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In today’s life, nothing can make you as content as a sumptuous meal can. 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 industry.
That’s a no hidden fact that now every ‘cuisine connoisseur’ is taking hygiene as a serious concern before ordering their food or dining out in restaurants. Fastor is a food-tech startup offering its customers a new contactless dining experience amid this global pandemic.
- Company Name-Fastor
- Headquarter-New Delhi
- Founders-Karan Sood, Anmol Wadhwani, Rajeev Sood
- Industry-Retail Technology
- CEO-Karan Sood
- Registered -Fastor7 Technology LLP
Fastor- About & How It Works
FASTOR is a Delhi-based food-tech startup that has now become a new normal to all food-lovers, 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, and 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 are handled by Karan Sood, while Anmol looks over the marketing. The current size of the organization is 10 people. The work culture is very youthful and diverse. They always look for new emerging young talent that has the ability to think out of the box and to contribute with their ideas and expertise in the company.
Fastor was founded by a trio - Karan Sood (CEO), Rajeev Sood and Anmol Wadhwani (CMO).
Fastor Founders | Karan Sood and Anmol Wadhwani
Karan Sood (CEO) is an IT engineer from BPIT, GGSIPU, and entrepreneur from IIT Delhi. He holds an exceptional command over 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 was swamped with 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 levels.
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 audiences monthly over various platforms. She has previously worked with CashKaro as Deals and promotion analyst before joining the Fastor startup. She is a budding YouTuber and is focused to help Fastor grow as a business with all her expertise in 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 experience of over 25+ years in the corporate industry and Mr. Sanjay Sharma, an ex-Microsoft Country Sales Head with experience of 20+ years of working in renowned companies, heading the sales and marketing.
Fastor- How It All Started?
The Fastor company is a food-tech startup with a new engaging experience that is going to change the user experience, but it is as simple as you can think. Fastor is now offering its customers a way of contactless dining with health concerns at its top priority. While founders were from extremely different backgrounds, 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 enthusiasts that led this business to gain its customers every hour.
At Fastor, the team is trying its 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 businesses for the merchants as well.
Fastor- Name, Logo & 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.
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 & 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.
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 digitalization 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.
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 at the table, and there are QR codes assigned to 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.
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 & retail industry. Since, India is one of the fastest-growing retail markets in the world, with 1.2 billion people. The retail industry has reached US$ 950 billion already.
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 industry and a rapid increase in the number of internet users. Various agencies have high expectations about the growth of India’s e-commerce market.
Fastor- Business & Revenue Model
The Fastor Business model took off with its 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. In fact, a global launch within this period is in the pipelines as well. The company is now starting its 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.
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 its 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 has the ability to think out of the box and to contribute with their expertise in the company.
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. Due to the ongoing pandemic, the business is on halt. Once the pandemic stables, the market will come back to normal.
There are new emerging startups coming up in the market. Startups that are more customer focused and solve some underlying problems are the ones that are going to survive and thrive this competitive market. Feel free to write to us, give some feedback and comments on this emerging food-tech startup Fastor.
What is Fastor?
FASTOR is a Delhi-based food-tech startup and is the 1st AI- Enabled Self-Checkout Technology platform used for takeaway and dine-in at all food & retail places.
How does Fastor work?
There will be QR codes assigned on each table at restaurants and people will be able to scan them to get access to the restaurant menu and order off of it as well as pay digitally.
Who is the Founder of Fastor?
The three Fastor Founders are Karan Sood (CEO), Rajeev Sood and Anmol Wadhwani (CMO).