Hungry?
Getting hungry is us!
It’s the way we can have energy to do whatever we want to do and it is one of the major reasons why we work, we, our families, need to eat.
And when it’s time to eat, we all love having great meal experiences and that’s were Faasos comes in.
What is Faasos?
Faasos is a food on-demand technology start that creates the most well prepared and deliciously packed meals and delivers them right at your door step.
By setting up various independent delivery centres dedicated to working on a particular item or dish, Faasos convenes all of these meals into its experience centres for your customised package set up and mobilizes the meal right to your doorstep.
Faasos is a mobile app based tech startup idea that wants you to stop bothering about what you will eat because it has you covered.
Startup: Faasos
Founded: 2011
Founders
Kallol Banerjee, Jaydeep Barman
Founders’ Inspiration
Anger against bad food is the inspiration for Faasos, and a love for Kolkata Kathi rolls.
Headquarters: Pune, India
Vision: To replace the refrigerator of the young Indian professional with Faasos. (imagined by them).
Website: http://www.faasos.com
The Pitch (The idea in 20 words)
Faasos is a food technology mobile app that prepares and delivers almost perfect food from its delivery centres right to your doorstep.
Industry
Food technology, Mobile app, Ecommerce
Strategy
Faasos integrated its quick service restaurant with technology by launching a mobile app for placing orders in 2014.
It is positioned as a delivery centred restaurant chain using its network of over 160 delivery centres to fulfil orders.
Faasos curates foods for its clients through commissioned kitchens to ensure it lists a wide range of variety the best local foods on its menu.
It revamped its model from a quick service restaurant to a food on-demand service allowing it reduce costs of rental and restaurant branding as it does not need to be located within high traffic and consequently more expensive locations.
By utilising data, the company selects the least repeat ordered food items on its menu and creates huge discounts on them.
It created independent fulfillment centers for respective delivery centers that make supplies to a central delivery center which then put dishes together for delivery.
The founders created the Faasos Entrepreneur in Residence programme, enabling the company leverage on the skills of 7 of the best business school students passionate about entrepreneurship to be its co-founders.
Faasos maintains uniqueness over other mobile food technology startups of being a food first company by controlling the food quality and customer experience.
Its loyalty program Faasos Elite offers priorities delivery to clients inclusive of free desserts, pay later options, birthday presents, order cash back and a chance on its Food Diaries events.
Revenue Model
Clients pay for orders on Faasos menu.
For curated meals, the company prices the product after factoring in the margins for the kitchen and cooking costs to create the final cost.
Growth and Market prospects
Faasos fulfils up to 18,000 daily orders from over 160 delivery centres in over 25 cities.
Its delivery centres break even in 6 months allowing the company increase its revenues by 400% over the past year.
Funding
Faasos is funded by investors;
Angel: Undisclosed – July 2010
Series A: $8 million – January 2011
Series B: $16 million – February 2015
Debt financing: $4 million – February 2015
Series C: $30 million – December 2015
Series C: $6.4 million – April 2017
Total Funding: $60.4 million
Investors
Faasos has raises funding from existing investors. These investors include;
- Sequoia Capital
- RB Investors
- Ru-net
- Lightbox
- Sudip Chakraborty
Future Strategy
Faasos looks towards enhancing its curation services as a future strategy, projecting half of its revenue coming from this service.
Industry Insights
It is fast becoming a crowded space with all kinds of food delivery services using mobile apps. However, most of these startups rely on an extensive network of already existing restaurant menu to sample meals and pull in orders. This has so far not proven to be the most sustainable model for this industry as a host of startups have taken the hit.
Disrupts
Faasos disrupts the way people approach their most essential daily sustenance, from cooking your own meals at home to going to restaurants to have a quick bite or take out, the company will serve it fresh and hot at your convenience.
Opportunity for Idea Creators
This is an opportunity for idea creators to create something unique by innovating on existing models of food technology startups. Starting from the perspective of the Faasos founder, you need terrible brilliance to continue to strategise to get scalable and sustainable results, but by and large, it is possible.
On the look out to create more value within this industry sector way should be;
- Developers
- Foodies
- Restaurant chains
- And any other crazy head who thinks and can, can make things happen
With an food app like Faasos, which is a startup not just interested in delivering you meals from restaurants, you can own catalogues of awesome food experiences because they are first passionate about the food creation experience.
And before you go, please do all or one of these three things;
- Please leave us a comment. I will like to share in your thoughts and have a good conversation with you on this startup idea.
- Click on the icons and share on social media. Somebody somewhere may need this information to move to the next level in life and that person may just be you, receiving a shared content.
- Leave your email above. I will take you through my free starter course so you learn how to strategise for start-ups and get paid.
<?php echo do_shortcode (‘
‘); ?>
Disclosure: This review, article or report was first posted on http://www.babeonideas.com blog in 2017. The http://www.babeonideas.com blog no longer exists. Some information may be outdated or a startup may no longer exist in the form or all of its form when it was first reviewed.
babeonideas 