Mobile Internet

Faasos seal $16 million funding; looking to raise $100 million

Faasos logo from the application

India is a country of young people. India has 1.3 billion people and 65% of that number is 35 or below. This calls for development and a lot of workforces. That said, the young people in India have taken up to the new types cultures and new cultures bring new cuisines and food brings opportunity for business in any landscape. There are many people who look at this opportunity and dive into it. Faasos is one of those companies.

It is a Pune-based company looking to go big. Faasos has been around for a while, it is around working towards expanding rapidly and for that infusion of huge piles of money is required. It is working on something similar as the company is in talks with major investors for almost $100 million investment in the company. Faasos is a ‘Food on Demand’ company to put a category on it. The company has both cloud kitchens and food counters. It has its own application but also is present on all the food-tech platforms in the country.

Faasos is currently present in 16 cities in India. It receives around 10,000 deliveries every single day across India. It is one of the most popular food-joints when it comes to students. The fact that it is based in Pune, which is a student-centric city, also justifies the same. Faasos needs a lot of money to expand, as it has its own app to work with and also a lot of products to go with.

That said, the first tranche of a mega funding round in Faasos has already kicked off. The company has clawed in around $16 million from various investors. The funding came from Sequoia Capital, Lightbox, and Evolvence. The breakdown of the same is not quite complicated and the Ministry of Corporate Affairs files were accessed by Inc42.

They reported that SCI Investments VI has been issued 1,503 Series D1 CCPS at INR 69.73 Cr. Sequoia Capital India trust has 11 Series D1 CCPS at INR 50 Lakh, Evolvence India Fund II has been issued 154 Series D1 CCPS at INR 7.12 Cr. Lightbox Ventures II and Lightbox Expansion Fund have 323 and 397 Series D1 CCPS at INR 14.9 Cr and INR 18.36 Cr respectively. The company seeks a valuation of $400 million, it was last valued at $198.7 million which is about INR 1,416 Cr.

This is just for the Indian market. The company is also looking to go international and is wondering about for the right place and market. This Cloud Kitchen marketplace is very interesting and the world is catching up on the same. There are a lot of things the company is trying to do and entering cloud kitchen marketplace internationally is on its mind.

-Unmesh Phule

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