Faasos

Faasos
Private
Industry Online Food Ordering
Founded 2011
Founder Jaydeep Burman, Kallol Banerjee
Headquarters Pune, India
Key people
 Jaydeep Burman, Kallol Banerjee, Ankush Grover, Ankur Sharma, Sagar Kochhar, Raghav Joshi, Soumyadeep Burman
Website https://www.faasos.com/

Faasos Food Services Pvt. Ltd., commonly known as Faasos, is an Indian "food on demand" company that was incorporated in 2011.

Faasos operates in the 16 of the largest cities in India and takes customer orders via its mobile app and also the website. It is the only vertically integrated food business in India and operates all three stages of a "food on demand" business: ordering, distribution and order fulfillment.[1]

Faasos receives 10,000 orders a day across India and has recorded a growth rate of 20-25 per cent month-on-month.[2]

History

Faasos was founded by Jaydeep Barman and Kallol Banerjee and incorporated in 2011.[3] Barman, an MBA from INSEAD was previously an associate principal at McKinsey & Company in London and Banerjee, holds an MBA from INSEAD and PGDM from IIM Lucknow, previously worked for Bosche in Singapore.

Operations

The company operates in 15 cities: New Delhi, Mumbai, Chennai, Bangalore, Hyderabad, Nagpur, Gurgaon, Pune, Ahmedabad, Baroda, Indore, Noida, Bhopal, Ghaziabad and Faridabad. The company has scaled up operations to 9 cities, with over 125 fulfillment centers[4] in three years.

Funding

Faasos raised its first round of funding of US$5 million (Rs. 30 Cr.) from Sequoia capital in November 2011,[5] a second round of funding of US$20 million in February 2015 from Lightbox Ventures and Sequoia Capital,[6] and a third round of funding of US$30 million in December 2015 from Russian Internet-focused Investment firm ru-Net, Sequoia Capital and Lightbox Ventures.[7]

Faasos has raised over ₹41 crore in April 2017 in an extended Series C round of funding. The investment is led by Lightbox Ventures II, Lightbox Expansion Fund, Sequoia Capital India, ru-Net South Asia, and RB Investments.

Products and services

Faasos launched its mobile app in 2014. It has been downloaded more than 1,500,000 times, serving 300,000 customers each month and processing 12,000 orders per day through its mobile app (as of November 2015).[8] Users can look at the daily changing menu presented by the application and the ordering portal present on the web and then can place an order within the app itself. Live Order tracking provides for a competitive edge, refining the experience further.[9]

Faasos is also active on social media. It is one of the world's very few restaurants to introduce tweet-2-order with #faasosnow in 2011.[10]

Faasos Elite

Faasos launched a loyalty program, Faasos Elite, a one of its kind initiative to rewards it loyal customers. Customers part of this club receive various benefits, ranging from prioritised delivery, free desserts with their order, an option to place an order now and Pay Later- within 15 days, a birthday gift, a cashback with their every order, a chance to be part of Faasos FoodDiaries, an event where it launches its upcoming products and more.[11]

References

  1. ↑ "Forbes India Magazine - Faasos: The integrated food company". forbesindia.com. Retrieved 2016-07-02.
  2. ↑ "Financial Express".
  3. ↑ "Rage against bad food gave rise to Faasos, says co-founder Jaydeep Barman - Firstpost". 2015-11-02. Retrieved 2016-07-02.
  4. ↑ "Business Standard".
  5. ↑ "Economic Times".
  6. ↑ "Economic Times".
  7. ↑ "Faasos raises Rs 200 crore in fresh funding at a time of gloom for on-demand food startups". Retrieved 2016-07-02.
  8. ↑ "FirstPost".
  9. ↑ www.ETRetail.com. "Decoding Faasos' leap from 'Food on Demand' to 'Personal Kitchen App' | ET Retail". ETRetail.com. Retrieved 2016-07-02.
  10. ↑ "I am Wire".
  11. ↑ "Faasos introduces loyalty programme for regular customers - The Economic Times". The Economic Times. Retrieved 2016-04-18.

Further reading

  • "FAASOS to take on traditional fast-food chains with Indian cuisine". The Economic Times. April 20, 2015. Retrieved September 25, 2015.
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