Rituparna Chatterjee – Mumbai
Faasos Food Services, a popular online food service company in India, is planning to expand to top 20-25 cities pan India by August 2016. Presently, the company has 120 delivery centres across Mumbai, Pune, Bengaluru, Chennai, Ahmedabad, Vadodara, Indore, Gurgaon, Delhi. The plan is to expand to Hyderabad, Noida, NCR, Chandigarh, Jaipur, Visakhapatnam, Bhopal, Nagpur among others. Speaking about the expansion, Revant Bhate, co-founder, Faasos Food Services, stated, “We have been opening 10 delivery centres a month and have expanded from six to 10 cities in the past five months thereby adding a city every month. Our idea is to reach out to the top 20-25 cities in the country and change the way people order food.” An investment of Rs one crore is made for opening 10 delivery centres, he informed. The company raised a fund of US$ 20 million in February 2015 and its investors include Sequoia Capital, Lightbox and Innoven Capital.
When asked about the USP that sets Faasos Food Services apart from its competitors, Bhate mentioned, “You have QSR chains, fine dine restaurants and aggregators like foodpanda, Zomato, etc, but we are a food first brand. We curate food items based on what consumers would want. For instance, when you open our app you will see different menus for breakfast, lunch and dinner. The menu also changes depending on the location – corporate or residential, city and region in a city, etc, and the price points also vary accordingly. We have standardised products available across the country, city based products and products which are restricted to particular locations in the cities.”
Faasos Food Services receives 10,000 orders/ day pan India and has recorded a growth rate of 20-25 per cent month-on-month and is eyeing a US$ 40 million GMV by March 2016.