Mumbai-based food delivery network Faason is in talks with several investors to raise $100 million (INR 730 crores) to expand its operations internationally. A report by Economic Times suggests that the startup is looking to expand its product range and cloud kitchen presence across the nation.
Faason has raised around $80 million till date across all funding rounds. And this next fundraiser will be a series C round while it has already raised three rounds as a part of its extended series C funding process.
In August 2018, the startup has boarded Sistema Asia Fund with an investment of $15 million. While in April last year, the startup has raised $6.4 million from Sequoia Capital, ru-Net, Rb Investment and Lightbox. Back in December 2015, in its first series C round, Faasos has raised $30 million from ru-Net, Lightbox and Sequoia Capital India.
Currently valued at around $220 million, some investors are planning to completely or partially exit the startups and make profits. While Sequoia Capital is expected to increase its stake in the company.
Founded by Jaydeep Barma and Kallok Banerjee in 2011, the startup partners with more than 1,100 restaurants across 15 Indian cities. Earlier media reports speculated that the food-tech startup is expected to enter the Dubai market by establishing its cloud kitchen in the United Arab Emirates.
Faasos has projected net revenue of INR 300 crores for the next fiscal year. However, the company generated a revenue of INR 147 crores last fiscal and reduced its losses by 50 per cent to INR 82 crores, according to annual filings by the company.
Companies like Zomato, Swiggy, Foodpanda and UBEREats competes with Faasos. Earlier this month Zomato has raised INR 1,500 crores from Softbank’s Ant Financial.
