Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Pune-based tech focused on quick service restaurant (QSR) chain, Faasos, has raised $30 Mn (about INR 200 Cr.) in a funding round led by Russian internet-focused investment firm ru-Net, reports ET.
Existing investors including venture capital firms Sequoia Capital and Lightbox Ventures also participated in this round.
Founded in 2004 by Jaydeep Barman and Kallol Banerjee, Faasos, was the first company to take orders via tweets. It is a ‘food on demand’ company primarily disrupting how people order and get food delivered on mobile.
Mail sent to Jaydeep, did not elicited any response.
The company is targeting to clock over 1 Mn orders per day over the next six months, up from current 350,000 orders a day. Faasos is currently operational in 15 cities across India including Pune, Mumbai, Bangalore, Ahmedabad, Chennai and Vadodara among others. It has more than 160 distribution centres.
The startup will utilise the funds for acquisitions and to begin operations in newer cities, these include Kolkata, Chandigarh, Dehradun among others. Besides, it will also use the funds to expand the range of its in-house brands and launch new services such as Faasos Daily, a new mobile application for time-slotted food deliveries.
The startup had raised $20 Mn in February in an equity and debt financing round led by Lightbox. Prior to that, it had raised funding of $5 Mn from Sequoia in 2011.
Founder Jaydeep Barman is also an investor in Pune-based personalized food recommendation app Quinto. Other players in this segment include Eatlo, FreshMenu and Frsh.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.