Stock Market begins with the issue of shares by Biratnagar Jute Mills Limited
Securities Marketing Centre (SMC) is established with the objective of facilitating the transaction of government bonds and corporate securities
SMC starts secondary trading of securities restricted to government bonds
Securities Exchange Act, 1983 is enacted
SMC is converted into Securities Exchange Centre (SEC) which opened floor for corporate share trading

SEC is divided into two distinct entities: Securities Board of Nepal and Nepal Stock Exchange Limited

Nepal Stock Exchange starts full-fledged open outcry trading system and starts calculating Nepse index with initial value of 100 
Circuit Breaker is introduced
Automated Computerized Trading System replaces Open Outcry System
Over the counter market is introduced
CDS & Clearing Limited is established

Source code is established


First credit rating agency of Nepal – ICRA Nepal starts its operation


Kaffeine opens up in Durbarmarg.

iCapital is formed.


iCapital invests in Kidzee Boudha, True North Associates and Shristi School


Trading of shares in dematerialized form is started 

iCapital invests in MaxVision


Academy of Specialty Coffee (formerly Kaffeine Coffee School) starts its operations


iCapital invests in Attic Group.

Nepse Online Trading (NOTS) goes live.

Alpha Capital is formed.


Kaffeine opens up at Bansbari

+977 1 4248445 or 4248493


6 Years of Experience since September 2013


Billion Rupees of Assets under Advisement/ Management


Compounding Returns Generated since Inception




iCapital started its journey in 2013 with an aim of mobilizing private funds in stock market and SMEs. We, at iCapital, are committed to generating compounding returns for our valued clients through assets management and advisory services. We are passionate on generating high returns through “value investing” philosophy. The company is geared towards using the well designed and disciplined investment management tools and techniques to optimize the portfolio returns of our clients. Ethics and transparent communication is at the forefront in all the decision and actions of iCapital Team.


To become the pioneer asset management & advisory company in Nepal with NPR 5 billion in assets under management and advisement combined by 2025.


  • To create and manage a portfolio of funds and achieve at least 15% compounding return on investment.
  • To serve our individual and institutional clients by providing or executing investment strategies through a shared commitment to our value based investment philosophy, long-term perspective, disciplined approach and delivering lasting value.




Be focused on your mission


Build aspirations


Do not talk the talk, walk the talk


Create team for growth, I can't team can


Be honest with yourself, your work and your nation


We offer investment advisory services based on Value Investment Philosophy

Assets under Management

We invest in businesses that contribute to change the industry it is in. One of iCapital’s goals is to invest in businesses that contribute to the growth of the nation. We have found great businesses to invest in which serve diverse industries such as health, education, fintech, food & beverage, trading and hydropower.

Assets under Advisement

iCapital’s strength lies in stock market and real estate investments. We provide extensive research information to our clients in helping them make their investment decisions.

  • 1
    Asset Under Management NRs. 27.52 cr
  • iCPL Equity Fund NRs. 1.08 cr
  • iCPL RE Fund NRs. 12 cr
  • iCPL Venture Fund NRs 14.44 cr
  • 2
    Asset Under Advisement NRs. 103.58 cr
  • Local Funds Alpha Capital NRs. 14.5 cr
  • Real Estate High Net Worth Individuals & Institutions NRs. 78 cr
  • Equity High Net Worth Individuals & Institutions NRs. 11.08 cr

Team iCapital

Ajay Shrestha

Ajay Shrestha (CMD), a Master’s Graduate in Management (Topper) with a specialization in Finance from Kathmandu University is a Founder/CMD at iCapital. He has 12 years of experience in national and international financial Markets and his core expertise lies in venture development, stock market and derivatives. He is a serial entrepreneur and has founded SB Textiles, Growmax Investment, Source Code, Kaffeine and Altura International. He also serves as Director at True North Associates. He has also served as President of Nepalese Young Entrepreneurs’ Forum from April 2018 to April 2019.

DImpi Singh

Dimpi Singh is a Stock Analyst/Venture Lead at iCapital. She joined the company in 2015 as a Research Assistant and has been involved with the Nepalese stock market since the last three years. She completed her Master's Degree in Business Studies from Tribhuvan University. She works on generating analysis reports and carrying out research on Nepalese financial sector. She is also involved with providing consulting for SMEs.

Binit Khadka

Binit khadka is an Investment Manager at iCapital and a CFA Charter Holder. He has more than 4 years of wide experience in the field of Indian/Nepalese Capital Market. He has worked in Indian valuation firms where he managed to oversee the company projections/valuation and was also an active trader. Coming Back to Nepal, he worked at NIC ASIA Capital and was instrumental in setting up an organization, building up its policies and procedures for effective functioning of Investment Division. He headed the Portfolio and Research Division before joining in at iCapital. Currently, at iCapital he manages the Company's Investment in area of Private equity, SMEs, Primary & Secondary Stocks, Venture Funding. He is also currently serving as a director at MaxVision Limited.

Sashwot Pathak

Sashwot Pathak joined iCapital as a Stock Analyst. He has successfully completed all three levels of CFA program and has 2 years of experience working as an analyst at Bashyal and Company Pvt. Ltd. (BASNCO). Also, he has worked as an Assistant Coordinator at one of the leading business schools in Nepal, Kathmandu College of Management, where he administered the investment management program – Kuber Wizz. He is overseeing various research, analysis and valuation projects at iCapital.

Diwash Singh

Diwash Bdr Singh joined iCapital in 2018 as a stock analyst associate and later promoted to Business Analyst. He has previously worked in many organizations such as CG & IUCN handling key roles. Recently, he completed his Bachelor degree from Siam University, Bangkok with major in finance and banking. At iCapital, he oversees and analyzes business we invest in.

Anil Thapa

Anil Thapa came into the company in 2016 and has four years of experience in accounting. He started his career from renowned DV Group of Companies as an Account Assistant in 2013. Anil has sound knowledge of all the process and dealings of stock market in Nepal. He graduated in Business Studies from Tribhuvan University of Nepal in 2014. Anil keeps track of all the stock investments of iCapital. He ensures all receipts and payments related to stock investment activities are carried out smoothly. He also assists in accounting activities of SMEs of the company.

Rupa Rai

Rupa Rai She joined iCapital in 2020. She has 14 months of experience in banking. She graduated in Business Studies from Tribhuvan University of Nepal. Outside of work, she enjoys hiking with friends and family.

Supriya Gurung

Supriya Gurung joined iCapital in 2015 as an Admin cum Research Associate and had later been promoted to HR cum Research Associate. Before joining iCapital she was working at NCELL (P). Ltd. where she dealt with documents and data of the clients. She has successfully completed her Banking Training Course on “General Banking” from a renowned Institute. She has completed her Bachelor in Commerce from Premier International College. When Supriya is not working, she likes to travel and eat delicious foods.

Ritu Palikhel

Ritu Palikhel is an accounts officer at iCapital. She is a semi-qualified Chartered Accountant from the Institute of Chartered Accountant of India and has completed 3.5years of articleship in New-Delhi, India. She has completed her MBA with a major in Finance, from Sikkim Manipal University, India and B.Com, with a major in Accounts & Finance from Indira Gandhi Open University, New-Delhi, India. Ritu currently manages the Accounts and Finances of SMEs of iCapital, Kaffeine Foods Pvt. Ltd including all branch and Kaffeine Coffee School Pvt. Ltd.

Sumit Man Singh Baniya

Sumit Man Singh Baniya joined iCapital as an Associate Equity Analyst from October 2019. He is a semi-qualified chartered certified accountant from the Association of Chartered Certified Accountants (ACCA). Prior to joining iCapital, he worked in Complete Business Solution Pvt. Ltd. as a Financial Analyst for 2.5 years and as an Accounts In-Charge for 1 year. Currently he does research and analysis for various projects in iCapital..