Home Food Service Faasos raises USD30 mn in fresh funding

Faasos raises USD30 mn in fresh funding

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Pune-based food tech company has reportedly raised USD30 million (about INR 200 cr) in a funding round led by Russian internet-focused investment firm ru-Net.

Food tech platform Faasos ties up with FreeCharge for e-wallet payment solution
The partnership gives both companies a chance to serve each other’s customer base and opens avenues of future innovative launches for their customers

Existing investors, including venture capital firms and Lightbox Ventures, also participated in this round.

The company will utilise the funds for acquisitions and to begin operations in new cities, including Kolkata, Chandigarh, Dehradun, among others. Besides, it will also use the funds to expand the range of its in-house brands and launch new services such as Faasos Daily, a new mobile application for time-slotted food deliveries.

The company is also looking to clock over one million orders per day over the next six months, up from current 350,000 orders a day.

Faasos is currently operational in 15 cities across India, including Pune, Mumbai, Bengaluru, Ahmedabad, Chennai and Vadodara among others. It has more than 160 distribution centres.