India: Sequoia-backed food tech startup Faasos raises $30m led by Russia’s ru-Net

Visual from company website, November 2015

Pune-based food tech startup Faasos has raised $30 million (about Rs 200 crore) in a funding round led by Russian internet-focused investment firm ru-Net, as per a report in The Economic Times.

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.

Also Read:

India: Bengaluru-based food app SpoonJoy might sell out to Grofers

India: InnerChef raises $1.6m from founders of Paytm, redBus, others

Ratan Tata invests in Indian food-tech startup Holachef

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.