Indian food-tech startup Faasos has raised Rs 86.2 crores ($12m) in its Series C round of funding from an investor consortium including Singapore based venture capital fund Sistema Asia Fund, Ru-Net, an international fund led by Russian venture magnate Leonid Boguslavsky, as well as Sequoia Capital India, Lightbox Ventures and Evolvence India, reported VC Circle. As per an earlier report, Faasos had raised $30m from Ru-Net along with existing investors Sequoia and Lightbox.

J Sagar Associates (JSA) advised Sistema Asia Fund led by partner Sidharrth Shankar, principal associate Prakriti Jaiswal and associates Sampurna Nayak and Shweta Gupta.

Shardul Amarchand Mangaldas (SAM) acted as the legal counsel to Faasos Food Services and assisted in the drafting and negotiating the share subscription and the shareholders agreement for the transaction. The venture capital team was represented by partner Siddharth Nair along with senior associate Asmita Mishra. Nair had joined SAM after it merged with BMR, which had previously advised Faasos on its fundraisings.

Themis Associates advised existing investor Sequoia Capital in the transaction, led by a team including partner Amritha Salian, senior associate Alimpan Chatterjee.

Link Legal acted for existing investor Ru-Net, led by a team including partner Manish Gupta, senior associate Sanya Haider and associate Ashish Ahluwalia.

Update 3 January 2019: Jerome Merchant and Partners advised Evolvence India Fund II led by a team of partner Murtaza Somjee along with associate Minal Sangatwani.

Founded in 2011, Faasos is an on-demand food delivery start-up which also owns and operates an online food delivery platform and runs on a cloud-kitchen model retails multiple in-house food brands such as Behrouz Biryani and Oven Story Pizza on its mobile application and other food-ordering platforms including Swiggy and Zomato. The company aims for expansion with the fresh funds.

2018-07-31

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