Faasos Looks To Raise $100 Mn To Enter Overseas Markets

Mumbai-based Rebel Foods, owner-operator of food delivery brand Faasos, is reportedly in talks with investors to raise a little over $100 Mn (INR 735 Cr).

The company looks to enter overseas markets and expand both its product range and cloud kitchen presence nationally, according to ET sources.

Faasos is currently raising funds at Series C stage. It has already raised three round as part of an extended Series C round in August 2018 ($15 Mn), April 2017 ($6.4 Mn) and December 2015 ($30 Mn). So far, the company has raised a total of $79.4 Mn in funding.

It counts backers such as Sistema Asia Fund, Lightbox Ventures II, Lightbox Expansion Fund, Sequoia Capital India, RuNet South Asia, and RB Investments, Evolvence India among others.

Faasos is currently expected to have valued at $200-220 Mn. The media reports also suggest that early investors are likely to either completely or partially exit in an ongoing secondary transaction.

Earlier this year reports also surfaced that Faasos is preparing to establish three kitchens in Dubai by the first quarter of 2019. It further expects to close the fiscal year 2018-19 with INR 300 Cr in net revenue. It currently has 175 cloud kitchens across 12 cities in India and receives almost 30K daily orders.

Founded in 2004 by Jaydeep Barman and Kallol Banerjee, Faasos was the first company to take orders via tweets as part of a campaign.

Since its launch, Faasos has pivoted its business model four times. It started as a QSR chain, then switched to a dark kitchen model – which means there were no storefronts – then came the marketplace and finally the multi-brand cloud kitchen model.

In this model, Faasos set up a central kitchen and establishes multiple brands with their own specialities like Behrouz (famous for Biryani), Oven Story, (for Pizzas), and Kettle & Kegs (the tea and snacks bar).