Fooza Foods to divest 5 per cent stake for Rs 35 crore to fund expansion

Representational image.

Food delivery start-up Fooza Foods on Friday said it is divesting a 5 per cent stake in the company for Rs 35 crore to fund expansion.

The company plans to foray into Mumbai, Delhi, Noida, Gurgaon, Bangalore, Jaipur, Ahmedabad, Lucknow, Hyderabad and Chennai.

Dibyendu Banerjea, founder and managing director, Fooza Foods Private Limited, said the funds raised would come from both institutions as well as friends and family. The funding round is expected to be closed by the end of this month with a minimum ticket size of Rs 1 crore.

“We are hopeful about the new venture and expansion plans. We have consciously decided to start with Calcutta for Fooza and gradually move pan India. We plan to expand to a new city every three months. We will start with Mumbai and expand further,” he said.

At present, the platform has 50 riders delivering all over the city with around 350 orders a day. A dedicated fleet along with features such as pre-ordering of food have helped the start-up garner orders on the platform.

Banerjea said that the platform was initially launched during the pandemic period as many chefs were looking for a marketplace to deliver quality cooked meals from home. Subsequently there was also demand for such a platform from home chefs and restaurants were brought on board to make the model sustainable.

https://www.telegraphindia.com/business/fooza-foods-to-divest-5-per-cent-stake-for-rs-35-crore-to-fund-expansion/cid/1818574

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