firm’s ability to recognize the value of new external information, assimilate it, and apply it to commercial ends. In Nepal, this means being exceptionally good at learning and adapting. Every mistake stems from a failure to adequately understand, assimilate, or adapt to critical information – whether about the local market, financial realities, internal team capabilities, customer needs, or technology trends. Given Nepal’s dynamic and often unpredictable environment¹, entrepreneurs who build strong learning and adaptation mechanisms into their organizational DNA will be better prepared to avoid these pitfalls.

While the road is difficult, it is not insurmountable. The success stories of local companies that have managed to overcome these challenges are a testament to this. “Incrementalism” and “resilience” are not just buzzwords, but key strategic imperatives for scaling in Nepal, even more so than in markets with abundant resources and a stable environment. Recommendations for an “incremental, context-aware AI strategy”⁴⁷, the benefits of phased implementation of technologies⁵³, gradual digitalization of eSewa¹¹and the need for sustainable business models²– all of which highlights the importance of this approach. Big bang approaches are riskier when capital is scarce, infrastructure is unreliable, and the market is still developing. Resilience is key to overcoming the shocks described in.¹By anticipating these five key pitfalls and proactively implementing strategies to avoid them, ambitious entrepreneurs in Nepal can greatly increase their chances of not just surviving the scaling stage, but thriving, creating businesses that are both profitable and make a meaningful contribution to Nepal’s economic future.¹al of this new era of opportunity and build a prosperous future based on knowledge and innovation.

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