Faasos moves to $100 Million funds by raising next $15.8 Million in series D1 round

Key Highlights

Fasoos raises$15.8 Million in Series D1 CCCPS

Sequoia India led the round by investing Rs 70.24 crore.

Fasoos has till now collected funds of $37million in its $100

Rebel Foods, owner and operator of Fasoos, a Mumbai based internet kitchen brand puts the next step in chasing its $100 Million fundraise since October 2018.  The company in its Series D1 CCCPS tranche has recently raised $15.8 Million (Rs.110.66 crore) by releasing 2,388 shares of new price size in the range of Rs. 4.35 Lakh to Rs 5 Lakh each. This trench is led by Sequoia India with a purchase of 1,514 CCCPS of D1 class by investing Rs 70.24 crore. With respect to investment in D1 funding, round Lightbox stood in the second position by investing Rs 33.3 crore on 720 shares and existing investor Evolvence India bought rest of 154 shares at a price of remaining Rs. 7.12 Crore. The fund raised in the latest tranche has assisted in enhancing the valuation of the company. It is estimated that this $100 Million fundraising round will bring Fasoos at a valuation of $400Million. Lastly, it was valued at $200Million.

Post this funding round Lightbox has now become an 18.8% shareholder of Fasoos. These 18.8 percent share combines shares of both Lightbox Expansion Fund and Lightbox Ventures II. Sequoia has also hold 7.44 % stack of company post this round. Sequoia invests in startups by its Sequoia Capital India Trust and SCI Investments VI. Envolvence India also holds a 2.14 % share in the Fasoos post this funding. 

From August 2018 to till date Fasoos has collected funds of $37 million in its $100 fundraising. Previously in August 2018 Company has raised $12Million by issuing 2,984 Series C5 CCCPS and 200 equity shares each priced within the range of Rs 2.5 lakhs to Rs 2.7 lakhs. This round was led by Sistema Asia by investing Rs. 27.87 crore. Among the participants were Ru-Net South Asia, Lightbox Ventures, Evolvence India and Sequoia Capital India.  The company again raised $2 Million in October from Kersiwood South Asia via 520 Series C5 CCCPS priced at Rs 2.8 lakhs each. 

Then further in December Fasoos again raised $6.5 Million by issuing 1,693 Series C5 CCCPS at rates somewhere around Rs 2.7 lakhs each. 2018 by closed by Fasoos by final fundraising from Alteria Capital by issuing it additional 112 Series C6 CCCPS each worth Rs 2.6 lakhs for Rs 3.02 crore. The company is fleeing fast to complete its $100 Million funding round. 

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