The firm’s existing investors including venture capital firms Sequoia Capital and Lightbox Ventures also participated in the latest funding round. Post investment, the investors together hold a majority stake in the food-tech startup, the report said.
The funds will be used for acquisitions in the food tech space and to expand operations into newer cities including Kolkata, Chandigarh and Dehradun among others. Besides, some money would also go into expanding the range of its in-house brands and in launching new services including Faasos Daily, a new mobile application for time-slotted food deliveries.
Founded in 2004 by Jaydeeo Barman and Kallol Banerjee, Faasos is a ‘food on demand’ company primarily disrupting how people order and get food delivered on mobile. The online restaurant chain, which serves varieties in food from wraps to rice and starters to desserts, is targeting a million orders per day over the next six months from about 350,000 orders per day at present.
The startup targets customers in the age-group of 20-35 and is currently operational in 15 cities including Gurgaon, Delhi, Bangalore, Pune, Mumbai, Chennai, Ahmedabad and Hyderabad with more than 160 distribution centres.
Faasos last raised $20 million in a funding round led by Lightbox Ventures in February this year. The company is eyeing revenues of $20 million by end of this fiscal year, and about $100 million in the next financial year as it looks to expand its presence further across India.