Foodtech Faasos raises $30 Million from Ru-Net and others



Pune based Foodtech startup, Faasos has raised $30 Million from Russian internet focused investment firm Ru-Net, reports ET. The startup has raised funds in the time, when lots of FoodTech startups are forced to either shut down the service or scale down the operation. Current investors venture capital firms Sequoia Capital and Lightbox Ventures have also invested in this round of funding.

Faasos was started by Jaydeep Barman and Kallol Banerjee in 2004. The startup was first company to take orders through tweets. It is on-demand Food Company, which aims to change the way people orders food.

As of now, Faasos delivers 350,000 orders per day, but the company is aiming to deliver more than 1 Million orders per day in next six months. Currently, the company offers its services in 15 cities of India including Bengaluru, Pune, Mumbai, Chennai and Ahmadabad. It has more than 160 distribution centers across the nation.

The Foodtech Company will use this fund for expansion of its services to some other new cities like Kolkata, Dehradun and Chandigarh as well as acquisition process. The company is also planning to launch some new services like Faasos Daily. Fassos Daily is a new mobile app for time slotted food deliveries.

In addition to this, the company had also raised $20 Million in February in equity and debt financing round led by Lightbox. Before this, the company had raised $5 Million from Sequoia Capital back in 2011.