HomeFundingFaasos in talks...

Faasos in talks to raise ₹730 crores, will expand overseas


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.

Continue reading

How to Read NFL Odds

A game in the NFL has two possible outcomes. The first result has been posted on the scoreboard: which team has triumphed and which side has suffered a loss? The second tally is done by bettors: whether the team...

How to Bet on the NFL

Football is one of the most popular sports in North America, and its popularity, particularly in the NFL, is at an all-time high. People all over the world analyze data, matchups, NFL stats, and patterns to obtain an advantage...

First Person Live Gaming – The Evolution of Real-Time Gambling in India

Indian players have been enjoying the benefits of playing live dealer games for many years now. Every player that has experienced this revolutionary innovation in online gambling would testify that it is beautiful. Nothing beats getting to enjoy a...

Submit details about your funding and get published for FREE

Get an online story about your startup and reach millions of readers