Faasos gets angels in disguise, raises Rs 200 crore in fresh funding

At a time when food delivery-based startups are going through rough weather and investors have shown reluctance is funding them, Faasos got its angels.

Faasos Food Services, which owns online restaurant Faasos, raised around Rs 200 crore, or $30 million, in fresh funding which was led by Russian internet-focused investment firm ru-Net.

Apart from ru-Net, Faasos also received funding from existing investors including Sequoia Capital and Lightbox Ventures.

ru-Net has earlier also invested in Snapdeal, FreeCharge and PepperTap.

Faasos had previously raised $20 million in February, a round led by Lightbox.

Faasos will apparently use the money for acquisitions and operations in Kolkata, Chandigarh, Dehradun and other cities.

Presently, food tech startups are facing fund crush as investors are not ready to invest whole-heartedly.

Grofers had acquired SpoonJoy in October after the latter paused operations in Delhi and Bengaluru over fund crunch.

Faasos is founded by INSEAD and McKinsey alum Barman and Kallol Banerjee.

Barman in an earlier conversation with ET said the company was targeting revenue of $20 million for this fiscal year ending in March 2016, and a five-fold jump to $100 million for the next.

"We're looking at 1 million orders per day over the next six months, up from our current 350,000 orders per day. Seven months back, we were at about 70,000-80,000 orders per day," Barman said in November.

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