Pune-based tech focussed QSR chain Faaso’s has grabbed $20 Mn in a fresh round of funding led by LightBox Ventures and Sequoia Capital. Of the total amount, $16 Mn is equity investment by Lightbox and Sequoia, and a $4 Mn debt.
Startups in food space has grabbed a lot a attention in past few months, last week a number of funding activities in this space took place, which also included JustEat India acquisition by Foodpanda, three startups i.e. Yumist, FRSH and Holachef got funding of $1 Mn, about $250k – $200k and INR 2 Cr. respectively.
Jaydeep Barman, a former McKinsey and Co executive alongwith Indian Institute of Management-Lucknow batchmate Kallol Banerjee founded Faaso’s in 2004. The startup had earlier raised funding of $5 Mn from Sequoia in 2011.
Faasos, a technology-focused quick-service restaurant, it was the first company to start taking orders via tweets, users can tweet Faaso’s for food and can also gift wraps etc. to their friends residing in other cities.
The startup now has over 90 outlets across Pune, Mumbai, Bengaluru, Ahmedabad, Chennai and Vadodara. Further, it plans to use the funds raised to add 10 cities over the next 12 months.