Internet kitchen brand Faasos has received Rs 30 crore debt fund from Alteria Capital through secured, redeemable non-convertible debentures.
This development comes at a time when Faasos is negotiating a $100 million round as it looks to enter overseas markets and expand both its product range and cloud kitchen vertical in India.
While existing investor Lightbox and Sequoia Capital has already joined the ongoing round, the Pune-based startup will get new investors on board such as Sistema Asia Fund and UAE-based Evolvence.
Led by Jaydeep Barman, the eight-year-old startup had pivoted from marketplace to a multi-brand cloud kitchen platform in 2015. As per industry estimation, Faasos is currently valued in the range of $200-220 million.
Founded by Barman and Kallol Banerjee, Fassos essentially offers in-house brands including Behrouz Biryani, Oven Story, Firangi Bake on its platform across 15 cities.
Besides selling through its own platform, it also leverages food delivery platforms like Swiggy and UberEats to rake in orders.
On the lines of Swiggy and Zomato, Faasos also runs a loyalty program called Faasos Elite that offers prioritised delivery, facility to pay once in 15 days. Customers can get an Elite membership by paying just Rs 149 per year.
The startup has already launched its brands in the Middle East planning to foray in Indonesia and the UK by 2019.
Faasos revenue took a 67 per cent spike to Rs 149 crore in FY18. The company also reduced its net losses to Rs 74 crore in FY18 from Rs 82 crore in the previous fiscal.
In cloud kitchen segment, it directly competes with Innerchef and Freshmenu and remotely with Zomato as well as Swiggy.
The development was reported by ET via paper.vc.