Comments
Wow! Momo Foods, the homegrown QSR player, expects to double its revenue by the end of this financial year and may look at going for an IPO by FY25. The company recently raised about ₹125 crore from OAKS Asset Management in the first tranche of its Series D funding round. It is in talks to raise additional ₹100 crore as part of the second tranche of the funding round.
Sagar Daryani, CEO and Co-Founder, Wow! Momo Foods said the company plans to add 250 new outlets by the end of this fiscal year. He added the company is in talks to raise additional ₹100 crore in this financial year.
FMCG Vertical
“We are adding 20-25 new outlets every month. We are focusing on entering 100 new cities. This month itself we are foraying in new cities such as Siliguri, Patna and Indore. The funds will help us enter newer markets in terms of our QSR business and also grow our FMCG vertical. We have already launched frozen momos. We are launching a range of Chinese sauces among other products,” Daryani said.
The addition of outlets will happen across its three brands — Wow! Momo,Wow! China and Wow! Chicken. Overall, it currently operates about 480 outlets in the country. It launched its third QSR brand Wow! Chicken earlier this year with a focus on Indianising fried and grilled chicken and will take this brand across major metros and tier-1 and tier-2 towns in the next 24 months.
Target
“We closed last financial year with a topline of ₹220 crore and we are expecting to close this financial year with a topline of over ₹450 crore. The target is to get to ₹800 crore by March 2024,” he added.
Responding to a query on plans for an IPO, Daryani said the company could look at an IPO between FY24 and FY25.
“The restaurant industry has bounced back strongly. I believe the upcoming festive season will add to this growth momentum. This is the right time for the food services industry to grow and expand and there is a huge headroom for growth,” he added.
Vishal Ootam, Founder and CEO of OAKS Asset Management in a statement earlier said,“ We expect Wow! Momo to not only gain domestic market share in India but also to be the first global sized QSR company from India.”
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.