Faasos, a Pune-based food chain started its journey in the year 2004. There are many things this fast food chain used to be. It started out as a quick service restaurant (QSR) in Pune, it later turned itself into a no storefront fast food chain which is also known as a dark kitchen. A little while later it switched to the marketplace and then multi-brand cloud kitchen which it still is.
There are multiple brands under its umbrella, Behrouz (Biryani), Kettle and Kegs (Breakfast) and Oven Story (Pizza) are the brands serving different purposes in the field of food. For a fast food chain, Faasos is doing really well. It is a go-to option for the students studying in Pune.
They have targeted the right audience, Pune being the educational hub of India, the student population is more than any city. They have kept their prices low, the food is good and the kitchens are hygienic. A student living away from home is looking for just that. Faasos’ progress is brilliant. Given that it has changed its face so many times, the stability is praiseworthy.
A Jaydeep Barman and Kallol Banerjee startup are now 15 years old, the revenue estimated for FY 18-19 is around $42.5 million which is about INR 300 crore. The competition for Faasos is real, it competes with Box8, Dominoes, Pizza Hut and also McDonald’s.
The food chain has secured a total of $103.6 million in funding till date. There are a lot of trusted investors who have backed this Pune-based fast food chain. Sequoia Capital India, RuNet South Asia, Lightbox Ventures II, Lightbox Expansion fund, Sistema Asia Fund, and many others. Faasos is looking to bring in a huge $100 million funding in an extended Series C funding. That said, it has not managed that huge an amount but a debt fund has been secured by the fast food chain. An amount of 4.2 million was put in Faasos by Alteria Capital which is a debt fund focused investor.
The total worth of Faasos after this funding is estimated at $200-220 million. However, it might still end up with a $100 million funding and the worth would surely bulk up after that. An existing investor is touted to further invest in the fast-food chain.
It has 175 cloud kitchen across 12 cities in India. Faasos is also looking to go international as it was receiving almost thirty thousand daily orders.
– Unmesh Phule