Mumbai-based Rebel Foods, owner-operator of food delivery brand Faasos, is in talks with investors to raise a little over 735 crore rupees ($100 million), as it seeks to enter overseas markets and expand both its product range and cloud kitchen presence nationally.
Faasos Food is in the process of closing its latest round of equity financing, estimated at $35 million, which is likely to see existing backer, marquee venture firm Sequoia Capital put in $10 to 15 million in the firm.
The round, which has already seen entry of new backers Sistema Asia Fund and UAE-based Evolvence, values Faasos at $200 to 220 million. The company has projected net revenue of $40.9 million to $47.7 million for fiscal 2019. It ended the financial year 2017 to 2018 with $20 million in net revenue.
Separately, Faasos expects to have received significant interest from investors, including private equity and hedge funds, for a possible $75 million round, at a potential valuation of $300 to 330 million, a premium of 40 percent to 50 percent over the ongoing round. If successful, this new round could close by December 2018 or January next year.