Fasoos is an Indian online food delivery company incorporated in 2011. The company is headquartered at Pune and operates in 15 cities across India. Faasos is the only company in online food ordering business in India which operates all three stages of a “food on demand” business: ordering, distribution and order fulfillment.
Faasos was founded by Jaydeep Barman and Kallol Banerjee. Jaydeep is an MBA from INSEAD and was previously an associate principal at McKinsey & Company in London.
Kallol Banerjee is also an MBA from INSEAD. He has previously worked for Bosche in Singapore before starting their venture.
Since 2011 Faasos has raised total equity funding of 60.4 million dollars in 5 rounds from 5 different investors.
Series A: In Series A round of fundings held in Jan 2011, Fasoos raised 8 million dollars from a famous investor Sequoia Capital.
Series B: The second round of investment held in Feb 2015, where Fasoos managed to raise 16 million dollars from existing investor Sequoia Capital and a new investor Lightbox.
Series C: Series C round of funding which held in 2 phases Faasos raised 30 million dollars in the first phase and 414 million rupees in the second phase held in April this year. Investors are Sequoia Capital, Lightbox, ru-Net and RB Investments.
Fasoos Business Model:
Fasoos runs on a cloud-kitchen model offering four in-house brands on its platform. These brands are Oven Story, Kettle & Eggs, and Behrouz. Faasos was running on multi-brand marketplace since 2015 but then added four in-house brands to its platform.The company relies on its own delivery personnel to fulfill orders generated through its own app.
Fasoos is currently operating in 15 cities across India including New Delhi, Bangalore, Hyderabad, Jaipur, Noida, Bhopal, Ahmedabad, Baroda, Chennai etc. Users can order food using its websites or mobile application for Android and iPhone and choose from a great range of Breakfast, Indian meal boxes, Chinese, South Indian, Rice and Biryani combos, a world of Wraps, Desserts, and get the food delivered to your doorstep in no time at all.
Fasoos is serving more than 30 thousand per day and served more than 40 lakh customers in 15 cities across India. Faasos recently completed tie-ups with 500 restaurants across metros and tier 1 cities to double up order volumes without investing big on new customer acquisition. It is currently following pizza chain, Domino’s, model. It is in every neighborhood, ensuring a standardized product and guaranteeing delivery in 30 minutes.
Indian food delivery market is valued at 15 billion dollars and set for an exponential growth. Food delivery has become a very competitive market in India. Faasos is in direct competition with major on-demand food aggregators like Zomato, Swiggy Whereas there are other competitors like Tinyowl and Holachef. Although Faasos has a slightly different business model than others. To stand out from the crowd, Faasos is focusing on price. For the experiment in Gurgaon, breakfast will be priced at Rs 75-100, while lunch and dinner will cost between Rs 110-120. Its average ticket size is Rs 250-300, while HolaChef’s is Rs 300-310.