Pune-based food delivery startup, Faaso’s has tied up with local chefs in Mumbai and Pune with an aim to provide gourmet cuisines to its customers. As per an ET report, the company has rolled out this model across 28 fulfillment centres in Mumbai and 25 in Pune, also looking to replicate it in Bengaluru, Chennai and Ahmadabad as well as in the current quarter.
Also, it plans to enter Gurgaon, Indore, Chandigarh, Hyderabad and Delhi by June this year, targets to be in 15 cities by end of this fiscal with more fulfillment centres and also strengthen its presence in the cities where it is currently operating.
In February this year, Faaso’s (Acronym for “Fanatic Activism Against Substandard Occidental Shit”) had raised $20 million in series B funding led by LightBox Ventures with participation from Innoven Capital, and Sequoia Capital, which also led its $8 million funding round in 2011.
At present, it generates 10,000 orders a day and by year end, the company want to triple this. In December 2014, it got 20,000 orders through its mobile app and by March this year, the number touched 80,000.
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 offline 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 Rs 100 crore in revenue by March 2016 and Rs 450 crore in march 2018.
While it has been competing with other food delivery startups, with this move it is directly competing with other chef aggregation startups like Mumbai based Holachef and Gurgaon based Biteclub.
Other food startups like Dazo (previously called Tapcibo) has recently raised funding from Sumit Jain, Aprameya Radhakrishna, Alok Goel and others; TinyOwl has raised $15 million in its series B round led by Matrix Partners; and Swiggy has raised 2 million from Accel and SAIF Partners. Zomato and Foodpanda have also entered into the food delivery space.
Gurgaon-based food ordering startup, Bite Club, has raised Rs 3 crore in funding from Powai Lake Ventures with participation from angels including Aneesh Reddy (Capillary Technologies), Ashish Kashyap (Goibibo Group) and Alok Mittal (Canaan Partners). In February this year, Mumbai-based HolaChef has received funding from India Quotient.Category Ecommerce Investments