Pune-based tech led restaurant delivery service Faaso’s (Acronym for “Fanatic Activism Against Substandard Occidental Shit”) has raised $20 million in series B funding led by LightBox Ventures with participation from Sequoia Capital, which also led its $8 million funding round in 2011. As per a TechInAsia report, the company plans to use the raised funds to add 10 cities over the next 12 months.
The startup was founded by Jaydeep Barman and Kallol Banerjee, Faaso’s takes orders via tweets, users can tweet for food and can also gift wraps etc. to their friends residing in other cities. It now has more than 90 outlets in six Indian cities: Pune, Mumbai, Bangalore, Chennai, Ahmedabad, and Baroda.
In March last year, Faaso’s had launched a mobile app, and the company claims that over 70 percent of its orders come through the app and it processes about 50,000 orders on it in a month. The app is available for Android, iOS and Windows Phone users. The startup expects to cross INR 100 crore in revenue by March 2016 and INR 450 crore in march 2018.
In December 2014, Bengaluru based food delivery startup, SpoonJoy had raised an undisclosed amount in angel funding from Sachin Bansal (Co-Founder Flipkart), Mekin Maheshwari (CPO Flipkart), Abhishek Goyal (Founder, Tracxn) and Sahil Barua (Co-Founder, Delhivery). Mumbai-based food ordering app, TinyOwl had secured USD 3 million led by Sequoia Capital and Nexus Ventures Partners to expand its presence in Mumbai as well as in other metros.
Recently, Delhi-based restaurant listing site Zomato, had raised USD 60 million in series E round led by Vy capital, Info Edge Limited and Sequoia Capital. Last month, Rocket Internet backed Foodpanda acquired Pune-based TastyKhana for an undisclosed amount.Category Investments Startups