Faaso's to expand footprint across India.

Pune-based food technology company Faaso's Food Services is expanding its footprint and plans to open 30-35 fulfillment centres in 15 cities like Chandigarh, Hyderabad and Indore and Delhi NCR. The company plans to open up 200 stores by end of FY16.

Sequoia Capital backed Faaso's recently secured a $20 million (over Rs. 120 crore) funding which was led by Lightbox Ventures. Fasso's will utilise the fund to expand its presence across India by March 2016. The fundraising comprises a $16 million equity investment by Lightbox and Sequoia, and a $4 million debt.

'Integration of latest technology has also helped evolve the business right from collaboration tools to automated processes in order to reduce the requirement of manpower. We launched a mobile app last year in March. We have extensively invested in technology and data analytics in the last two years. This is a part of non-linear growth plan. We expect to break even by March 2018 on revenues of Rs. 450 crore. Service restaurant is a huge market and has grown a lot in the last few years, says Jaydeep Barman, co-founder and CEO, Faaso's Food Services.


BS