This one is for those foodies who demand nothing but the best food. Faaso’s, the on-demand food delivery service, recently completed their 5 years of operations. In this article we take a look at how they fared in FY 2014-15.
The trademark Faaso’s is owned by the company Faaso’s Food Services Private Limited. It was co-founded by Jaydeep Barman and Kallol Banerjee (INSEAD graduates) in 2010. Faaso’s is operational in 10 cities and claims to serve 10,000 customers everyday. It initially started as a chain of small food joints but recently in August 2015, they switched to “app only” way and aim to become your personal kitchen.
Financial performance of Faaso’s
The company has achieved revenues in tune of INR 38 crores in FY 2014-15 as compared to INR 27 crores in the previous year. It means a revenue growth of almost 41% during this period.
The company has incurred losses of INR 24 crores for FY 2014-15 as compared to INR 18 crores in the FY 2013-14. Faaso’s incurs heavy expenses on its cost of material (raw-food material, packaging etc) and employee expenses (~INR 18 crores each). On the brighter side, it expects to achieve a turnover of INR 120 crores in FY 2015-16.
Funds raised by Faaso’s
Faaso’s has raised nearly INR 146 crores since its incorporation operations, from mainly two VCs. They are:
- Sequoia Capital India: INR 76 crores. They have been regularly funding Faaso’s since its first round.
- Lightbox Ventures: INR 60 crores. They have entered Faaso’s recently (Year 2015).
(Source : Documents available with Ministry of Corporate Affairs)
Legend goes that Faasos’ stands for ‘Fanatic Activism Against Substandard Occidental S**t’! Given its presence and the backing it has received consistently from the VCs, we expect that their ‘fanatic activism’ turns out to be a pleasant surprise for everyone.
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Author– Vishal, a recent addition to Team Tofler, combines his passion of writing with searching for a worthy story in a Company, to make an interesting read.
Editor – Anchal, founder at Tofler, is a CA, CS and has more than 5 years experience in company analysis. She likes to explore and track companies, their performance and senior management.