The content in this post has been approved by the organization it is based on.
In today’s life, nothing can content you as much as a sumptuous meal. Good food is Good Mood becuase, food gives you a reason of happiness in life. And this food fever has hit the entrepreneurial world as well. Food has become the secret ingredient for success in life for many Indian food startups. Digitalizing the food startups is a transformation in the food and retail sector.
That’s a no hidden fact that now every ‘cuisine connoisseur’ is now taking hygiene as a serious concern before ordering their food or dining themselves in a restaurant. Fastor is a food-tech startup offering their customers a new way contactless dining amid this global pandemic.
Fastor- Company Highlights
| Company Name | Fastor |
|---|---|
| Headquarter | New Delhi |
| Founders | Karan Sood, Anmol Wadhwani, Rajeev Sood |
| Sector | Retail Technology |
| Founded | 2019 |
| Website | fastor.ai |
| Registered Entity Name | Fastor7 Technology LLP |
Fastor- About and How It Works
Fastor- Founders
How Fastor Started?
Fastor- Name, Logo and Tagline
Fastor- Vision and Mission
Fastor- Products/ Services
Fastor- Target Market Size
Fastor- Business and Revenue Model
Fastor- Startup Launch
Fastor- Challenges
Fastor- Future Plans
Fastor- About and How It Works
FASTOR is a Delhi-based food-tech startup which has now become a new normal to all those food-lovers out there, by offering them contactless dining and keeping up with the hygiene-factor. Fastor is the 1st AI- Enabled Self-Checkout Technology platform used for takeaway and dine-in at all food & retail places. Fastor has now become a new engaging experience that is going to change the user-experience, but it is as simple as you can think.
They have digitalized the offline stores by enabling QR based ordering, and payment can be done online with available payment methods. Fastor is also trying to build a network of such food places & retails to provide a holistic end-to-end business experience. The Tech and the overall working of the company is handled by Karan Sood, while Anmol looks over the marketing. The current size of the organisation is 10 people. The work culture is very youthful and diverse. They always look for a new emerging young talent that have the ability to think out of the box and to contribute with their ideas and expertise in the company.
StartupTalky
Fastor- Founders
Fastor was founded by a trio - Karan Sood (CEO), Rajeev Sood and Anmol Wadhwani (CMO).
Karan Sood (CEO) is an IT engineer from BPIT, GGSIPU and entrepreneur from IIT Delhi. He holds an exceptional command over the coding skills like React Native and Java for web and mobile. He is a visionary who launched a startup straight out of college after engineering with a zeal to move forward. He has been looking after the products at Fastor while he had swamped himself into work very early in life by submerging himself into his father’s business . He had created various innovations in his school like Solar AC which was highly acclaimed at both intra-school and inter-school level.
StartupTalky
Anmol Wadwani is a BBA graduate and a Digital marketer. She is the Co-Founder and CMO at Fastor. She is also an exceptional digital influencer in Beauty, Lifestyle and Fashion. She has established a dedicated reach of over 5 Lakh audience monthly over various platforms. She has previously worked with CashKaroas Deals and promotion analyst before joining Fastor. She is a budding YouTuber and is focused to help grow Fastor as a business with all her expertise in the digital media.
Since they came from extremely different backgrounds, but their love for food brought them all together with Fastor. On the advisory board, they have Mr. Rajeev Sood, with an experience of over 25+ years in the corporate sector and Mr. Sanjay Sharma, an ex-Microsoft Country Sales Head with an experience of 20+ years of working in renowned companies, heading the sales and marketing. The current size of the organisation is 10 people. The work culture is very youthful and diverse.
How Fastor Started?
Fastor is a food-tech startup with new engaging experience that is going to change the user-experience, but it is as simple as you can think. Fastor is now offering their customers a way of contactless- dining with health concerns at its top-notch.
While founders were from extremely different backgrounds, but their love of food was like an epicure. And so they wanted to build a food startup, which stupendously grew within a month. Guess what, it was a college full of food enthusiast that led this business to gain its customers every hour.
StartupTalky
At Fastor, the team is trying their best to leverage artificial intelligence in retail buying by enabling a very personalized experience for the buyers, along with providing business insights to their merchant partners. The main idea behind Fastor is to create an ecosystem. Fastor is not just offering its technology for the merchants and their customers, but is also trying to build a growth platform that leverages the technology and is capable of driving new business for the merchants as well.
Fastor- Name, Logo and Tagline
Sometimes there are interesting stories around coming up with names and we can't afford to miss it.
The name is short for Fast + ORdering= FASTOR. While giving a name to the product, the idea was to make it very clear that customers can order their food faster than ever. The bolt inside the Fastor logo depicts every user who uses Fastor to get the orderings or work done as fast as possible. Their tagline is "What's Future of Modern Dining: Fastor"
They go with an afire Acronym- F.A.S.T.O.R. Let's see that:
Fastor- Vision and Mission
Fastor is the 1st AI- Enabled Self-Checkout technology platform used for takeaway and dine-in at all food & retail places. The vision of this product is to revolutionize the way food places and retail stores are operated. They wanted to solve the real-life problem of waiting in queues and inconsistent order processing at such locations. Fastor has been on a mission to digitalize the offline stores by enabling QR based ordering.
StartupTalky
The core belief of the team behind Fastor is to implement an efficient mechanism in retail by adding a new way to order and enhancing the customer experience to the next level. At the same time, Fastor is also trying to build a network of such food places & retails to provide a holistic end-to-end business experience.
Long Term vision of Fastor is to revolutionize 21st century retail buying. They want digitalisation to take over the hospitality and retail industry. Their short-term goal is to restart the current challenging markets by introducing contactless ordering in the hospitality & retail industry.
Fastor- Products/ Services
Whenever anyone goes out to eat the next time, they don't have to touch the menu or wait for a waiter. They simply have to sit on the table, and there are QR codes assigned on each table. Next would be to open a google lens or an iPhone scanner and scan the QR code. After scanning, they’ll get the whole dynamic menu of the food place on their phone. They don’t have to download any application for it, they simply can access the catalog and order through a web app. The customer can select the food items and take as much time to think about it that they want to order in the cart, and can directly pay using any digital payment method.
StartupTalky
They have Fastor Business which is another application where they can handle and process all their orders and take care of the workings of their food place.
Fastor- Target Market Size
Fastor is now targeting the hospitality & the retail industry. Since, India is one of the fastest growing retail markets in the world, with 1.2 billion people. Retail industry has reached US$ 950 billion already.
StartupTalky
In the next 5-10 years, India is expected to become the world’s fastest growing E-commerce market, driven by robust investment in the sector and rapid increase in the number of internet users. Various agencies have high expectations about growth of India’s E-commerce market.
Fastor- Business and Revenue Model
Fastor started with their beta runs in October of 2019. Having tested their systems at high footfall locations, and they were ready for a full-scale launch by January 2020. Even with their first attempt at creating the market for this product, the response on the ground the company received was phenomenal.
Fastor had done close to 5000+ orders by February 2020. They took the global pandemic lockdown as an opportunity for the team to scale the product. Infact, a global launch within this period is in the pipelines as well. The company is now starting their operations in the major world economies and Fastor is fully compliant to execute orders in international markets.
Being a lean team, Fastor is looking to onboard over 2000+ new merchants in the next three months with a current rate of 20+ new onboardings per day.
Fastor- Startup Launch
They launched the company in the most youthful market, that is colleges. Their pilot run was started in college cafeterias; where the students were extremely tech savvy and could relate to the product very easily. The best growth channel for any medium is word of mouth and this helped them to acquire their first 100 users.
StartupTalky
Fastor- Challenges
The challenges to bring Fastor to life were immense. When they initially started to work on the idea, there were no benchmarks that the trio as young entrepreneurs could set for themselves in 2018. The product that they were setting out to create was original and unique. Thus, as innovative founders, they had to ideate as much as possible. The drive behind Fastor was palpable – all were young, energetic, and passionate.
Fastor- Future Plans
Fastor started with their beta runs in October of 2019. They tested their systems at high footfall locations and were ready for a full-scale launch by January 2020. Fastor had done close to 5000+ orders by February 2020. they are now initiating their operations in the major world economies with major global gateways and are fully compliant to execute orders in international markets. Fastor is always looking for young talent that have the ability to think out of the box and to contribute with their expertise in the company.
StartupTalky
Now, they are looking forward to onboard over 2000+ new merchants in the next three months with a current rate of 20+ new onboardings per day.
Author: Avantika Bhardwaj
Source : https://startuptalky.com/fastor-success-story/
Date : 2020-09-11T08:49:30.000Z