It was during the 1940s that the seeds of Vishal Group, a business group owned by an Agrawal family, were sown with the establishment of a fabric shop in Dharan. The Agrawal family was led by Gordhandas Agrawal who traded cloths in Dharan, after having moved from Ilam. The family continued its sole focus on trading for the next few decades, and primarily on textile imports from India. Later, they started importing textiles from China as well. 

Their progression into international trade, apart from India and China, started gradually as a trader of a range of industrial inputs and international FMCG brands for Nepal. Today, the group imports industrial inputs such as raw materials, semi finished goods and machineries and FMCG products from companies such as Procter and Gamble (P&G), DIAGEO, United Biscuits, Tabasco, Moet & Hennessy, Mentholatum and Orion, which in total accounts to international companies spread across 40 countries and leveraging its wide distribution network for their distribution throughout the country. For this reason, the group considers their engagement in trading and brand representation as one of its key strengths. 

As the trading business thrived, Vishal Group started diversifying into multiple sectors during the 1980s. In 1987, they established Kamala Iron Industry which was later converted into Kamala Rolling Pvt Ltd. At the same time, the group was also engaged in manufacturing batteries. In the 1990s, they established a toothpaste manufacturing factory. The group also has a steel factory under its wing namely Mainawati Steel. 

The group took another step towards further diversification, entering the financial sector in the mid 1990s to consolidate its position as a leading business house of Nepal. Today, Vishal Group is a prominent name in the financial sector, with a strong presence in the banking and insurance sector. The group joined a pool of investors and established NIC Bank in 1997 as a lead promoter which later merged with Bank of Asia to become the current NIC Asia Bank. Post merger, NIC Asia became one of the largest banks of Nepal. The group is also a leading promoter of NMB Bank. It stepped into the insurance sector in the year 2000 promoting Life Insurance Corporation (LIC) Nepal Ltd and Prudential General Insurance Company. The group has also forayed into the education sector by promoting Delhi Public School based in Biratnagar and Kathmandu and as a partner at Ace Institute of Management. It also has its presence in the automobile industry representing Volkswagen (Germany), Suzuki Motorcycle India Pvt Ltd and Kobelco Construction Machinery.