Food Delivering startup Faasos have risen $6.3 Million ( Rs 41 Crore) of Series D funding from their existing investors. The funding round was led by Lightbox Ventures II, Lightbox Expansion Fund, Sequoia Capital India, RuNet South Asia and RB Investments.
According to the company’s documents with RoC, it has received funding as an extension of its previous round. Earlier, In December 2015, Faasos had raised Rs 200 Crore in a round led by Ru-Net, which valued the startup at over Rs 870 Crore.
FAASOS raised Series A funding from Sequoia Capital in FY12, and earlier this year raised $20 million Series B funding from Lightbox Ventures and Innoven Capital.
The Pune-Based startup was founded in 2011 by Kallol Banerjee and Jaydeep Barman. Faasos is a ‘food on demand’ company primarily disrupting how people order and get food delivered on mobile. Faasos also competes with on-demand food portals such as FreshMenu and Box8.
Jaydeep Barman, co-founder and chief executive at Faasos, said: “FY16 was a breakthrough year in terms of expansion, but the cost of growth precluded the revenue benefits accrued. However, that it has borne fruit in FY17, with the same cost base delivering over 60% growth in revenue.”
Also, read Top 10 Food Delivering Applications in India.
According to a data provided by VCCircle, for the financial year ended 31 March 2016, losses at the firm stood at Rs 111.1 Crore compared with Rs 24.4 Crore in the previous year. Net sales rose almost 65% to Rs 62 Crore from Rs 37.5 Crore last year. Total expenditure rose to Rs 168.7 Crore from Rs 58.1 Crore in the previous financial year.
Recently Google launched Hyperlocal Service named Aero which provides food delivery services and other household services which will give a heavy impact of local food tech startups like Swiggy, Zomato, Tinmen etc. Read more about Indian Startup Ecosystem.
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