Faasos: The Food Rebellion
Faasos is an Indian food delivering application started in 2011. Faasos Food Services Pvt Ltd. was founded by Kallol Banerjee and Jaydeep Banerjee and now it operates in more than 16 cities around the nation. The food delivery application and website receives 15,000+ orders on a daily average and has a startling rate of 25% every year.
An Indonesian ride-hailing giant Go-Jek is seen interested for doing some big investments in India. The South East Asian Unicorn firm would back up two Indian startups, Mobile Premier League or MPL and Rebel Foods as known as Faasos. These investments will be the first investment in the Indian consumer internet firm. Previously, It had obtained four Indian automation companies C42 Engineering, Left shift, Pianta, and Codelgnition.
According to an ET report, The transportation network company is in talks to set up a joint venture with Faasos, that may see $10 million opening finance from either side. The deal will make give an opening doorway to South East Asia for the possible number one cloud kitchen dais in India. Meanwhile, Faasos will be able to grasp the booming food business of Go-Jek in Indonesia. Go-Jek food tech biz Go-Food had previously claimed to deliver 529 million food and drink orders across the country in 2018. Alongside, it had a merchant base sales of 300,000 till 31st December 2018.
Rebel Foods, which owns and operates Faasos and Behrouz Biryani, has raised $15.8 million as part of a bigger Series D round of funding led by venture capital firm Sequoia Capital India. Rebel Foods’ co-founder Barman told TechCircle that the investment constituted a portion of a bigger round of $75-100 million. While only current investors have given to the existing tranche, following tranches will see participation from new investors, Barman said.
Formally known as Faasos Food Services Pvt Ltd., the firm rebranded its parent entity to Rebel Foods Pvt Ltd., in 2018 to eminent its ‘on-demand food’ brand Faasos as a separate brand. It challenges other brands such as Freshmenu and Box8.
Rebel Foods, which has moderately pivot from a Quick Service Restaurant (QSR) chain to cloud Kitchen model, was started in 2014 by Barmar and Banerjee. The engineering duo has done their management studies at the Indian Institute of Management from Lucknow and INSEAD business school in France.
The Company launched several different brands under different categories in meals and desserts. It operates around 1,100 individual e-restaurants with 176 kitchens across 16 cities around the nation. The firm has managed to expand its revenue by 67% in the FY 2017-18 while diminishing its loss for the second year. Net sales were increased to Rs. 149 crore in the same FY from Rs. 89 crore in the previous year. Net loss declined to Rs. 74 crore from Rs. 82 crore.
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