Faasos in talks to raise more than $100 million

Rebel Foods, owner-operator of internet kitchen brand Faasos, is in talks with investors to raise a little more than $100 million.

The fund raising is a part of the company's plan to enter overseas markets and expand both its product range and cloud kitchen presence nationally.

The Mumbai-based company was earlier called Faasos Food Services. It is in the process of closing its latest round of equity financing estimated at $35 million. The company’s existing backer, marquee venture firm Sequoia Capital, is likely to put $10-15 million in this round.

Apart from Sequoia Capital, Lightbox, an early backer, has also participated in this round. The early investors of Faasos are also likely to either completely or partially exit in an ongoing secondary transaction. 

The round will value the company at $200-220 million. If successful, this new round could close by December 2018 or January 2019. 

Faasos is operating around 1,100 internet restaurants. The net revenue of Rs 147 crore was earned by the company in the financial year 2017-18. It has projected net revenue of Rs 300-350 crore for fiscal 2019.