Pune based tech led fast food chain, Faasos Food Services Pvt Ltd, on Monday has raised $20 million is Series B funding. The funding round was led by Lightbox Ventures with participation from existing investor Sequoia Capital. Sequoia Capital had earlier led its $8 million funding round in 2011.
Faaso’s is planning to use these funds to expand to 10 more cities in the next 12 months, launch its new version of the mobile application, hiring people and marketing and branding initiatives.
Faaso’s was founded by was founded by Jaydeep Barman and Kallol Banerjee and currently operates 90 distribution centers across 6 cities including Pune, Mumbai, Bangalore, Chennai, Ahmedabad, and Baroda.
According to Crisil report, the fast food market will more than double to Rs.70 billion over the next three years from Rs.3,400 crore in 2012-13 . The report also states that the market is expected to reach a turnover of Rs.7,000 crore by 2015-16, growing at an average annual rate of about 27%.