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Online food technology start-up Faaso’s looks to more than double its revenue to $20 million from $8 million of 2014-15 in the current financial year. According to Revant Bhate, co-founder of Faaso’s, the start-up hopes its revenue to touch $100 million in a couple of years.
“The food market in India is about $1 trillion. Going by the current trends, there is huge potential for exponential growth,” added Bhate.
Currently, the company operates in the top 10 cities, including Mumbai, Pune, Ahmedabad, Bengaluru, Baroda, and Chennai, processing about 10,000 orders a day. At present it has 120 delivery centres and plans to expand to 200 in 10 cities.
Faaso’s had launched its mobile app last year. It gets about 75,000 orders a month via the app and looks to scale it up to 300,000 within next three to four months.
With an all-India headcount of 3,000, including logistics personnel, Faaso’s plans to improve its delivery services.
Launched in 2011, the start-up has served 3.5 million customers so far. The vertically integrated company owns and operates all the three important aspects of a ‘food on demand’ business — ordering, distribution and fulfilment.
Faaso’s had raised Series A from Sequoia Capital in FY12. Earlier this year, it had raised $20 million Series B funding led by Sandeep Murthy backed Lightbox Ventures and Innoven Capital.
Faaso’s, earlier this year, raised $20 million as part of its Series B fund raising from Lightbox Ventures. There are reports that the company might raise more funds. “We recently raised $20 million so we are comfortable for the next 12-18 months. I think the environment is such that people ask us why not raise more funds and grow 100 per cent than grow at 40-50 per cent now,” he added.
Faaso’s had recently announced bonuses that covered around 300-350 employees and an employee stock ownership plan to select mid-level managers.
ON THE GO
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Hopes revenue to touch $100 mn in a couple of years
