wordpress blog stats
Connect with us

Hi, what are you looking for?

Faasos raises $30M from Ru-Net and other investors: Report

faasos

Update: Faasos sent us a statement citing: ‘As a part of our internal policy, we neither confirm nor decline any speculations on the transaction.’

Earlier: Pune based Faasos, which delivers food through its app, has raised Rs 200 crore or about $30 million in a round of funding led by Ru-Net, with participation from existing investors Sequoia Capital and Lightbox Ventures, reports ET. It plans to use the funding for acquisition, starting operations in Kolkata, Chandigarh and Dehradun among other cities, expand in house brands and new services.

We’ve written to Faasos and will update once we hear from them.

The ET report adds that following the funding, the investors now hold a majority stake in the company. Faasos was founded by Jaydeep Barman and Kallol Banerjee in 2010 and currently operates in 10 cities across India and claims to have 160 distribution centres. ET cites Barman as saying last month that Faasos is looking to generate 1 million orders every day over the next 6 months, from its current 350,000 orders daily. Faasos was doing 70,000- 80,000 orders daily in April. Faasos went app only in August this year, after 97% of its orders came thru the app.

The company had raised $20 million led by Lightbox Ventures and Innoven Capital in February this year and Series A funding from Sequoia Capital in 2012. It currently lists breakfast, lunch, beverages, wraps and continental food items with desserts on its app and uses Citrus wallet as a payment mode, and ShadowFax for delivery.

Developments in the space:

Advertisement. Scroll to continue reading.

– Last month, Hyderabad-based Hello Curry tied up with the IRCTC to provide meal options for railway passengers during their journeys, starting with the Secunderabad station. In May, Hello Curry had acquired the online food ordering and delivery service Paratha Post for an all cash and stock deal.

SpoonJoy, a subscription based meal company, which had raised funding worth $1 million from SAIF Partners in April, was acquired by grocery delivery platform Grofers in October.

– In October, we reported that Paytm, which raised an undisclosed amount in fresh funding in September, is entering the hyperlocal services vertical, starting with food ordering, table bookings, cinema tickets and deals in the user’s neighbourhood.

– In June, online food delivery company Holachef raised Rs 20 crore in a round of seed funding led by the venture capital firm Kalaari Capital and existing investor India Quotient, to invest in infrastructure and technology.

– In the same month, Media house and broadcaster NDTV said that it was planning new online ventures in the field of food, auto and gadgets and had signed preliminary, non-binding term sheets with potential investors.

– In May, Mumbai-based Box8 has raised Rs 21 crore in a series A round of funding from Mayfield, for building technology, expanding its team and increasing market penetration.

– In November 2014, former Times Internet CEO Rishi Khiani’s AntFarm had acquired the food delivery service Meals on Wheels for an undisclosed amount in November last year.

Advertisement. Scroll to continue reading.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

By Rahul Rai and Shruti Aji Murali A little less than a year since their release, the Consumer Protection (E-commerce) Rules, 2020 is being amended....

News

By Anand Venkatanarayanan                         There has been enough commentary about the Indian IT...

News

By Rahul Rai and Shruti Aji Murali The Indian antitrust regulator, the Competition Commission of India (CCI) has a little more than a decade...

News

By Stella Joseph, Prakhil Mishra, and Surabhi Prabhudesai The recent difference of opinions between the Government and Twitter brings to fore the increasing scrutiny...

News

This article is being posted here courtesy of The Wire, where it was originally published on June 17.  By Saksham Singh The St Petersburg paradox,...

You May Also Like

News

Flipkart’s latest round of investment comes at a time when the government’s proposed changes to existing laws seek to tighten the screws around FDI. ...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ