Faasos eyes $100 million revenue by FY17
Mumbai, Jun 7: Technology-focussed quick service restaurant chain Faasos is targeting a revenue of USD 100 million (about Rs 630 crore) by financial year 2017 and is expanding its presence to 10 cities with the addition of Hyderabad and Delhi this month.
"We are growing rapidly and are aggressively targetting revenues of USD 100 million by FY17. In FY15, revenues were at USD 8 million (about Rs 50 crore) and have served over three million customers so far," Faasos co-founder Revant Bhate told PTI.
He added that the company is well-positioned to touch USD 20 million in revenue by end of this fiscal and is launching operations in Delhi and Hyderabad this month.
Faasos will now serve 10 cities, he said.
"We currently have 120 fulfilment centres, from which we service our orders. We are expanding this to about 40 by the end of the fiscal," Bhate said.
The company is also expanding its team. "We have over 1,000 delivery boys for last mile logistics and are expanding this as well," he said.
"On the management front, we are bringing building a sound technical team and will double our employees from 15 currently to 30 by September," he added.
Faasos is also looking at customising its menus based on city and locality and is ultimately looking at catering to individual preferences.
Presently, 70 per cent of Faasos' menu is fixed, 20 per cent varies from city to city, and 10 per cent in different areas, Bhate said.
"In six-eight months, we will customise orders based on individual preferences," he added.
Faasos, which has a presence is smaller cities as well, is seeing good business from centres like Indore and Vadodara.
"From our experience, people in smaller cities are equally on smartphones, in our target age group of 18-34. We complete over 150 orders a day in Indore currently, where we launched two months ago, and nearly 80-100 orders a day in Vadodara," he said.
He added: "Unlike a food ordering service, we are invested in the entire value-chain. From variety to quality to delivery, everything is controlled by us."
Started in 2010, Faasos has raised a total funding of USD 25 million (about Rs 160 crore) and its investors include Sequoia Capital, Lightbox Ventures and Innoven Capital.