Editor Notes : Nothing is as powerful as data and these articles are part of our coverage of #IndianStartupData – i.e. an overview of financial performance of selected Indian startups with a hope that it gives you a good picture of the companies and the ecosystem in general.
Our Mission : A PR-less startup ecosystem which thrives on great products and services!]
Today, we focus on Faasos, the on-demand food delivery service which recently completed their 5 years of operations.
The company was co-founded in 2010 by Jaydeep Barman who was previously an associate principal at McKinsey & Company in London; and Kallol Banerjee who previously worked for Bosch in Singapore.
Fassos generated a notable revenue of Rs 38 Crore in FY 2014-15, as compared to INR 27 Crore in the previous year; the revenue figure grew by almost 41% during this period.
The company’s losses were up to the tune of INR 24 Crore as compared to INR 18 Crores in the previous financial year. The major expenses of the company are Cost of Material and Employee Benefit expenses at INR 17.8 Crore each.
The company has incurred losses of INR 24 crores for FY 2014-15 as compared to INR 18 crores in the FY 2013-14. Fasoo’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.
Faasos Funding Data
Faasos 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)
[About the author: Vishal and Anchal form the team that runs the Tofler blog. They like to explore and track companies, their performance and senior management. Tofler (tofler.in) is a Business Research Platform.]